Summer is in full swing and the Bozeman market is hot! Not only has residential real estate made a full recovery from last year, but households that put off their plans due to the pandemic are now ready to reconsider. Whether you’re looking to buy or sell, this might be your moment! Take a look at the trends in the Q2 Bozeman Market Report.
If you’re looking to buy a home, patience is key! Today’s competitive market is making it challenging for buyers to find homes to purchase. For more details on this visit our post and video about the competitive seller’s market. With mortgage rates still far below the historic norm, homebuyers have good reason to be optimistic about their search.
Homeowners selling in today’s market have a huge advantage, with strong buyer demand and low inventory giving them the opportunity to negotiate the best possible deal. More houses will begin to come on the market in the second half of 2021, so if you’ve thought about making a move, now is the time.
Whether you’re thinking of buying, selling, or both, it’s more important than ever to have to guidance and expertise of a real estate professional on your side.
Sale of single family homes in the Bozeman area rose this year- with a 60% increase in total dollar volume. Single family home prices are also on the rise, from $590,598 in 2020 to $869,014 in 2021.
Condominium and Townhome
Condominium and townhome sales increased in the second quarter of 2021, with the number of transactions up 20% over Quarter 2, 2020. Average sales price in this category also increased from $332,372 in 2020 to $509,539 in 2021.
Vacant land sales increased by 74% last quarter, rising from 72 in Quarter 2 of 2020 to 125 in 2021. Median sale price for vacant land last quarter averaged $395,000, making a 183% increase over Quarter 2, 2020.
The number of luxury transactions in the Bozeman area rose sharply from 179 in Quarter 2, 2020 to 423 in 2021. The total dollar volume in this category more than doubled, up 166% over the second quarter of last year.
We hope you learned from this summary of the Bozeman Market Report! If you want to chat with us about why we love the Bozeman area, please reach out! You can find us on Instagram, Facebook, and at our contact page!