Construction

Construction workers build new residences along Canary Lane on Tuesday, Aug. 31, 2021.

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Bozeman homes stayed on the market for an average of less than two weeks in August as the city’s residential real estate market continued to see high prices and low inventory.

The median price for a single-family home in August rose to $769,000, a 31% increase from August 2020, according to a monthly real estate report from the Gallatin Association of Realtors. From August 2019 to August 2021, home prices rose 51%.

It’s the highest monthly median price in 2021 for a single-family home in Bozeman, although the city has seen monthly median prices above $700,000 since June.

And homes didn’t stay on the market long. In Bozeman, a single-family home stayed on the market in August for an average of nine days — selling nearly 4 times faster than in 2020.

The greater Big Sky area saw even more drastic increases in home prices, with the median price for a home rising 110% from August 2020 to August 2021 to a whopping $3.05 million.

Condos and townhomes in Bozeman saw a similar increase in median prices but were selling much slower than single-family homes, staying on the market for an average of 35 days. Condos and townhomes sold for a median price of about $436,000, a 24% increase from August 2020.

Sellers received just more than 100% of asking prices.

The inventory for condos and townhouses decreased by 47%, but increased by about 9% for single-family homes with about 60 homes available.

Bozeman’s real estate market largely mirrored trends in Gallatin County, according to the report. Median prices for single-family homes across the county increased to about $706,000, a 21% increase from last August.

Houses stayed on the market for about two weeks, and sellers received about 100% of asking price.

Compared to 2020, the city and county both saw a decline in pending and closed sales. Bozeman saw a 37% and 16% decrease, respectively, while the county saw a 20% and 22% respective decline.

“High sales prices and an inadequate supply of available housing have forced many prospective buyers to rent for the foreseeable future,” the countywide report said.

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Juliana Sukut can be reached at 582-2630 or jsukut@dailychronicle.com

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