Bozeman Q1 2022 Market Update
Happy Spring folks! As Q1 comes to a close, we’d like to update you on the state of the Bozeman Market in an attempt to inform you and prepare you for the remainder of the year. Keep reading for information on the local market, interest rates, new developments in Bozeman, and more! To start off, here’s a quick snapshot of the Bozeman Residential Market. The following information and figures should inform you of current market conditions as compared to the last two years:
- Inventory remains relatively steady between Spring ’21 and ’22. Inventory remains at historic lows.
- Median Sales price increases from ’20-’21 were mostly comparable to the increases from ’21-22.
- Total Number of Sales has steadily decreased from year to year with April 2021 being the only exception.
- Interest rates continue to rise closer to 5.5% locally.
- See figures below for more information!
Some believe we will see a market adjustment due to rising interest rates. We did see a slight market adjustment in 2019, when interest rates rose 5 times in the first two quarters. Price appreciation slowed and homes stayed on the market longer. Some buyers may wait, relieving some of the buyer pressure in the market. We are not seeing much change in the data from the first quarter to indicate a market pull back. Quarter two may be more telling, but inventory generally picks up in the second quarter. So, be sure to check out our Q2 report.
*This data was retrieved from the Big Sky Country MLS on May 5th, 2022.
Key Market Indicators – Spring 2022
The figures below compare key market indicators for Spring months (Jan-May) over the last three years.
New Developments in Bozeman
There are several new developments that have been approved by the city and/or under construction. This includes two large South Bozeman subdivisions, new phases of existing subdivisions, and many other smaller developments throughout the city. See below for details.
New Developments – West Bozeman
- Norton Ranch Subdivision Phase 5A-5D – over 140 homesites to be added.
- Fallon Apartments and Fallon Condos – near Fallon and Pond Lily.
- Rosa Apartments – off of Twin Lakes Ave. and Sherwood Way.
- Flanders Mill Apartments – Within Phase 4 of Flanders Mill Subdivision.
- Bozeman Gateway Phase 4 – South of Huffine between 29th and Fowler.
New Developments – Central Bozeman & Downtown
- Annie Subdivision Phase 4 – North of Durston between N. 22nd and N. 25th.
- N. 3rd Duplexes – Just off the corner of N. 3rd and W. Beall.
New Developments – South Bozeman
- Allison Subdivision Phase 4 – South of Kagy and E. of S. 11th.
- Gran Cielo Subdivision – New Development North of W. Graf and South of Stucky. 252 Total Lots including 110 single-family and 142 multi-family lots!
- Blackwood Groves Subdivision – New 119 Acre Development East of S. 19th and South of W. Graf. Will contain 190 lots including 127 single-family lots, 14 multi-family lots, and 22 townhouse/rowhouse lots.
*This data was retrieved from the Official City of Bozeman GIS Public Records