If you have spent any time driving around Bozeman recently, you must have noticed that construction is on the rebound. Many new homes are springing up across the valley as entire neighborhoods take shape. This boom in construction has led to a decrease in available lots and an increase in pricing.

As of the date of writing this article, there are 125 lots for sale within the Bozeman city limits on our local MLS. 33 lots have sold since the first of the year and another 25 are currently under contract. 224 lots sold in 2013, and if the inventory were available, I would guess that more would sell this year.  

Lot pricing has been on the rise. In 2012, 193 lots sold for a median sold price of $40,000. In 2013, 224 lots sold for a median sold price of $54,000. The 33 lots that have closed so far this year have sold for a median sold price of $82,000. The median list price for the 25 pending lots is $75,000, and the current median list price of the 125 active lots is $85,900.  

Looking outside the city limits, there are another 171 lots currently available. Asking prices range from a low of $65,000, a high of $962,500, and a median asking price of $125,900. 36 lots have sold thus far outside of city limits in 2014 at a median sold price of $100,312. There are currently another 47 lots under contract, with a median asking price of $92,500.

This data includes only those lots sold through our local MLS. Many lots are often sold directly from a developer to a builder, and may not make it to our MLS database.  

As usual, I have also included data for the number of homes sold during the first four months of 2014. In addition to the 149 homes sold during this time period, another 168 homes are currently pending, or under contract, as of the date of writing this article.

The included data reflects sales of homes on both less than and greater than 1 acre 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 Southwest Montana MLS, and does not include private party sales, Condominiums, or Townhouses.