High home prices in Bozeman, MT

Normal families, couples, and individuals have been forced out of the Bozeman Real Estate market because there is almost nothing available for under $400,000 now.

To qualify for a $400,000 condo (which has stricter lending requirements than a Townhome), a buyer would need to have:
* Annual income around $80,000-85,000
* No debt (ie: no student loans and no car payment)
* $20,000 down payment

In 2019 and early 2020 before Covid and a flood of cash buyers hitting the local market, plenty of 2 and 3 bedroom condos and townhomes were available for $400k or less.

Early December 2021 Listings under $550,000.

Two bedroom condos are now approaching $400,000.  

A centrally located 2 bedroom condo with 1,088 sqft is listed for $385,000. It was built in 2004.

And another 2 Bedroom condo located just west of the Bozeman Pond is 1,210 sqft for $399,900.
$330 per square foot.  This home was built in 1997 and is already almost 25 years old!

Very curious to see if these properties actually sell for these astronomical prices. A family of three would likely avoid these properties because of growing pains.  A single person or a couple could be comfortable in these spaces, but they would need to be okay with a one car garage and minimal space for storage.

A minimalist could thrive in these spaces, but if the person didn't care about living in the main areas of Bozeman, they could buy a Tiny Home on a small plot of land 10-20 miles from the city for about half this price (or less).

 

Samples of current home price listings in November 2021

4276 Monroe St #B
$385,000
2 BR 2 BA and 1,190 sqft

That's $323 per square foot and only a 2 bedroom condo that part of a four unit complex.

This new construction on Baxter Creek way near the new high school is massively inflated, and sadly, most of these units are probably already sold since not many properties are available near the city center right now.

1020 Baxter Creek Way Unit B

$520,000

3 BR 3 BA, and 1,572 sqft

$330 per sqft and this place only has a one car garage. 

Without pooling two incomes, this place would be very difficult to buy for a normal family. You would need a six figure income or a huge pile of cash to buy this place.

4050 W Babcock St APT 45
$510,000
3 BR 2 BA and 1,548 sqft
$329 per square foot for a central location that is about 10 minutes to downtown in normal traffic. This home looks nice, but it's a basic 3 bedroom condo for a half a million dollars. A prime example of Bozeman's real estate market getting inflated by cash buyers, low supply, and high demand.