Remember When Bozeman Area Homes Were $245K?
You probably do since it wasn't that long ago. Bozeman area home prices "back in the good old days" still enjoyed a slow and steady value increase. But it's nothing like the meteoric rise we've seen in the last few years.
For data geeks, the Gallatin Association of Realtors keeps an easy to use database of the month-by month market reviews. It's very interesting to stroll through home prices and sales info from 10+ years ago.
In their monthly reports you'll find the median sales price, closed sales, median days on the market, average percent of the list price received, median price per square foot, new pendings, end of month inventory, and the months supply of inventory.
- October 2012 for single family residences (Gallatin County, 10 "areas")
- Median Sales Price: $245,000
- Closed Sales: 99
- Median Days on the Market: 55
- Median Sold Price/Square Foot: $128
So, that's a snapshot of 10 years ago. It won't be surprising to see substantial jumps, right? How about mind blowing change. The greater Bozeman area certainly isn't alone in drastic increases. Desirable locations in Montana saw explosive growth and demand. (Just take a peek at your City and County taxes over the years.)
- October 2016 for single family residences (Gallatin County, 10 "areas")
- Median Sales Price: $345,000
- Closed Sales: 136
- Median Days on the Market: 43
- Median Sold Price/Square Foot: $175
Ready for the kicker? Let's jump ahead to the latest full month report, from October of 2022. (The September 2022 numbers were FAR higher, BTW. Things tend to "cool off" later in the year and 2022 is no different. But we wanted to compare apples to apples so we're listing October numbers for the years selected.)
- October 2022 for single family residences (Gallatin County, 10 "areas")
- Median Sales Price: $799,900
- Closed Sales: 101
- Median Days on the Market: 22
- Median Sold Price/Square Foot: $378
Oh, and one more thing. Your City of Bozeman property taxes are going up...substantially. Have a nice day.