Belgrade Real Estate Market Report

Tim Ford  |   Thursday Sep. 1st, 2022

Belgreat! Bozeman’s neighbor to the west, Belgrade, is an essential part of the Gallatin Valley, and this month, we’ll take a look at how their real estate market has fared during the first seven months of 2022.

From the first of the year through August 1st, 168 single family homes have sold in Belgrade at a median sold price of $599,500. This is compared to 192 single family homes sold during the same timeframe last year at a median sold price of $508,000. Previously, in 2020 and 2019, the numbers were 239 sales at a median sold price of $359,000, and 234 sales at a median sold price of $335,500, respectively.

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 seven months of 2020. Accounting for much of that increase was new construction, with 70 of the 104 units being new builds. Last year, 82 condos and townhouses sold during the same time period. This year, 59 units have sold through the first of August. After rising nearly 19% from $283,000 in 2020 to $336,000 in 2021, median sold pricing rose another 20.8% to $406,000 this year.

The number of new construction single family homes sold via the MLS in Belgrade has continued to taper since hitting a new high a few years ago. In the first seven months of 2020, 96 new construction single family homes sold in Belgrade. That was up from 65 new construction homes sold during the first seven months of 2019. Last year, only 33 of the 192 single family home sales posted on MLS were newly constructed, and this year, 23 of the 168 homes sold were newly built.

New construction sales in the townhouse and condo world tell a similar story. In 2019, 31 of the 57 condo and townhouse sales were new construction during the first eight months. In 2020, 70 of the 105 units sold were new construction. In 2021, only 20 of the 82 units were newly constructed, and this year, 11 of the 59 units sold were new builds. This could indicate that there was less available buildable dirt for townhouses and condos, or that some of the new construction units could have sold off-market. Sometimes new construction homes sell directly from builder to buyer, without being posted on MLS, so that could account for some of the discrepancies.

Similar to Bozeman, the month’s supply of homes has started to climb up slightly since hitting new lows last year. 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. Last year, it dropped to 0.7 months, but has now edged up very slightly, to one month.

Days on market remains low. After remaining essentially constant from 2019 to 2020, when it was at 26 and 25 days respectively, the median days on market dropped last year to five days, where it currently remains again this year.

I have included data for the number of single-family homes sold in Bozeman during the first seven months of 2022. In addition to the 413 homes sold during that period, another 94 home sales are currently pending, or are under contract as of the date of this writing.
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.

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