While this article often focuses on the Bozeman market, the community of Belgrade is an integral part of the Gallatin Valley. Therefore, this month, we will take a look at how the real estate market is faring in Belgrade.

From January 1st through August 1st of this year, 138 single family homes sold in Belgrade at a median sold price of $583,500. This is remarkably similar to the same time period of last year, when 134 single family homes sold in Belgrade at a median sold price of $586,500. Those numbers are down just slightly from 2022, when 168 single family homes sold during the same 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. In 2022, 59 units sold through the first of August. Sales volume rose slightly both last year and this year, with 65 sales in 2023 and 73 so far this year.

Median sold pricing for condos and townhouse sales in Belgrade has followed the single-family home sales trend. It’s down just slightly at $467,000, versus $468,900 last year. Looking back to the pandemic years, median sold pricing rose nearly 19%, from $283,000 in 2020 to $336,000 in 2021. It then rose another 20.8% to $406,000 in 2022. Last year’s rise to $468,900 represented a 15% increase in median sold pricing.

After tapering for a few years, the number of new construction single family homes sold via the MLS in Belgrade has bumped back up. New construction homes in Belgrade hit a high in 2020, when 96 new construction single family homes sold in Belgrade in the first seven months. 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. In 2022 and 2023, the trend continued, with the first seven months of each respective year seeing 23 of 168 homes and 11 of 134 homes being newly constructed. This year it ticked back up, with 28 of the 138 homes sold on the MLS being newly built.

Looking at sales of new construction condos and townhouses, the numbers had been declining for a few years, but were also up slightly the last couple of years. In the first seven months of 2019, 31 of the 57 condo & townhouse sales were new construction. From January 1st through August 1st of 2020, 70 of the 105 units sold were new construction. During that period of 2021, only 20 of the 82 units were newly constructed, and in 2022, only 11 of the 59 units sold were new builds. The number was back up last year, with 33 of the 65 units sold being new construction. This year, its down slightly but still well above 2022, with 26 of the 73 condos and townhouses sold via MLS being new construction units. Many new construction homes sell directly from builder to buyer, without being posted on MLS, so that could account for some of the differences.

Median days on market for the single-family home sales remains short but is up slightly from previous lows. 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 5 days, where it remained at this time in 2022. Last year, it was still well below 2020, but did rise to 13 days on market. This year, it crept up again slightly, to 17 days.

As usual, I have included data for the number of single-family homes sold in Bozeman during the first seven months of 2024. In addition to the 372 homes sold during this time period, another 108 home sales are currently pending, or are under contract, as of this writing. This compares to 96 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 within 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.