June 2023 Housing Market

With the ever-changing Bozeman market, we figured a market report would be useful!

So, when is the best time to Buy or Sell in Bozeman, Montana?

As a Montana expert Realtor, I am here to provide you with valuable insights that will help you make informed decisions as home buyers or sellers. I and my team want to be transparent with the trends we see in the market and take the guesswork out of selling your home & buying your dream home! We pride ourselves on being experts, and your trusted source for the latest updates about Bozeman real estate. 

Current Market Snapshot:

Here are the key market statistics that showcase the current Bozeman real estate market:

1. Median Sales Price: In Bozeman, the median sales price stands at an impressive $911,000. This figure represents the middle point of all the home prices in our area, which is an increase of nearly 300k from the median last month.

2. Closed Sales: Recently, we have observed 43 closed sales, which reflects a healthy level of activity in our market. It is a positive sign that buyers and sellers are actively engaging in transactions.

3. Median Days on Market: Homes in our market are selling quickly, with a median of just 5 days on the market. This rapid pace indicates high demand and emphasizes the importance of acting swiftly to secure your dream home.

4. New Pending Homes: Currently, there are 47 homes under contract, indicating a strong pipeline of potential future sales. This demonstrates ongoing interest from buyers and presents a wealth of opportunities for sellers.

5. New Listings: Recently, 62 new listings have hit the market. This surge in new options provides buyers with a wider selection and ensures they can find a property that suits their preferences. Though based on past numbers, this number is comparatively low to prior years.

6. End-of-Month Inventory: As of now, our market inventory stands at 57 homes. This number represents the properties available for sale at the end of the month. If you are looking to buy, there are tons of amazing homes still available! We monitor inventory levels closely to gauge market competitiveness and potential pricing trends for our clients to have an edge in their real estate moves.

7. Median Sold $/sq ft: The median sold price per square foot is $392. This figure allows buyers and sellers to evaluate the value of a property based on its size. It is important to work with an expert that understands these numbers, as it can be useful for making comparisons and understanding price trends.

Market Trends and Insights:

Now, let's dig into the market trends and insights that pop out from these statistics:

Bozeman's real estate market continues to exhibit strength and vitality. The high demand for properties, as evidenced by the quick pace of sales, indicates a robust and competitive market environment. While this presents challenges, it also brings exciting opportunities for both buyers and sellers.

If you're a buyer, the current conditions provide plenty of inventory for you to choose from. So, what is a buyer's market? In a buyer's market, the buyer holds significant power in negotiations. You may have the opportunity to secure a lower price, negotiate a closing date that suits your needs, and potentially receive assistance with closing costs from the seller. Take advantage of the range of options available and make thoughtful choices aligned with your long-term goals. A great Realtor will know how to approach this for you! What if you want to buy in a seller's market? Don't fret, there are still many great aspects of the market to lean into as a buyer.

That being said, we are currently in a seller's market! Sellers find themselves in a favorable position, with a surge of eager buyers, sellers can expect increased interest and potentially multiple offers. This competition can drive prices higher, leading to attractive offers for sellers. Sellers have the chance to enjoy the advantage of having more control over the terms and conditions of the sale. With the guidance of an expert Realtor, you can dictate the selling process with confidence.

Tips for Buyers and Sellers:

For buyers navigating this dynamic market, consider the following tips:

• Get pre-approved for a mortgage to strengthen your position in negotiations.

• Work closely with a knowledgeable Realtor who can guide you through the buying process.

• Act swiftly when a desirable property becomes available to increase your chances of success.

• Be prepared to make competitive offers and potentially engage in a bidding war if the property is highly sought-after.

For sellers looking to maximize their selling potential, here are some essential tips:

• Partner with a seasoned Realtor who has a deep understanding of the local market.

• Price your home competitively based on market conditions and recent comparable sales.

• Highlight the unique features and attributes of your property to attract potential buyers.

• Consider staging your home to showcase its full potential and create an inviting atmosphere.

• Be open to negotiations and flexible with terms to accommodate buyers' needs.

Remember, whether you're buying or selling, knowledge is power. Stay informed about market trends, consult with professionals, and take advantage of the opportunities that arise.

Overall, the Bozeman real estate market is thriving, offering exciting prospects for both buyers and sellers. With a median sales price of $911,000 and homes spending a median of just 5 days on the market, it's evident that demand is high and properties are moving quickly. As Bozeman’s Best Real Estate Agents, we are here to guide you through this dynamic market, providing valuable insights and personalized assistance to help you achieve your real estate goals.

Who You Work With Matters.

If you're ready to embark on your buying or selling journey in Bozeman, or beyond, contact us today!