Luxury Home Market Analysis
By Tim Ford, Real Estate Broker
A Historical Perspective
Let’s take a look at how the high-end real estate market in Bozeman has evolved over the years. Back in 2007, only 24 homes sold for over $1 million in the area. The following year, in 2008, that number dipped slightly to 22 homes.
Fast forward to last year, and there were over 13 times that amount, with 288 homes surpassing the million-dollar mark sold in 2023. This year, the trend remains robust, with 283 homes already sold above that threshold as of November 15th, plus another 51 pending sales. These figures include all types of residential properties—condos, single-family homes, and townhouses—both inside and outside Bozeman city limits.
With the median home price hovering near $800k for homes inside city limits and north of $900k when including homes outside city limits, what exactly defines the Luxury Market in Bozeman?
Breaking Down Sales by Price Segment
To better understand market dynamics, I segmented residential sales into $500,000 price bands. For consistency, only sales from the first 10.5 months of each year are included to allow an accurate comparison for 2024 data. These again include all types of residential properties in the greater Bozeman area:
