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Intro to Bozeman

What Happened to Bozeman Real Estate in 2020?

by Liz Nitz
Bozeman Real Estate in 2020

Art: www.vecteezy.com

No one was sure what would happen when the pandemic hit this spring. Well, it turned out this year was one for the record books. Let’s recap what happened to Bozeman real estate in 2020.

The pandemic redirected people away from big cities and into less populated towns: Bozeman was especially desirable because of the open space, picturesque mountains, laid-back college vibe and year-round outdoor amenities.

 

Inventory drops and prices skyrocket

This year was the tale of two, maybe three very different years. We started off in a normal brisk market and then slowed down due to covid restrictions. Once we started to reopen in June ,  the real estate market went gangbusters for the rest of the year. As of November 2020, we were almost at no inventory. The result of low inventory on the pricing that has increased by double digits this year. The average sales price in Bozeman went from $514,422 in November 2019 to $715,615, according to Big Sky Country MLS. Naturally, people went to Belgrade for more options and increased the average sales price from $364,736 in November 2019 to $524,394 this year. 

 

Below we see the illustration of what has happened to pricing and inventory over the past 12 months in Gallatin County.  It is quite dramatic when you look at the ending point which is November of 2020 and compare to the beginning point which represents November 2019.

Gallatin County Monthly Supply of Properties for Sale 2020

Gallatin County Monthly Supply of Properties for Sale 2020

 

Gallatin County Median Sales Price 2020

Gallatin County Median Sales Price 2020

Reasons for the low inventory

  • Some homeowners decided to hang on to their homes until the results of the pandemic on the economy, home prices, etc. were more clear.
  • A large influx of new people moved to Bozeman this summer. (Check out this previous post.)
  • Many people reevaluated their living situation. People are looking for more space to accommodate changing lifestyles that need to include home offices and room for schooling.

 

Construction is in full swing

Drive anywhere around Bozeman and you will see that construction projects have really taken off this year. There are new subdivision like Home 40, additions to existing communities in Flanders Mill and Black Bull, and urban revitalization in the Midtown and historic downtown areas.  As fast as the developers and builders are working, they still can’t keep up with the demand for housing.

 

The future of Bozeman

The city commission is trying to stay one step ahead of the growth. In preparation, they approved an ambitious growth plan this year. The plan extends the city’s footprint from 20.9 square miles to 70.8 over the next 20 years. The focus is on the elements that make Bozeman such a great place to live. Picture community pockets that have residential mixed with commercial, parks and open gathering places, and trails that encourage walking and biking.

As you can see, a lot happened to Bozeman real estate in 2020. If you have any question about this post or about Bozeman in general, feel free to contact me at liz@windermere.com. Cheers to a new year!

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2316 Gallatin Green Boulevard 17, Bozeman, Montana 59718

2316 Gallatin Green Boulevard 17, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
1,530Sqft
Beautiful 3 bed 2.5 bath 1530 square foot condo with an attached 2 car garage. This unit features gray cabinets, white hard surface countertops, stainless steel appliances for a great modern feel. Wonderful location close to walking trails, parks, gym, Costco, Target, etc. 3rd bedroom does not have a closet but seller with work with buyer and show them options. AC is an available upgrade.
$445,000

2316 Gallatin Green Boulevard 16, Bozeman, Montana 59718

2316 Gallatin Green Boulevard 16, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
1,581Sqft
Great modern condo in a prime Bozeman location. Condo is 3 bed 2.5 bath with 1580 square feet with a two car attached garage. Property features gray cabinets, white hard surface countertops, and stainless steel appliances. This is the only unit in the complex that has a bedroom on the main floor. It sits on the south corner with great natural light.
$449,000

3271 Warbler Way A, Bozeman, Montana 59718

3271 Warbler Way A, Bozeman, Montana 59718

3Bedroom(s)
1Bathroom(s)
2,614Sqft
Introducing Skyline Vista, a luxury condo community located on the park in Cattail Creek. With over 2600 +/- sq. feet of living space these 3 bedroom condos live large with a long list of premium upgrades. First floor family room provides a great multi purpose room or office.
$775,000

TBD E Peach Street 12, Bozeman, Montana 59715

TBD E Peach Street 12, Bozeman, Montana 59715

3Bedroom(s)
2Bathroom(s)
2,500Sqft
Wildlands is a celebration of mountain modern architecture and design, nestled into one of the most authentic and vibrant neighborhoods in Bozeman, Montana. With an exceptional wrap-around covered deck, enjoy your oasis at Wildlands.
$2,750,000

289 Heights Circle, Bozeman, Montana 59718

289 Heights Circle, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
0.61Acre
2,011Sqft
Custom Home with Additional Income Apartment and a Separate Office Space on .61-acres across from a 5-acre park! This home, built by Dan Jones, has a vaulted ceiling with alder stained trim and door package. The extra-large kitchen has quartz countertops, ceramic tile backsplash, and stainless-steel appliances. The living room features large windows and a beautiful rock fireplace.
$990,000

2938 Warbler Way 16, Bozeman, Montana 59718

2938 Warbler Way 16, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
1,392Sqft
Elkhorn Condos are designed by Locati Architects. This is an end-unit 3 bedroom condo located near shopping and public transportation, trails, ponds, playgrounds. All bedrooms are located upstairs. There is a one-car attached garage. The main level includes a galley kitchen that opens to the dining and living room.
$445,000

102 N Chouteau Avenue, Bozeman, Montana 59718

102 N Chouteau Avenue, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
0.23Acre
1,920Sqft
This home is calling you! It's centrally located with great access to all things 'Bozeman'. This is where neighbors come over for a 'backyard movie night' and sidewalks are filled with chalk drawings and people chatting. The outside has very nice curb appeal. The lot has plenty of mature trees and garden boxes. AND, how about your own water well for lawn and garden irrigation.
$699,000

TBD E Peach Street 1, Bozeman, Montana 59715

TBD E Peach Street 1, Bozeman, Montana 59715

2Bedroom(s)
2Bathroom(s)
2,172Sqft
Wildlands is a celebration of mountain modern architecture and design, nestled into one of the most authentic and vibrant neighborhoods in Bozeman, Montana. This 2 bedroom, 2.5 bathroom western facing loft unit features natural light from a skylight that spans the office and flex room. Enjoy 12 ft. ceilings with exposed steel rafter giving you some urban character.
$2,325,000

3124 Augusta Drive, Bozeman, Montana 59715

3124 Augusta Drive, Bozeman, Montana 59715

3Bedroom(s)
2Bathroom(s)
0.25Acre
1,948Sqft
Located between downtown and the Bridger Mountains across the street from the Bridger Creek golf course, this single level home backing up to open space boasts an open floor plan and vaulted ceilings. The spacious living room features a gas fireplace and large slider out to your back deck to enjoy the views.
$850,000
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Bozeman, MT 59715

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