Hot Days & Cold Nights

The Southwest Montana real estate market, from vibrant Bozeman to charming Townsend and everything in between, is dynamic and constantly evolving. Understanding these local nuances for single-family residential properties is key for both buyers and sellers, especially as we head into the seasonal shift of fall.

My best advice for both buyers and sellers is to reflect on what I've seen in the past few months and have discussed with my fellow REALTORS®: the market is just slow. The pace from our COVID years has upset the norm for time on market and how long it takes to typically buy and sell a home. This summer, while being the busy season, has seen slower moving homes in all product types.

Real estate remains one of the safest investments that money can buy. Paying attention to world affairs and monitoring interest rates is what a smart consumer should be doing, but I always suggest speaking to the professionals to get expert advice and personalized planning on how to pursue your real estate dreams. I encourage buyers to work with a lending professional and to buy within their living range and sellers to be patient throughout the home selling process, as every home and every market has its own story.

In Bozeman, the market for September remains highly active. The median sales price for single-family homes saw a slight rise, increasing to $925,000. Homes here are still moving, but the market pace cooled somewhat, with the average Days on Market ticking up slightly to 28 days (an increase of 3 days from August). Critically, the end of month inventory of single-family homes has grown significantly, increasing to 840 homes. This indicates that strong demand is being met with a healthy and increasing supply, which keeps the market competitive while offering more choices for potential buyers. If you're on the fence to list in Bozeman, it's not too late in the season. Open houses are still getting plenty of traction and we've got time before the snowy months push everyone inside.

Meanwhile, the market in Townsend (Broadwater County) continues to present a different, yet equally compelling, opportunity. The median sales price for single-family homes also saw a minor increase to $570,000. The average Days on Market remained steady at 46 days, which offers buyers a reliable window of time to make informed decisions. Similar to Bozeman, the number of homes available in Broadwater County has expanded robustly, with the end of month inventory growing to 143 single-family homes. This expansion provides an excellent and growing range of options for those seeking a more rural or small-town feel. If you have a home listed in Broadwater, I suggest considering an open house this weekend while the Townsend Fall Festival brings traffic through the Missouri River Valley.

As we move into the fall season, it's natural for the pace of the real estate market to cool down slightly. The peak summer buying season, with its warmer weather and longer days, is giving way to the physical seasonal change that Montana is known for. This shift typically leads to fewer buyers in the market and can present a great opportunity for those who are serious about finding a home, as there may be less competition and more room for negotiation.

Whether you're looking to buy or sell, staying informed about these specific local trends and broader economic factors is crucial. I'm here to provide personalized insights and guide you through the intricacies of your desired market!