Belgrade Real Estate Market Report
Tim Ford | Wednesday Sep. 1st, 2021
Generally, this column focuses on Bozeman’s real estate market. However, Belgrade is a large part of the Gallatin Valley and the homes there play a massive rule in providing housing for our greater community. This month, we’ll take a look at how the Real Estate Market has fared in Belgrade.
From the first of the year through September 1st, 192 single family homes have sold in Belgrade at a median sold price of $508,000. This is compared to 239 single family homes sold during the same time last year at a median sold price of $359,000. That equates to a 43% increase in median sold pricing. Previously, in 2019, 234 single family homes sold at a median sold price of $335,500.
Looking at condo and townhouse sales, from 2019 to 2020, the number of sales nearly doubled from 57 units in 2019 to 104 in the first 7 months of 2020. Accounting for much of that increase was new construction with 70 of the 104 units being new builds. This year, 82 condos and townhouses sold from the 1st of the year through September 1.
Median sold pricing in the condo & townhouse world rose nearly 19% from $283,000 last year to $336,000 this year. However, new construction units sold via the MLS accounted for a much smaller percentage this year with only 20 of the 82 units being newly constructed. This could indicate that there was less available buildable dirt for townhouses and condos, or some of the new construction units could have sold off-market.
The number of new construction single-family homes also dropped off considerably after increasing last year. In the first 7 months of 2020, 96 new construction single-family homes sold in Belgrade, compared to 65 new construction homes during the first 7 months of 2019. This year, only 33 of the 192 single-family home sales posted on MLS were newly constructed. This is almost assuredly due to a lack of buildable dirt. As of the date of writing, there is 1 active, new construction home listed for sale on the local MLS at a list price of $1.125m. The lack of available new construction inventory also likely played a role in the decrease of overall sales numbers from 239 homes last year to 192 this year.
Similar to Bozeman, the month’s supply of homes dropped off significantly. This is the number of months it would take to sell the current homes on the market at the current pace. A lower number generally constitutes a seller’s market, while a higher number indicates a buyer’s market. For the past few years, its hovered in the range of 2 to 2.5 months. It has dropped to 0.7 months.
Not surprisingly, days on market has dropped off as well after remaining essentially constant from 2019 to 2020, when it was at 26 and 25 days respectively. This year, the median days on market is at 5 days.
As usual, I have included data for the number of single-family homes sold in Bozeman during the first seven months of 2021. In addition to the 525 homes sold during the first 7 months of 2021, another 155 home sales are currently pending, or under contract, as of the date of writing this article.
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 Big Sky Country MLS, and does not include private party sales, Condominiums, or Townhouses.