Bozeman, MT Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Bozeman, MT Housing Market Trends

With a population of 49,831, 19,505 total housing units (homes and apartments), and a median house value of $551,522, Bozeman house prices are not only among the most expensive in Montana, Bozeman real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Bozeman, accounting for 40.30% of the city's housing units. Other types of housing that are prevalent in Bozeman include large apartment complexes or high rise apartments ( 22.90%), duplexes, homes converted to apartments or other small apartment buildings ( 17.52%), and a few row houses and other attached homes ( 16.25%).

The most prevalent building size and type in Bozeman are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 39.63% owning and 60.37% renting.

Bozeman homes and real estate are some of the newest in America. 40.80% of Bozeman's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Bozeman real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 37.10%), and between 1940-1969 ( 12.47%). There's also some housing in Bozeman built before 1939 ( 9.62%).

Bozeman Home Appreciation Rates

In the last 10 years, Bozeman has experienced some of the highest home appreciation rates of any community in the nation. Bozeman real estate appreciated 110.24% over the last ten years, which is an average annual home appreciation rate of 7.71%, putting Bozeman in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Bozeman definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Bozeman that despite a nationwide downturn in the housing market, Bozeman real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Bozeman appreciation rates continue to be some of the highest in America, at 12.66%, which is higher than appreciation rates in 87.54% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Bozeman. Bozeman appreciation rates in the latest quarter were at 4.82%, which equates to an annual appreciation rate of 20.70%.

Importantly, this makes Bozeman one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Montana, our data show that Bozeman's latest annual appreciation rate is lower than 80% of the other cities and towns in Montana.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Bozeman differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Bozeman - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Bozeman real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$551,522

Bozeman, MT HOME PRICES

> $1,378,000
2.8%
2.8%
$1,034,001 - $1,378,000
4.0%
4.0%
$689,001 - $1,034,000
15.6%
15.6%
$551,001 - $689,000
14.7%
14.7%
$414,001 - $551,000
25.5%
25.5%
$276,001 - $414,000
20.3%
20.3%
$138,001 - $276,000
8.8%
8.8%
$69,001 - $138,000
2.5%
2.5%
$0 - $69,000
5.7%
5.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for MT

Value Relative To Nation

Number Of Homes And Apartments:
19,505

Bozeman Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MT*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
190.94% 5.09%
8
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,684 / per month

Homeownership Rate

Owners
39.6%
39.6%
Renters
60.4%
60.4%
Vacant
7.5%
7.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
40.8%
40.8%
1970 - 1999
37.1%
37.1%
1940 - 1969
12.5%
12.5%
1939 or Older
9.6%
9.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
40.3%
40.3%
Townhomes
16.2%
16.2%
Small Apt. Buildings
17.5%
17.5%
Apt. Complexes
22.9%
22.9%
Mobile Homes
3.0%
3.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.7%
3.7%
1 Bedroom
9.8%
9.8%
2 Bedrooms
31.1%
31.1%
3 Bedrooms
37.8%
37.8%
4 Bedrooms
14.1%
14.1%
5 or more bedrooms
3.5%
3.5%
0.0% 100.0%
% OF HOMES