Halfway Through the Year: Bozeman Real Estate Market Report
By Tim Ford – Real Estate Broker
 
As we reach the halfway point of the year, Bozeman’s real estate market continues to show signs of stability, with a gradual increase in inventory and steady buyer activity. While we’re no longer experiencing the frenzied pace of the pandemic years, today’s market remains active for well-priced homes, and buyers have more choices than they have had in several years. Interest rates continue to influence affordability and purchasing decisions, but they haven’t stopped motivated buyers and sellers from making moves. Here’s a look at how the first six months of 2026 compare to recent years.

Let’s first look at the supply side in the form of new listings. Comparing the first 6 months of each year, January 1stthrough July 1st: 2019 was the peak for new listings when 722 single family homes were listed for sale in and around Bozeman. That number declined 10% to 649 new listings in 2020. It continued the downward trend into 2021 when 592 homes were listed and into the first half of 2023 when 548 single family homes were brought onto the market. The low of 2023 was down just over 24% from the high of 2019. 

2024 saw a change in the direction as 610 homes were listed for sale. That continued into 2025 with 627 new listings. This year, the upward trend continued with 632 single-family homes listed in and around Bozeman. This marks a 13.6% increase in inventory from the low of 2023, but is still over 12% off of 2019’s peak.  

Sales numbers, which had decreased from 2024 to 2025, have rebounded somewhat. In the first half of this year, 332 single family homes have sold in and around Bozeman. This compares to 304 sales last year, and 322 in 2024. January through July 1st of 2023 saw 344 sales, and the first half of 2022 saw 348. These are all down from the highs of 2021 and 2020, when 434 and 435 homes were sold, respectively.

Pending transactions are also showing some strength.  Currently, there are 116 pending single family home sales, which is up almost 14% from the 102 pending transactions at this same time last year. 2025 sales were up over 10% compared to the 92 pending sales in 2024. Looking back further, this is up slightly from 113 at the same time in 2023, and shows a continued rise from 100 pending sales at this time in 2022. This is a notable decline from the pandemic years when there were 156 pending sales in 2021 and 230 in 2020.

The median sold price for single-family homes, both inside and outside city limits, is bumping up and down. Median sold price is not a perfect indicator of actual home prices, but is a widely looked at gauge. After declining from $900,000 in 2022 to $875,000 in 2023, it bumped up in 2024 to $948,950. Last year, it was down slightly at $907,500. That trend continued this year as the median sold price for the first 6 months of single-family home sales in and around the Bozeman area came in at $859,000. These numbers include areas both inside and outside of city limits. 

Homes outside of Bozeman city limits tend to be more expensive. Restricting the data to only single-family homes inside city limits; In 2023, this number decreased by 5% from $800,000 in 2022 to $760,000. In 2024, the median sold price inside city limits was up almost 4% from the previous year at $789,000, slightly below 2022 levels. It was also down slightly last year, declining 4.9% from 2024 to $750,000 in 2025. This number is again down just slightly from last year, coming in at $747,500.

The month’s supply of homes for sale, a measure of how long it would take to sell all current listings, has increased above pre-pandemic levels. Generally, anything below a 6-month supply is considered a seller’s market, while anything above is considered a buyer’s market. Starting around 2017, it consistently hovered around 3 months. In 2020, it dropped to around and below 1 month and remained there through 2021. It began to increase in 2022, inching up to around 3 months. 2024 and 2025 saw similar numbers, with the month’s supply sitting around 4.5 months. This year, its down, just slightly at 4.1 months. Some consider a “normal” or “healthy” market to have a 5-to-6-month supply of homes.  

The median days on market has also remained relatively flat from last year. In 2021, the median days on market plummeted to just 5 days, down from 25 days in 2020 and 23 days in 2019. It continued to fall to 4 days in 2022. It increased in 2023 to 21 days, decreased in 2024 slightly to 17 days, and bumped back up again last year to 26 days on market. It stayed almost level this year at 27 days on market. 

Interest rates remain volatile and should be monitored frequently by serious buyers. For the past 2 years, many have been hoping to see interest rates drop below 6%, but this has yet to solidly materialize. Although they change daily, as of writing, they are slightly down from recent averages, hovering below 6.5%, depending on factors such as down payment and credit score. This is down slightly from this time last year, when they were closer to 6.8%.