The real estate market in the first quarter of 2021 tends to be a good indicator
of how the rest of the year will unfold. We’ve put together this comprehensive Bozeman First Quarter 2021 Market Report to provide useful insights to our buyers and sellers as to what has been happening lately here in Bozeman.

Gallatin County Market Stats

With strong buyer demand and low inventory across most market segments both locally and nationally, multiple
offers were a common occurrence during the quarter as the weather warmed
and COVID-19 restrictions began to ease, creating even more urgency in an
already frenzied market.

Closed Sales decreased 13.0 percent for Single Family homes but increase
12.1 percent for Condo/Townhouse homes. Pending Sales increased 6.6
percent for Single Family homes and 18.2 percent for Condo/Townhouse
homes. Inventory decreased 69.8 percent for Single Family homes and 82.8
percent for Condo/Townhouse homes.

The Median Sales Price increased 36.8 percent to $625,000 for Single Family
homes and 26.2 percent to $385,000 for Condo/Townhouse homes. Average
Days on Market decreased 53.2 percent for Single Family homes and 32.1
percent for Condo/Townhouse homes. Months Supply of Inventory decreased
75.0 percent for Single Family homes and 88.9 percent for Condo/Townhouse
homes.

As the rollout of COVID-19 vaccines continues to accelerate and the economy
slowly reopens, strong buyer demand is likely to remain even in the face of
falling housing affordability. Existing home seller and new construction activity
remains well below levels necessary for housing supply to come into balance
with demand, so expect the soaring housing market to continue unabated in
the coming months.

Questions about the Bozeman First Quarter 2021 Market Report? Contact Us.