As ski season wraps up and the golf courses are opening, spring is starting to take shape in the Gallatin Valley. This month, we will look at first quarter sales of condos and townhouses in Bozeman.


Comparing first quarter sales over the past few years, January 1st through the end of March, looking back, 2021 saw a large increase in pricing from first quarter sales of 2020, when the median sold price rose 18.5% to $400,700. Then, in 2022, the median sold price for the 105 condo and townhouse sales jumped another 38% to $553,000. In the first quarter of 2023, pricing was down, with 65 units selling at a median sold price of $489,000. Last year, pricing during the first quarter for condo and townhouse sales was back up, although not as high as 2022, with 79 units selling at a median sold price of $540,000. This year’s numbers are coming in similar to last year, with a few more units sold, at 85 closed, and pricing down just slightly at $534,500.

One note is that pricing can vary widely in the condo and townhouse world, depending on age and location. Many of the higher priced, luxury units are located downtown. If we remove that area and compare pricing of just units located outside of downtown Bozeman, we see that the median sold price went from $370,000 in 2021 to $500,000 in 2022, then back down to $480,000 in 2023. It also rose last year to $535,000 and is down just slightly this year at $524,500. These numbers again include sales taking place during the first quarter of the respective years.

The amount of inventory in the form of newly listed condos and townhouses was up the past two years, after taking a significant decrease in 2023. The first quarter of 2020 saw the highest number of new listings, at 205. 2021 saw a decrease of new listings down to 135. That number then rose in 2022 to 161. In 2023, the number of condos and townhomes listed during the first quarter was down considerably, at 91 new listings. Last year, first quarter inventory was back up, with 154 new condos and townhouses listed. That trend continued this year, with 162 new listings during the first quarter.

The number of closed sales followed the trends of new listings. In 2020, 107 units sold in the first three months. 2021 saw 109 closed sales, and 2022 saw 105. In 2023, closed sales were down to 65 units. Last year, it was back up slightly, although still below the 2020-2022 range, with 79 closed sales. It continued to increase this year, with 85 closed transactions.

Looking at the median days on market, for first quarter condo and townhouse sales in 2019, it was 20 days on market. That number rose significantly in 2020 to 45 days, perhaps as we started to see the effects of the pandemic. For the first quarters of both 2021 and 2022, the median days on market was only three days. It increased significantly in 2023 to 55 days. Last year, it decreased to 28 days. This year, the median days on market for the first quarter sales was up slightly, at 41 days.

As usual, I have included data for the number of single-family homes sold during the first three months of 2025. In addition to the sales reported, as of this writing there are 87 single family home sales pending or under contract.

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.