BOZEMAN MARKET REPORT
Introduction
Bozeman continues to capture attention nationwide as both a vibrant community and a gateway to Montana’s lifestyle. Known for its mountain scenery, access to trails and rivers, and thriving university culture, it remains one of the most desirable places to live in the West.
The first half of 2025 has been marked by stability and balance. Buyers are taking more time, sellers are sharpening their strategies, and the market is settling into a healthier rhythm than the breakneck years of 2020–2022. This report provides a complete picture — from sales volumes and price shifts to neighborhood dynamics, month-over-month trends, new construction, and the feeder markets fueling Bozeman’s growth.
Market Overview
The lower average price in Q2 reflects a shift in activity toward the $700K–$1.2M range, where demand remains strongest.
By July, the median home price in Bozeman was $789,000, with Gallatin County at $797,000. Days on market stretched to 64 in the city and 71 across the county — nearly double the pace from just two years ago, and a clear signal that the market is balanced rather than overheated.
Supply & Buyer Behavior
Inventory levels improved this spring and summer, though they remain below historic norms. Buyers now have more options, and that choice has shifted the balance of power:
• Homes are no longer guaranteed to sell in days.
• Negotiations are back, and buyers are more selective.
• Sellers who prepare and price strategically still achieve near-asking outcomes, especially in the sub-$1.5M range.
Month-Over-Month Trends
SINGLE FAMILY HOMES
Median single-family home prices dipped in February but recovered quickly through spring, stabilizing around $900K by summer. This reflects healthy mid-market activity and resilience despite seasonal fluctuations.
New listings climbed steadily from January through June, peaking mid-summer before easing slightly in July. The strong listing surge gave buyers more options and helped balance the market.
Days on market spiked in February, then dropped sharply into the spring selling season. By July, homes were spending about a month on market, showing that buyers are active but selective.
Inventory rose consistently throughout the year, more than doubling from January to July. This increase has returned leverage to buyers, creating a healthier balance compared to prior years of ultra-low supply.
PollyAnna Snyder
Month-Over-Month Trends
CONDOS & TOWNHOMES
Condo and townhome prices dipped into the mid-$400Ks in early spring but rebounded sharply by summer, stabilizing in the low $600Ks. This surge reflects strong demand for more affordable, low-maintenance housing options.
Listings fluctuated through the first half of the year, peaking in April before dipping slightly into early summer. Even with seasonal shifts, new inventory has kept pace with buyer interest, supporting steady absorption.
Days on market rose in March and April, showing slower absorption as buyers evaluated new supply. By July, homes were averaging around six weeks on market, a sign of healthier but still active competition.
Inventory grew consistently, climbing from just over 120 units in February to more than 200 by July. Despite this increase, buyer activity has kept prices firm, demonstrating resilience in this segment.
PollyAnna Snyder
Land activity remains selective. Buyers are weighing construction costs carefully, but lots with infrastructure in place or tied to planned developments continue to draw attention. The Triangle corridor, anchored by the West Post project, is expected to deliver the most consistent activity going forward.
TIPS FOR SELLERS TIPS FOR BUYERS
Presentation matters. Staging, updates, and competitive pricing are the difference between sitting on the market and selling within 60 days.
More inventory means more choices — but don’t wait too long. Well-priced homes under $1.5M are still moving quickly.
Did You Know?
• Bozeman homes now average 64–71 days on market, compared to just weeks in 2021.
• Condos and townhomes saw a sharp rebound this spring, with medians climbing from the mid-$400Ks to over $600K.
• West Post will deliver hundreds of new homes in the next few years, starting in the mid$500Ks.
• MSU’s enrollment boom continues to fuel long-term housing demand.
PollyAnna Snyder
Sub-Market Highlights
DOWNTOWN & 59715: Median home prices near $939,000, with longer marketing times as higher-end sellers test the market.
WESTEND & 59718: Median around $692,000, holding steady year-over-year. This area, with its newer builds and expanding neighborhoods, remains the hub for value-seeking buyers.
GALLATIN COUNTY: County-wide median of $797,000 reflects a healthy move-up market, with steady demand for space and views outside city limits.
PollyAnna Snyder
New Construction & Development
Bozeman’s future growth continues to be shaped in the Triangle corridor, where infrastructure, transportation access, and open land make it the natural hub for large-scale projects.
WEST POST
At the heart of this growth is West Post, a 250+ acre master-planned community designed to blend residential living with retail, parks, and community amenities. This development aims to create a true livework-play environment, connecting housing with everyday conveniences. New homes are entering the market starting in the mid-$500Ks, offering more attainable opportunities for first-time buyers as well as move-up households looking for new construction in a modern neighborhood.
EXPANDING OPTIONS
Beyond West Post, builders in the Triangle corridor are actively introducing new single-family homes, townhomes, and multi-family projects. This expansion is significant for Bozeman, where limited resale inventory has long constrained options. As these projects roll out, they are expected to gradually ease pressure on buyers seeking well-priced homes with newer finishes and efficient layouts.
POLICY & CODE UPDATES
The City of Bozeman is updating its development code with a focus on accessory dwelling units, multifamily density, and affordability measures. These changes are intended to diversify housing supply and make future growth more flexible and inclusive.
LOOKING FORWARD
While these projects represent exciting progress, new construction takes time. Supply will increase steadily, but demand remains high, meaning the market is likely to stay competitive. For buyers, keeping an eye on upcoming phases in developments like West Post provides a chance to secure modern housing at today’s prices before future demand drives values higher.
PollyAnna Snyder
Feeder Markets
Bozeman’s growth is sustained by a broad set of feeder markets:
• Regional movers from Idaho, Utah, and Colorado who want mountain lifestyles with more affordability and open space.
• West Coast buyers from Seattle, Portland, San Francisco, and Los Angeles seeking relief from high prices and congestion.
• Midwest and East Coast professionals from Chicago, Minneapolis, New York, and Washington, D.C. who are taking advantage of remote work or investing in second homes.
• In-state migration from Missoula, Billings, and rural Montana, as families move for schools, jobs, and amenities.
Rentals
This wide net of incoming demand makes Bozeman’s market more resilient than if it relied on a single buyer group.
& Short-Term Rules
Whole-home, non-owner-occupied rentals are no longer being approved.
New STRs must generally be owner-occupied or meet special zoning requirements.
This has cooled speculative investor demand, while reinforcing neighborhood stability and channeling buyers toward primary or long-term rental properties.
PollyAnna Snyder
Demand Drivers
MONTANA STATE UNIVERSITY
With record enrollment above 17,000, MSU keeps pressure on both rentals and for-sale housing.
LIFESTYLE MIGRATION
Outdoor access, quality of life, and community amenities remain the top draws for out-of-state buyers.
VISIBILITY
Bozeman’s growing cultural scene and national spotlight continue to fuel demand from across the country.
Mortgage Rates & National Context
Mortgage rates averaged 6.5–6.6% in August, down from earlier peaks. While still high compared to the pre-2020 era, this easing has encouraged more buyers to step back into the market.
Nationally, existing-home sales have been steady, inventory is improving modestly, and cash buyers remain a significant share of the market. For Bozeman, this means continued stability with opportunities for both buyers and sellers.
PollyAnna Snyder
Looking Ahead
The remainder of 2025 is expected to bring:
Stable pricing, with modest appreciation possible if rates continue to ease.
Improved sales volume as cautious buyers re-enter.
New opportunities from West Post and other developments.
For buyers, the advantage lies in increased selection and less competition. For sellers, success will come from strategic pricing, staging, and preparation.
Conclusion
Bozeman’s housing market has transitioned from a frenzy into a balanced, sustainable phase. While homes take longer to sell and buyers have more room to negotiate, demand remains steady thanks to regional migration, national feeder markets, and local drivers like Montana State University. The story for 2025 is one of stability: steady prices, resilient demand, and new opportunities ahead. For buyers, it’s a chance to make thoughtful choices; for sellers, it’s a market that rewards preparation and strategy; and for agents, it’s a time to guide clients with insight, clarity, and confidence.
PollyAnna Snyder
The Advantage of Working with an Engel & Völkers Advisor
Buying or selling a home in today’s market requires more than just access to listings. It takes a trusted advisor who understands both the data and the lifestyle that drives the Bozeman market. Engel & Völkers Advisors combine global reach with local expertise, giving clients the best of both worlds.
Personalized Guidance: Every client’s goals are unique. Advisors take the time to understand priorities, from investment potential to lifestyle needs, and craft a tailored strategy.
Global Network: With shops in over 30 countries and a reputation for excellence, Engel & Völkers connects local sellers to international buyers, and brings world-class standards to every transaction.
Marketing Excellence: From professional photography and staging to digital campaigns and luxury print collateral, E&V’s marketing sets listings apart and ensures maximum exposure.
Negotiation Expertise: In a balanced market, negotiation skills matter more than ever. Advisors advocate tirelessly for clients, whether positioning a listing for top dollar or securing the right home at the right price.
Trusted Advisors, Not Just Agents: Engel & Völkers Advisors act as long-term partners, guiding clients through each step of the process with discretion, integrity, and care.
Working with Engel & Völkers means more than closing a deal — it means building a relationship grounded in trust, expertise, and results.
PollyAnna Snyder
Engel & Völkers
BIG SKY COUNTRY
Engel & Völkers Big Sky Country is proud to serve Montana with five shops across the region, offering unmatched coverage and expertise.
Bozeman: A hub for single-family homes, condos, townhomes, and new construction in the Gallatin Valley.
Big Sky: Specializing in luxury resort and ski properties, mountain homes, and investment opportunities in one of Montana’s premier destinations.
Butte: Historic homes, ranches, and investment properties in a city rich with character and history.
Ennis: Gateway to the Madison River Valley, with an emphasis on ranch, recreation, and second-home properties.
Livingston: A vibrant arts community on the Yellowstone River, with close proximity to Paradise Valley and Yellowstone National Park.
With Advisors rooted in each community, Engel & Völkers Big Sky Country offers clients a complete view of the Montana lifestyle — from resort luxury to ranchland, small-town charm to university energy.
Whether buying, selling, or investing, our team connects people with properties that match not just their budget, but their dreams.
PollyAnna Snyder