Bozeman Real Estate Market Update

October 2026 at a glance

What happened this month

On paper, the median price inside Bozeman city limits fell 17% in September to $602,000, and nearly all of that came from the mix of what sold. Condos and town homes made up half of the city's 72 closings, up from 38% a year earlier, while single family homes inside the city sold for 9% more per square foot, roughly $70,000 more on a typical 2,000-square-foot house. Across the Gallatin Valley the single family median rose 3.1% to $825,000. The closed sales show no crash, and for most owners the headline overstates any loss in value. Attached homes inside the city were the one segment where price per square foot fell sharply, down 14.4%, which gives buyers trying to get into the market a real opening this fall.

How to read these numbers

Two figures on this page can disagree, and understanding why prevents most of the misreadings I see.

Price per square foot measures what a foot of house costs. The median sale price is whichever sale lands in the middle when you line up every closing in a month from cheapest to most expensive. If several large houses close, the middle sale sits higher and the median rises even though no individual home gained a dollar. Fewer large sales and it falls the same way.

That distinction explains most of the month-to-month swings on this page. When closing volume swings sharply, price per square foot is the more reliable indicator of value, and the median is telling you about the mix of what sold.

Your specific city and your specific property type are the figures to price from, since the valleywide median blends too many different homes to describe yours.

What this means if you're selling

Price from your own comparables. The valleywide all-types median fell 5.9% and the single family median rose 3.1% in the same month, which shows how little either figure says about one house. Owners inside Bozeman city limits should price from the price per square foot of similar single family homes, which rose 9% to $425, and owners elsewhere should use their own town and property type.

Speed still rewards a correct list price. Single family homes went under contract in a median of 19 days inside the city and 22 days across the valley, at 98.2% to 98.4% of final list price. The first two to three weeks are when buyers are paying attention, and a home priced near its closest recent comparable is likely to sell inside that window.

City and surrounding-area owners face different markets this month. Inside Bozeman city limits, about three months of single family inventory and 31% fewer new listings make it a seller's market. Just outside the city line, single family inventory rose 10% and new contracts fell about 23%, so sellers in the surrounding Bozeman area are competing with more homes than a year ago and should expect buyers to negotiate.

Condo owners and luxury sellers face longer timelines. Attached homes took a median of 49 days to go under contract across the valley, and 74 new condo and town home listings came on in September, about 25% more than a year earlier. Above $1.5 million, homes that went under contract within 30 days closed at a median 99.6% of their original asking price, and those that sat past 90 days closed at 88.5%.

What this means if you're buying

Months of supply tells you which side has the edge. Under four months favors sellers, four to six is balanced, and over six favors buyers. In September the valley sat at about 4.5 months across all property types, with Bozeman city limits at 3.7, Belgrade at 3.6, the surrounding Bozeman area at 6.1, and the luxury segment above $1.5 million at 6.3.

Most of the new selection is outside city limits. The surrounding Bozeman area had 176 single family homes for sale at the end of September, 10% more than a year earlier, and Three Forks had 20, up 25%. Inside the city, single family inventory fell to 107, leaving buyers there with fewer choices than last fall.

Financing should be settled before you tour in the fast markets. Homes inside the city and in Belgrade went under contract in a median of 19 and 36 days, and the Freddie Mac 30-year average reached 7.28% on October 1, so the strongest offers come from buyers whose approval already reflects current rates. On a $600,000 loan, the payment is about $375 a month higher than a year ago.

Entry-level buyers have a real opening in condos. Condos and town homes inside Bozeman city limits sold for 14.4% less per square foot than a year earlier, at a median of $482,112, and attached homes across the valley took a median of 49 days to go under contract, which leaves room to negotiate. With the 30-year rate above 7%, a lower purchase price is the part of the payment a buyer can still control.

Your best negotiating room at the top is in listings that have already sat. Of the 221 homes listed above $1.5 million in Gallatin County on October 1, about 31% had cut their price at least once, the typical cut was about 6.3%, and 61 had been on the market more than 180 days. A luxury home that just came on and is priced right is likely to sell near its list price, because that's what those homes did in September.

Area by area: single family homes

Big Sky is excluded from every valleywide figure on this page. It is a separate market with a different buyer pool, and folding its sales at that price point into a countywide number distorts everything else. The Big Sky row covers Gallatin and Madison counties together.

Bozeman city limits

The single family median inside Bozeman city limits fell 12.7% to $740,000 while price per square foot rose 9% to $425, a combination that points to smaller homes making up more of the month's sales. Supply backs up the strength, at about three months of inventory and 31% fewer new single family listings than a year earlier. Owners inside the city most likely gained value this year despite the lower median.

Surrounding Bozeman area

Just outside the city, the surrounding Bozeman area moved the opposite way, with the single family median up 2.8% to $1,205,000 and price per square foot down 6.6% to $420 as a few more large homes sold. Homes went under contract in 22 days, about half of last September's pace. Inventory rose 10% to 176 homes, which puts the area near balance at 5.9 months and gives buyers more room here than in any other part of the valley with enough sales to read.

Belgrade

Belgrade's single family median slipped 2.1% to $621,950 and price per square foot fell 4.9% to $323. Both moved in the same direction, so I read this as a modest, real pullback from a year earlier, even though the median edged up from August. At 3.4 months of single family inventory it remains a seller's market, and its all-types median of $604,412 nearly matched Bozeman's $602,000 because only four of Belgrade's 32 sales were condos.

Manhattan and Three Forks

Manhattan closed three homes and Three Forks closed one, too few to read as trend data. Pending sales in Manhattan rose to seven from four a year earlier, and Three Forks inventory climbed 25% to 20 homes, so buyers in both towns have more to choose from heading into winter.

Attached homes: condos and townhomes

Attached homes are the one segment where values clearly fell. Inside Bozeman city limits the condo and town home median dropped 22.6% to $482,112, and price per square foot fell 14.4% to $318. They also take longer to sell, at a median of 49 days valleywide against 22 for a house, and 74 new attached listings came on in September, about 25% more than a year earlier. Anyone listing a condo this fall should build about seven weeks into the plan before going live.

The luxury market: above $1,500,000

At 6.3 months of supply, the top of this market still favors buyers, with a far smaller edge than a year ago, when supply ran 11.1 months. Gallatin County recorded 210 sales above $1.5 million from January through September, against 158 at this point in 2025, and luxury listings fell 9% to 233. In the Bozeman area alone, the 143 sales so far this year are the most for that stretch in the data.

The median asking price on active luxury listings sits about 30% above the median sale price, a gap of roughly $660,000 between what sellers are asking and what buyers have been paying. Days on market points the same way. Active listings have sat a median of 104 days, and the homes that sold went under contract in a median of 28.

Measured against original asking prices in the MLS sales export, which captures every price cut along the way, the 38 Gallatin County sales above $1.5 million in September closed at a median of 95.5%. Ten sold at or above their original asking price and eleven closed below 90%. Seventeen of the 38 landed between $1.5 and $2 million, and seven cleared $4 million. The month's highest Gallatin County sale, at $6,800,000 in Big Sky, closed at about 86% of its original asking price after 344 days on the market.

Big Sky

Big Sky, measured across Gallatin and Madison counties, closed 19 homes above $1.5 million in September, almost double the 10 a year earlier and the most in a single month since around early 2022, at a median of $3,810,000 and $1,025 per square foot, up 4.3%. Through September it has 103 luxury sales, third for that stretch behind roughly 109 in 2021 and 108 in 2024. Supply fell to about 7.4 months from 12, though active listings rose 6.1% to 140. Big Sky remains a buyer's market, and sellers there face more competing listings than they did a year ago.

Supply and pipeline

Closings rose 18.3% from a year earlier while new pending sales fell 6%, the reverse of August, when pendings outran closings. September pendings also came in about 14% below August. Fewer contracts written in September could mean softer closing numbers in October and November, especially since many of those contracts were negotiated as rates climbed toward 7%.

This month on video

The general market update, area by area:

The luxury market update:

Common questions about the Bozeman market

What is the median home price in Bozeman?
The median single family home price in the Gallatin Valley was $825,000 in September 2026, up 3.1% from a year earlier. Inside Bozeman city limits the single family median was $740,000, and the all-types median was $602,000, a 17% decline driven mostly by condos and town homes making up half of all closings.

Are Bozeman home prices going up or down?
Bozeman home prices have been effectively flat for four years. The Gallatin Valley's yearly median for all property types sat near $680,000 from 2022 through 2025, finished 2025 at $682,300, and stood at $659,000 through September 2026, about 3.4% lower. Prices rose roughly 60% from 2020 to 2022, then stopped rising without coming back down.

Is the Bozeman housing market slowing down?
New contracts in the Gallatin Valley slowed in September 2026, with 126 pending sales, down 6% from a year earlier and about 14% from August. Closed sales rose 18.3% to 142 and inventory fell 3.6% to 634 homes, so the slowdown so far shows up in contract activity while supply keeps tightening.

What are the current Bozeman real estate trends?
Three trends define the Gallatin Valley market in September 2026. The yearly median has held near $680,000 since 2022, single family homes are selling faster at a 22-day median against 34 last September, and condos and town homes made up 32% of valley closings, up from 27% a year earlier.

Are Bozeman property values rising?
Property values in Bozeman are holding steady to slightly higher. In September 2026 single family homes inside Bozeman city limits sold for $425 per square foot, up 9% from a year earlier, and the Gallatin Valley single family figure was $382, down 3.3%. Condos inside the city were the exception, down 14.4% per square foot.

Do buyers or sellers have the advantage in the Bozeman real estate market?
Gallatin Valley supply was about 4.5 months in September 2026, a balanced range where neither side holds a clear edge. Sellers hold the advantage inside Bozeman city limits at 3.7 months and in Belgrade at 3.6 months. Buyers hold it above $1.5 million, at 6.3 months countywide, and the surrounding Bozeman area sits near balance.

How long do homes take to sell in Bozeman?
Single family homes in September 2026 went under contract in a median of 19 days inside Bozeman city limits, 36 days in Belgrade, and 22 days across the Gallatin Valley, at about 98% of final list price. Condos and townhomes took longer, at 49 days valleywide and 42 days inside the city.

Why can't I find Bozeman sold prices online?
Montana is a non-disclosure state, so Bozeman sale prices are not public record and consumer valuation sites cannot display them. Closed sales for the Gallatin Valley exist only in the Big Sky Country MLS, which is the source of every figure in this report.

How often is this Bozeman market report updated?
This Bozeman market report is updated at the beginning of each month using the prior month's closed sales for the Gallatin Valley from the Big Sky Country MLS. The reporting period and publication date are stated at the bottom of the report.

What do these numbers mean for your house?

The valleywide figure is a starting point at best. Every conversation I have starts with the closed comparables for your specific area and property type, which is the only version of this data that should inform a decision. That is what the Montana Move Method is built on. Book a call and I will pull them for you.

Published: October 2026  |  Reporting period: September 2026 closed sales  |  Source: Big Sky Country MLS

Methodology and data source. All figures are drawn from closed sales in the Big Sky Country MLS for the reporting period stated at the top of this page. Montana is a non-disclosure state, meaning sale prices are not public record and cannot be shown by consumer valuation sites. Big Sky is reported separately and excluded from all valleywide figures. Areas with fewer than ten closings in a month are flagged as thin samples and should not be read as trend data. Luxury figures cover sales above $1,500,000 in Gallatin County and are measured against original asking prices rather than final list prices.