Spring Market Update

It looks like the spring market is here! New listings and pending properties are up and days on market is down. There is lots of movement in the market right now. Across all residential property types the median sales price is only up about 5%. Depending on property type and location though we do have a few noteworthy increases.

The median price of townhomes in Bozeman City Limits have gone up 38% in the past year to $656,950. In city limits the median price of a single family home has actually gone down slightly but in the Greater Bozeman Area (donut area) it's gone up almost 25% to $1,097,000.

In Big Sky, the median sales price of all residential types has gone up 75% in the past year to $2,280,000. What's also interesting up in Big Sky is that the median price per square foot has gone down 10%. This might mean there have been some larger home sales more so than smaller condo turnover.

In Belgrade the median sales price has gone up 13.5%. Properties are sitting on the market longer but they are getting on average 100.3% of asking price. This is likely influenced by the amount of new construction in that area.