Well, 2014 was certainly an exciting year in the world of Bozeman Real Estate. Not only did sales numbers increase, prices also rose dramatically.

880 single family homes sold in Bozeman in 2014, including areas inside and outside of the city limits. This is up from 839 homes sold in 2013, and the previous high of 816 homes sold in 2005.

In 2012, the median sold price for all single family homes both inside and outside the city limits was $278,750. This rose to $300,000 in 2013, a 7.6% increase in median sold price. In 2014, the median sold price rose again to $325,350, an 8.4% increase. Restricting the data to just homes inside the city limits, the median sold price for all single family homes rose from $255,000 in 2012 to $277,605 in 2013, or 8.9%, and then rose to $296,500 in 2014, a 6.8% increase.

Condos and Townhomes, which took a bigger hit in the down turn than single family homes, also enjoyed an increase. The median sold price rose from $150,000 in 2012 to $174,000 in 2013, an almost 16% increase. In 2014, the median sold price rose another 13% to $197,000.

With the increase in prices, we also saw a decrease in the number of distressed sales in and around Bozeman. The combination of short sales and bank owned homes made up nearly 20% of all sales in 2011. That number dropped to approximately 13% in 2012, 5% in 2013, and was down to 2.5% in 2014.

All indicators point to continued growth in Bozeman. While many wish that Bozeman could remain a sleepy town with a skiing problem, it looks like growth is on the horizon. The number of passengers coming through our airport increases every year. MSU continues to grow and set enrollment records, our hospital is adding on, and our school district continues to grow. 2015 looks to be a promising year for Real Estate in and around Bozeman.

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 Southwest Montana MLS, and does not include private party sales.

The information provided by the Gallatin Association of REALTORS Corporation / Southwest Montana MLS is compiled from miscellaneous sources and neither the association, nor the listing broker, nor its agents or subagents are responsible for the accuracy of the information.