Bozeman’s housing market shows signs of increased activity and a subtle rebound in pricing. The Zillow Home Value Index reports the average home value at $727,277, reflecting a 2.7% year-over-year decline, with homes typically pending sale after 22 days. July’s median sales price stood around $789,000, marking a notable 27.3% increase from last year, while the average days on market rose slightly to 64 days. Recent local MLS data shows 101 properties sold, a slight 1.9% decrease year-over-year, with homes selling for roughly 98% of list price and a price per square foot near $457.
On the mortgage front, rates have dipped in August, offering a little more breathing room for buyers. The 30-year fixed rate is now averaging around 6.5% to 6.6%, while 15-year fixed loans remain closer to 5.7%. While rates are still higher than the historical lows in 2021, this recent softening provides buyers and refinancers with more options and improved affordability heading into late summer.
With slightly lower borrowing costs and more homes staying on the market longer, Bozeman buyers now have better chances to negotiate and secure competitive financing. Additionally, the recent reduction in mortgage rates has created opportunity for borrowers looking at competitive refinance options.