Have you applied for the Montana Homestead Tax Exemption?  If not, do so today!

Here’s a link to the Dept of Revenue site with a lot of great FAQ info:  MT Dept of Revenue Link

You’ll need your geocode to apply.  To find your geocode, go to the MT Cadastral website and search by your address:  MT Cadastral link
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First Quarter Bozeman Condo & Townhouse Sales 
By Tim Ford – Real Estate Broker
 
As the winter that wasn’t wraps up and bikes start to replace skis on the roof racks around town, spring is taking shape in the Gallatin Valley. This month, we will look at first quarter sales of condos & townhouses in Bozeman. 
 
Comparing first quarter sales over the past few years, January 1st through the end of March: 2021 saw a large increase in pricing from first quarter sales of 2020, when the median sold price rose 18.5% to $400,700. Then, in 2022, the median sold price for the 105 condo & townhouse sales jumped another 38% to $553,000. In first quarter of 2023, pricing was down, with 65 units selling at a median sold price of $489,000. In 2024, pricing during the first quarter for condo & townhouse sales was back up, although not as high as 2022, with 79 units selling at a median sold price of $540,000. 2025’s numbers came in similar to the previous year with a few more units sold, at 85 closed, and pricing down just slightly at $534,500. This year’s numbers are also down with 78 condos & townhouses sold at a median sold price of $480,750. 
 
The amount of inventory in the form of newly listed condos & townhouses has been rising the past few years, after taking a significant decrease in 2023. The first quarter of 2020 saw the highest number of new listings at 205. 2021 saw a significant decrease of new listings down to 135. That number then rose in 2022 to 161. In 2023, the number of first quarter listings was again down considerably at 91 new listings. In 2024, it was back up with 154 listings. That trend continued last year with 162 new listings, and into this year with 167 newly listed condos & townhouses during the first quarter. 
 
The number of closed sales generally followed the trends of new listings. In 2020, 107 units sold in the first 3 months. 2021 saw 109 closed sales, and 2022 saw 105. In 2023, closed sales were down to 65 units. In 2024, it was back up slightly although still below the 2020-2022 range with 79 closed sales. That continued to increase last year with 85 closed transactions. This year its down, but just slightly, at 78 closed transactions. 
 
Looking at the median days on market, for first quarter condo and townhouse sales in 2019, it was 20 days on market. That number rose significantly in 2020 to 45 days, perhaps as we started to see the effects of the pandemic. For the first quarters of both 2021 and 2022, the median days on market dropped to only 3 days. It increased significantly in 2023 to 55 days. In 2024, it decreased to 28 days. Last year, it was up slightly at 41 days. This year saw a marked increase in time on market for condos & townhouses as the median days on market rose to 64 days.  
 
As usual, I have included data for the number of single-family homes sold during the first 3 months of 2026. A big note on the sold median price. These numbers include areas both inside and outside of city limits, including areas like Bridger Canyon, Gallatin Gateway, Springhill, and south of town near Cottonwood and Hyalite. While the median sold price appears to have taken a big dip, this is not necessarily representative of the market. Restricting the data to just sales inside city limits, the median sold price for the first quarter of 2025 was $737,450, and 2026 was $720,500.  
 
In addition to the sales reported, as of the date of writing, there 87 single family home sales pending or under contract, which incidentally, is the exact same number of homes that was pending at this time last year.  
 
The included data reflects sales of homes in the greater Bozeman area, including Four Corners, Gallatin Gateway, Bridger Canyon, and Bozeman city limits. The data includes home sales reported through the local Big Sky Country MLS and does not include private party sales.