December always feels like a great time to reflect on the year as a whole. I specifically love to look at what happened throughout the year to the housing market in our area and the associated stats. As many of you know, Bozeman and the greater areas have had quite the year for real estate. So let’s dive into what some of this looked like in raw data.

Note: we are comparing January-November of each year mentioned. 

Bozeman City Limits:

• The median price of a residential dwelling (condominium, townhouse, and single family) increased by 26% from 2020 to 2021.
• Average days on market went from 54 days in 2020 to 18 days in 2021 – a 67% decrease.
• Inventory of homes sold in 2021 compared to 2020 decreased by 108 homes – a 10% decrease.

Greater Bozeman Area (includes Bridger Canyon, Gallatin Gateway, and Four Corners)

• The median price of a residential dwelling increased by 21% from 2020 to 2021.
• Average days on market decreased from 71 days in 2020 to 25 days in 2021 – a 65% decrease. 
• Inventory of homes sold in 2021 compared to 2020 decreased by 48 homes – an 18% decrease.

Belgrade:

• The median price of a residential dwelling increased by 28% from 2020 to 2021. 
• Average days on market went from 42 days in 2020 to 15 days in 2021 – a 65% decrease. 
• Inventory of homes sold in 2021 compared to 2020 decreased by 99 homes – a 9% decrease.

Manhattan:

• The median price of a residential dwelling increased by 19% from 2020 to 2021.
• Average days on market went from 67 days in 2020 to 33 in 2021 – a 51% decrease.
• Inventory of homes sold in 2021 compared to 2020 increased by 7 homes – an 8% increase. 

The biggest takeaways from these statistics is that prices went up, demand went up, and supply dropped. Will the market continue to trend like this year in 2022? Only time will tell, but there does not seem to be any slowing of demand or increase in inventory.

I am here to answer any housing questions you may have as each person’s situation is unique. Please don’t hesitate to reach out, even if it’s just for a hello!

Wishing you happy holidays and good health,

-Dianne Click