Bozeman Real Estate Market Analysis: Q1, 2024

General Market Trends

 In Q1 2024 the Gallatin Valley real estate market maintained stability with equal measures of supply and demand as interest rates remained elevated. However, not all sectors of the market tracked equally with homes above $3,000,000 showing decreased demand while multiple offers and low days on the market for condominiums, townhomes, and single-family homes in the under $500,000 category. The median days on the market for Q1 was 21 days, indicating still strong demand. This is commensurate with market trends over the past 12 months.

Bozeman Submarket

Within the City of Bozeman, the median sale price for single-family homes was $736,263 for March 2024. The median price for condominiums and townhomes was $495,000. Throughout Q1 the market exhibited typical seasonality with a lower volume of activity following the new year with activity beginning to increase into the spring. Inventory across all three property types is markedly trending updated with 2.75 months of inventory on March 24’.

 


A Look Toward the Future

Inventory remains constrained by a freeze in the market due to monetary policy by the Federal Reserve to fight inflation. Inflation has trended down towards the target of 2%. Wall Street is predicting 3 rate cuts in 2024’, however, inflation is notoriously difficult to manage and predict with prognostications of Federal Reserve policy even more fraught. 

What is known is that the market is showing typical seasonality with increases in listings into the spring season following a period of calm during the winter. The generally lower volume of sales allows for more due diligence by both sellers and buyers making all the more valuable a knowledge and competent sales agent. 

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