Bozeman Real Estate Market Update – Summer 2022
This Bozeman real estate market update provides insight on real estate market activity in our region for the second quarter of 2022. Both Bozeman and Big Sky saw significant home sales in April through June 2022. Compared to June 2021, median sales prices of homes increased in the Bozeman area (Bozeman, Greater Bozeman, Belgrade, Three Forks and Manhattan) and in Big Sky, including Gallatin Canyon. Average sale prices in the city of Bozeman continue to increase at just under $1 million for homes and about $600,000 on average for condos and townhomes.
Buyers are taking more time to decide on purchases, so properties are staying on the market longer. The current state of the global economy is contributing to this stagnation, especially changes in the economy like inflation and higher interest rates. Despite these uncertainties, the number of average days on the market dropped in both Big Sky and the Bozeman area, as compared to June 2021. We are still experiencing historically low inventory levels in both regions, even with an increase in residential listings in Big Sky.
This pause has created an opportunity for buyers to come back after leaving the market in 2020. In addition, people who were priced out of more expensive markets are looking to nearby areas. For example, property sales have almost doubled in Three Forks since June 2021.
Bozeman Market Watch, 2nd Quarter 2022
To learn more about the market’s performance in Bozeman and the surrounding area, read the Market Watch for Bozeman Real Estate from April through June 2022: