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BOZEMAN — As home prices in Gallatin County approach a median price of $1 million, real estate in neighboring counties, like Park County, are seeing a spillover effect, raising prices there as well. A recent study from the Gallatin Association of Realtors compared Bozeman’s housing prices to major coastal cities such as Seattle and found Bozeman more expensive. The median price for a single-family home in the greater Bozeman area is currently $979,500. Seattle’s median is $52,000 less.
A recent article posted by Bozeman Real Estate Group says one of the main reasons Bozeman houses are so expensive is out-of-state money.
People moving to Bozeman from places where real estate is more expensive can easily compete in our market, outbidding local buyers and paying all cash for homes. According to Montana Title and Escrow, approximately 45% of Montana Title closings in 2021 were cash deals—a threat to locals who wish to stay but simply cannot afford to.
A recent study from the Gallatin Association of Realtors compared Bozeman’s housing prices to major coastal cities such as Seattle and found Bozeman more expensive.
Our market is highly competitive, allowing people from more costly areas to move to Bozeman, outbid local buyers, and pay cash for homes.
Since rising interest rates have affected real estate nationwide, Bozeman is part of a nationwide trend.