Bozeman Median Single-Family Home Price Goes Way Up
The real estate situation in the Gallatin Valley has gone from bad to worse and there is no end in sight.
KBZK is reporting that that median single-family home price here in Gallatin County has risen from $447,000 in February 2020 to over $602,000 in February 2021. The numbers are from the Gallatin Association of Realtors. That's a steep 34.5% increase in housing prices.
Houses are staying on the market for an average of forty two days in 2021 instead of seventy five in 2020 and available housing is way down too. Plus the cost of a condo or townhome has risen over twenty percent from February 2020 at $294,000 to over $354,000 in 2021. These numbers are eye opening and heartbreaking at all the same time.
Thinking back to when I moved to Bozeman back in 2014 I am regretting not buying a condo or house because the pricing has gone so far up buying a home is just nonexistent for many middle class folks. The pricing of housing has been rising exponentially in the past five years and especially in the past year due to COVID-19, where out of state folks are just trying to get out of the bigger cities and escape the virus but with that came low house inventory and higher prices.
Affordable housing has been a huge problem for the city of Bozeman and throughout the Gallatin Valley and as of right now there is no end in sight to this huge problem. This will only drive out more folks who want to come to Bozeman, enjoy the atmosphere and make a living but can't due to the housing crisis.
For more details, check out KBZK.