Bozeman, MT Metro Area Housing Market Analysis - November 2024
The Bozeman, MT metro area housing market in November 2024 presents a dynamic landscape with notable shifts in pricing, sales activity, and inventory levels. The market is characterized by a significant increase in home sales and a decrease in the Months of Supply, indicating a competitive environment for buyers.
The Median Sales Price in Bozeman has risen to $749,000, marking a 5.5% increase year-over-year. This upward trend in sales prices suggests a strong demand for homes in the area, despite a decrease in the Median List Price, which has fallen by 4.2% to $669,900. This divergence between sales and list prices may indicate that sellers are adjusting their expectations to align with market conditions.
In terms of Price Per Square Foot, the Median Sales Price per square foot has seen a modest increase of 0.9%, reaching $368.97. Conversely, the Median List Price per square foot has decreased by 3.7% to $379.12. This suggests that while overall home values are appreciating, sellers may be pricing their properties more competitively to attract buyers.
Sales activity has surged, with 130 Homes Sold, representing a substantial 39.8% increase compared to the previous year. Pending Sales have also risen by 10.7%, totaling 135. This heightened activity is further supported by an 11.7% increase in New Listings, bringing the total to 115. However, the inventory has expanded significantly by 27.4%, reaching 721 homes, which may provide more options for prospective buyers.
The Months of Supply have dramatically decreased by 60.0%, now standing at 5.5 months. This reduction indicates a faster-paced market where homes are selling more quickly, as evidenced by the Median Days on Market increasing by 20.0% to 100 days. This suggests that while homes are selling faster, they are still taking longer to sell compared to the previous year.
The average sale to list ratio remains unchanged at 0.0%, indicating that homes are generally selling at their listed prices. Similarly, the sold above list ratio has not changed, remaining at 0.0%. Price Drops have decreased by 2.6%, now at 14.6%, suggesting that sellers are becoming more realistic with their pricing strategies.
Lastly, the percentage of homes going off the market in two weeks has increased by 2.6%, now at 21.5%. This indicates a segment of the market where homes are selling rapidly, likely due to competitive pricing or desirable property features.
Overall, the Bozeman housing market in November 2024 is characterized by rising sales prices, increased sales activity, and a competitive environment for buyers. While inventory levels have grown, the decrease in Months of Supply suggests that demand remains strong, driving the market forward.
