What’s a House Cost in Bozeman, MT?
| TO DATE | GREATER BOZEMAN | IN CITY |
| Q1 2024 | $749,000 | $750,000 |
| Q1 2023 | $762,500 | $815,000 |
| Q1 2022 | $755,000 | $699,000 |
| Q1 2021 | $699,000 | $481,000 |
| Q1 2020 | $465,000 | $436,550 |
How much is a home in Bozeman? A house costs $951,650; in all Bozeman areas, which is a significant increase over the Q1 2023 price.
$951,650 is ⇑ $85,776 or a ⇑9.9% increase compared to Q1 2023’s $865,874.
Chart 1: Well into Q2 2024, the median home price in Bozeman is $951,650.
Broken down by city limits, prices are $749,000 inside the city and $1,200,000 outside the city.
Looking Back
During Q1 2023 median list price for all Bozeman was $866,748, which was below the Q1, 2022 median price of $900,500.
The median price for a Bozeman home inside the city in Q1, 2022 was $755,000.
In Q1, 2021, $635,000; in 2020, $465,000; and in 2019, $438,500.
Outside the city in Q1, 2022 the median price for a Bozeman home was 1,150,000; in Q1, 2021, $699,750; in Q1, 2020, $587,500; and in Q1, 2019, $546,500.
From the beginning of Covid to the beginning of 2024, the median cost of a home inside Bozeman has increased ⇑ $391,000 or ⇑ 84.1% (Q1 2020, @ $465,000 to Q1 2024 @ $749,000).
During this same period, but in Greater Bozeman, the median cost of a home has increased ⇑ $612,500, ⇑ 104.3% (Q1 2020, @ $587,500 to Q1 2024 @ $1,200,000).
There were significant market price increases in most of those 20 quarters.
Houses are expensive in Bozeman!
The average cost of a Bozeman house increased ⇑ $334,015 or 64.6%, inside the city from the inception of Covid, from March 2020, $517,425 to August 2022, $851,440.
The average cost of a Bozeman house increased ⇑ $654,315, 89.5% outside the city from Covid began, from March 2020, @ $731,190 to August 2022 @ $1,385,505.
Tell me more about Average Price vs Median Price.
So, what about the cost of a Bozeman luxury home? – What’s the luxury market report say?
Chart 2: Average Percent of List Price (APLP) gained from a sale began dropping in Q2 2021 when it was 102.8%.
Average Percent of List Price has dropped to 96.9% in Q2 2024.
At the end of both Q1 2022 and 2021, PLP was over 100%, the first time in decades.
In 2020, the sales price of a Bozeman home outside the city increased 3% more than the sales price of a home inside Bozeman.
It’s difficult to project future home prices in Bozeman, except to say that getting a handle on Covid-19 higher mortgage rates may slow home buying and selling.
Some Closing Thoughts
The best method for figuring the true cost of a Bozeman home is to look at individual closed sales.
Closed Sales best reflect true worth of what a Bozeman house should cost you, but individual closed sale numbers are not publicized.
Therefore, the next best method to determine what a Bozeman home costs, i.e., its worth, is to look at median price across all sold homes.
This would get you close, but it’s still skewed a bit, as the percent of list price (chart 3) in the past 5 years has been from 96% to over 100% of sales price.
