Belgrade Real Estate Market Report

Tim Ford  |   Friday Sep. 1st, 2023

This month, we’ll take a look at how the real estate market has been faring in Belgrade.

From January 1st through August 1st of this year, 134 single family homes have sold in Belgrade at a median sold price of $586,500. Last year, 168 single family homes sold during the same time period at a median sold price of $599,500. Looking back at the first seven months of 2021, 192 single family homes sold 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. In 2021, 82 condos and townhouses sold during the same time period. Last year, 59 units sold through the first of August, and this year that number is up slightly, with 65 sales. After rising nearly 19% from $283,000 in 2020 to $336,000 in 2021, median sold pricing rose another 20.8% to $406,000 last year. It then rose another 15% this year to $468,900.

The number of new construction single family homes sold via the MLS in Belgrade has continued to taper since hitting a 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. In 2021, only 33 of the 192 single family home sales posted on MLS were newly constructed, and last year, 23 of the 168 homes sold were newly built. That trend continued this year, with only 11 of the 134 single family homes sold on MLS being new construction.

Looking at sales of new construction condos and townhouses, the numbers had been declining for a few years, but were up slightly this year. 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 last year, only 11 of the 59 units sold were new builds. The number is back up this year, with 33 of the 65 units sold being new construction.

Sometimes new construction homes sell directly from builder to buyer, without being posted on MLS, so that could account for some of the differences.

Days on market remains low, but is up slightly from the past two years. After remaining essentially constant from 2019 to 2020, when it was at 26 and 25 days respectively, the median days on market dropped in 2021 to five days, where it remained at this time last year. This year, it’s up slightly at 13 days on market, but is still well below 2019 and 2020.

As usual, I have included data for the number of single-family homes sold in Bozeman during the first seven months of 2023. In addition to the 426 homes sold during this time period, another 96 home sales are currently pending, or are under contract as of this writing. This compares to 94 home sales pending at this time last year. 

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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