As June comes to a close, the national mortgage market has shown renewed stability. The average 30-year fixed mortgage rate is currently at 6.77%, the lowest level since early May, while the 15-year fixed rate has fallen to 5.89%. These declines come on the heels of four consecutive weeks of rate reductions, driven by cooling Treasury yields and growing optimism that the Federal Reserve may begin lowering interest rates later this year.
In Bozeman, the housing market remains active but balanced. According to Zillow, the average home value is approximately $740,173, reflecting a 1.5% year-over-year decline. Meanwhile, data from the Gallatin Valley MLS shows that the median sale price in the area is about $692,500, a 12% decrease compared to this time last year. However, the average sale price per square foot has increased to $394, and the average time on market has extended to nearly 60 days, suggesting more flexibility for buyers and a shift toward normalization.
Inventory levels continue to rise, with 361 active listings and 133 new homes added to the market at the end of May. This increase in supply is giving buyers more options and negotiating power. In fact, roughly 75% of recent sales have closed below asking price while just 7.6% have sold above, indicating that sellers are becoming more competitive. Additionally, pending sales have increased 16% year-over-year, and homes are taking
about 12 days longer to sell compared to this time in 2024.
For prospective homebuyers and current homeowners alike, the present market conditions offer a meaningful window of opportunity. Interest rates have softened compared to their 2023 peak, and Bozeman’s growing inventory offers more choices and value. If you’ve been waiting for the right time to purchase or refinance, now may be an excellent moment to take action before the anticipated upswing in summer demand.
At Bank of Bozeman, we are committed to helping you navigate this evolving market with confidence. Whether you’re exploring your first home, upgrading, or considering refinancing, our team offers local expertise and a full range of mortgage options, including FHA, VA, and conventional loans. Reach out to us today to discuss your goals and how we can help you take advantage of these timely market conditions.