Mid-Year Market Update

Real Estate
July 31, 2024by Sarah Day
Summer is in full swing and I hope you’re taking advantage of all the wonderful things to do in Montana this time of year!

Right now, buyers have considerably more options than they've had the past few years. In Bozeman City limits single family home inventory is up 83% and condo/townhouse inventory is up 90%. Across all residential property types in Belgrade, inventory is up 23% and n Big Sky it’s up 22%.

With inventory levels up and closed sales down it means that buyer activity has changed a bit. The number of pending properties are down in most areas as well. Belgrade is one exception to this - as closed sales are up 54% and the number of pending properties is up 33%. There continues to be a large supply of new construction in Belgrade with prices that are more affordable compared to the immediate Bozeman area.

Homes are selling close to the asking price (median of 98%) but we are seeing some price reductions. I like to think of these more as price corrections, bringing the list price down to where it likely should have started. Rates are expected to drop later this year which should spur some additional market activity.

If you have any questions or want to get together to talk more about our market, please let me know. Enjoy the rest of your summer! 
Share this article

September 26, 2024
NAR Settlement Outcome

June 8, 2024
It’s That Time of Year Again!

More You May Enjoy

Real Estate

July 30, 2022

Mid-Year Market Update
Real Estate

January 15, 2022

Should You List Your Home in the Winter?
Real Estate

August 28, 2021

Is the Market Slowing Down?