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Real Estate Market Information

Real Estate is the largest asset class in the world. The Global Real Estate market is estimated to be $217 trillion. To compare that to some other asset classes consider that the global equity market capitalization is valued at $70.1 trillion. The global bond market is valued at $92.2 trillion. Global real estate is a more valuable asset class than all the stocks, shares, and bond markets combined.

The residential real estate market in the United States is valued at $33.6 trillion. To place that in perspective, that number is equal to the combined annual GDP of the U.S. and China, the world’s two largest economies.

There is 3,531,837 square miles of land in the United States. There are approximately 140 million housing units in the United States. The number of homes sold each year in the United States is approximately 6 million. The median price for homes sold in the U.S. in Q1 2023 is approximately $330,000. Homeownership stands at 68 percent, the highest rate since 2008.

There are 2 million real estate agents in the United State with active licensees. 1.4 million of those agents(~70%) are members of the National Association of Realtors. The U.S. has approximately 80,000 real estate brokerages.

Big Sky Country MLS Information

Montana is the fourth largest state in the United States, with 56 counties spread across an area of 147,040 square miles. Big Sky Country MLS(BSCMLS) primarily covers Gallatin County, Park County, and Madison County. Silver Bow County was recently added to the counties that are served by BSCMLS.

Gallatin County, Montana is approximately 2,605 square miles (6,750 square kilometers). According to the United States Census Bureau, as of the most recent data available in 2020, the estimated population of Gallatin County, Montana is approximately 116,896 with 55,919 housing units.

Park County, Montana is approximately 2,791 square miles (7,227 square kilometers). According to the United States Census Bureau, as of the most recent data available in 2020, the estimated population of Park County, Montana is approximately 16,668 with 9,751 housing units.

Madison County, Montana is approximately 3,891 square miles (10,062 square kilometers). According to the United States Census Bureau, as of the most recent data available in 2020, the estimated population of Madison County, Montana is approximately 8,218 with 6,202 housing units.

Silver Bow County, Montana is approximately 718 square miles (1,859 square kilometers). According to the United States Census Bureau, as of the most recent data available in 2020, the estimated population of Silver Bow County, Montana is approximately 36,407 with 17,530 housing units.

$8.872 Billion in real estate was sold in 2021 by 1,201 real estate agents in the market served by BSCMLS. $6.448 Billion worth of residential real estate was sold in 2021. $668,346 was the average residential real estate transaction in 2021.

2021 Residential Sales by City

City Sales Volume 2021
Bozeman $2,537,282,941
Big Sky $1,212,317,216
Belgrage $640,768,972
Livingston $343,285,136
Butte $301,018,515
Green Homes - Bozeman, Montana

Green Homes

Green Homes - Bozeman, MontanaA green home is a residence that has been designed, built, and operated in a way that minimizes its impact on the environment and maximizes its energy efficiency. Green homes may incorporate a variety of features to reduce their energy consumption and environmental impact, including:

  • Energy efficiency: Green homes are designed to be more energy efficient, which means they use less energy to heat and cool the home. This can help reduce energy costs and lower your carbon footprint.
  • Improved indoor air quality: Green homes often feature materials and designs that improve indoor air quality, such as low- or no-VOC paints and finishes, and energy-efficient air filtration systems.
  • Increased durability: Green homes are often built with durable, low-maintenance materials that are less likely to wear out or need repairs, which can save you money over time.
  • Increased resale value: Green homes are becoming more popular and in demand, and they may be worth more when it comes time to sell your home.
  • Lower environmental impact: Green homes are designed to have a smaller environmental impact, which means they use fewer resources and generate less waste. This can help protect the environment and preserve natural resources.

Green homes may also be designed to have a smaller footprint, with a focus on compact and efficient use of space. By reducing their energy and resource consumption, green homes can save homeowners money on utility bills and contribute to a more sustainable future.

Minimising a home’s impact on the environment and maximising its energy efficiency doesn’t require it to be a green home. For both real estate investors and individual home owners Real Estate Impact Management and “Smart Home Management” can mean substantial cost savings and reduce the impact your property has on the environment.

Overall, green homes offer a number of benefits for homeowners in Bozeman, Montana, including lower energy costs, improved indoor air quality, and a smaller environmental impact.

Delger Real Estate advises clients on ways to reduce the environmental impact of homes. Contact Delger Real Estate to learn more about Real Estate Impact Management.

Real Estate Asset Management

Real Estate Asset Management

Real Estate Asset ManagementDelger Real Estate works with owners & investors to increase the value of their properties and improve their return on investment. We help maintain properties, and reduce the burden of real estate ownership. Whether a single personal residence, or a portfolio of investment properties Delger Real Estate has the specialized skills and experience to ensure success.

Real estate asset management is the process of managing and maximizing the value of a real estate asset. Delger Real Estate assists clients in identifying, acquiring, and maintaining properties that generate income or appreciate in value over time.

Real Estate Asset Management Services We Offer

  • Conducting Market Research
  • Identifying & Acquiring Real Estate
  • Budgeting, Forecasting, & Reporting
  • Overseeing Property Maintenance And Repair
  • Home Monitoring(Air Quality Testing, Temperature Monitoring, Leak Detectors, etc.)
  • Impact Management(Reducing Utility Usage)
  • Developing & Implementing Strategies To Increase Property Value(Maintenance/Remodel)
  • Reducing The Burden Of Real Estate Ownership

A property can cost quite a bit of money to maintain when you consider operational costs, maintenance, closing costs, and taxes. Delger Real Estate advises clients on ways to reduce the ownership and maintenance costs of properties. We advise clients on preventative maintenance and repairs, and manage contractors for work performed.

Delger Real Estate also helps clients with Real Estate Impact Management. Buildings are responsible for more than 40% of global energy used, and as much as one-third of global greenhouse gas emissions per the International Standard Organization. Minimising a home’s impact on the environment and maximising its energy efficiency doesn’t require it to be a “green home“. For both real estate investors and individual home owners Real Estate Impact Management and “Smart Home Management” can mean substantial cost savings and reduce the impact your property has on the environment.

Delger Real Estate assists clients with implementing home monitoring sensors for temperature drops, water leaks, and more. Furnace outages and water leaks can cause serious damage to your home, especially if undetected. Placing water leak detectors near repeat offenders like sump pumps, water heaters, washers or sinks can help you mitigate water damage by sending alerts. Temperature monitors send alerts when the internal temperature of property drops below a safe level. Automatically monitoring temperature drops and water leaks provides peace of mind to owners, and prevents expensive maintenance repairs.

Please Contact Delger Real Estate to learn more about Real Estate Asset Management.

Real Estate Impact Management

Real Estate Impact ManagementBuildings are responsible for more than 40% of global energy used, and as much as one-third of global greenhouse gas emissions per the International Standard Organization. For both real estate investors and individual home owners Real Estate Impact Management and “Smart Home Management” can mean substantial cost savings and reduce the impact your property has on the environment.

Reducing Water Usage

Real Estate Impact Management and Smart Home Management for reducing water usage can be as simple as ensuring that sinks and toilets are not leaking. The average North American household wastes about 10,000 gallons of water from household leaks every year. About one in ten homes have severe leaks that waste 90 gallons or more per day. Approximately 27% of a typical home’s water usage comes from toilet flushing. A leaky toilet can have a major impact on water bills. A leaking toilet can lead to thousands of gallons of water used every month. A constantly running toilet may waste about eight gallons per hour, or 200 gallons per day. Left unnoticed, a running toilet could waste over 6,000 gallons per month. The toilet is one of the most common water wasters but its leaks tend to be less noticeable than faucet leaks. We can help you identify if toilets and sinks are leaking.

Frequent Causes of High Water Usage

Leaks and drips aren’t the only contributing factors to high water bills. Other wasteful practices that drive up costs include:

  • Running the dishwasher partly full (wastes 320 gallons per year)
  • Leaving the tap open when you brush your teeth (wastes 8 gallons per day)
  • Letting the water run for five minutes while washing dishes by hand (wastes 10 gallons every time)
  • Failing to fix a broken sprinkler head (wastes 2,400 gallons per month)

Frequent Causes of Damage From Water Leaks

Relatively innocent leaks drip water from the source into the drain or sewer line. This wastes water and costs you money, but it doesn’t cause any damage. However, leaks from pipes, fittings, and hoses can damage your home and lead to high repair costs. Besides your sinks and toilets, here are the other places to watch out for leaks:

  • Washing machine hoses
  • Refrigerator
  • Dishwasher
  • Plumbing under kitchen and bathroom sinks
  • Pipes
  • Roof
  • Windows and doors

Whether you’re worried about high bills or water damage, it’s worthwhile to find and stop leaks quickly. We can help you identify and fix water leaks.

Reducing Electricity Usage

Real Estate Impact Management and Smart Home Management for reducing electricity usage can be as simple as replacing old incandescent light bulbs with modern LED lighting. LED lighting has lower energy usage which reduces electricity costs. LED lighting lasts longer which reduces maintenance costs. LED lighting generates less heat, which reduces costs associated with cooling homes on warm summer days. We encourage our clients to turn off power sources when they aren’t being used in order to cut back on costs and save energy.

Reducing Heating and Cooling Costs

According to the U.S. Department of Energy, 49% of a home’s energy bill is spent on heating and cooling. One of the main reasons your energy bills might spike during the winter months is because your home isn’t properly insulated. According to the North American Insulation Manufacturers Association (NAIMA), 90% of single-family homes in the U.S. are under-insulated, so chances are high that your house could use some work. Homes built prior to 1960 are particularly vulnerable.

Heating, ventilation, and air conditioning (HVAC) is the use of various technologies to control the temperature, humidity, and purity of the air in an enclosed space. The goal is to provide thermal comfort and acceptable indoor air quality. Real Estate Impact Management and Smart Home Management for reducing HVAC costs starts with proper HVAC maintenance. Good HVAC maintenance results in less energy consumed and increases the useful life of the equipment. We suggest that filters and systems be checked at regular maintenance intervals. A well-maintained system will cost home owners less over time and lower energy costs.

Your heating and cooling systems might be operating at peak efficiency, but if your home is not adequately insulated, you may be wasting money on your monthly electricity bill and gas bills. A home’s insulation helps with heating and cooling all year round. If your insulation is lacking, your heating and cooling equipment have to operate longer to achieve your desired indoor temperature, which means added utility costs, shortened equipment life, and higher impact on the environment. The EPA estimates that the average homeowner can save 15% on heating and cooling costs (11% of total energy costs) by adding insulation in attics, crawl spaces, and basement rim joists.

Conducting an energy audit of your home will give you the best idea of where to focus your insulation upgrades. Though for most homes—again, especially those built before 1960—it’s safe to say that the attic is the place to start.

Reducing Air Leaks

Real Estate Impact Management and Smart Home Management for reducing air leaks begins by making a list of obvious air leaks (drafts). The potential energy savings from reducing drafts in a home may range from 10% to 20% per year, and the home is generally much more comfortable afterward.

Check for indoor air leaks, such as gaps along the baseboard or edge of the flooring and at junctures of the walls and ceiling. Also check for leaks on the outside of your home, especially in areas where two different building materials meet. Other places to check for leaks include windows, doors, lighting and plumbing fixtures, switches, and electrical outlets. Also check for open fireplace dampers. See detecting air leaks for detailed instructions on finding air leaks yourself.

Please Contact Delger Real Estate if you would like to learn more about Real Estate Impact Management for your property.

How Much Do Homes Cost in Bozeman?

Delger Real Estate is able to provide the earliest and most reliable information on the Bozeman housing market by using our direct access to data from the local multiple listing services. When reporting on how much homes cost in Bozeman, our preferred method is to use the Median Price of homes.

Median price is generally a better indicator than the average price when dealing with property prices, especially in a market like Bozeman which can have extreme prices at the high end of the market and dramatically increase the average price of homes sold. The median price divides all transactions into two equal parts: 50% of transactions occur at a price that is lower than the median price and the other 50% occur at a price that is higher. The advantage of the median value as a measure of central tendency is that it is not adversely influenced by extreme prices. Conversely, the disadvantage of average prices (and all averages) is that they can be influenced by extreme prices, which can lead to major distortions that bias data interpretation.

Median Cost of Residential Single Family Homes in Bozeman City Limits

The median price for single family homes sold in Bozeman City Limits for 2022 is $799,000. The median price for single family homes in Bozeman city limits have gone up 14.14% over the past year.

YEAR
BOZEMAN CITY LIMITS
YoY CHANGE
2022
$799,000
+ 14.14%
2021
$700,000
+ 29.63%
2020
$540,000
+ 17.39%
2019
$460,000
+ 7.6%
2018
$427,500
+ 12.06%
2017
$381,500
+ 6.19%
2016
$359,250
+ 6.76%
2015
$336,500


Median Cost of Residential Single Family Homes in the Greater Bozeman Area

Prices for homes in the greater Bozeman area are typically higher than homes prices in Bozeman city limits. Homes outside of city limits typically have more square feet, and are on larger lot sizes. The median price for single family homes sold in the Greater Bozeman Area(not including Bozeman City Limits) for 2022 is $1,015,000. The median price for single family homes in the Greater Bozeman Area have gone up 20.83% over the past year.

YEAR
BOZEMAN CITY LIMITS
YoY CHANGE
2022
$1,015,000
+ 20.83%
2021
$840,000
+ 22.63%
2020
$685,000
+ 23.65%
2019
$554,000
+ 7.57%
2018
$515,000
+ 12.67%
2017
$457,100
+ 14.27%
2016
$400,000
– 0.62
2015
$402,500
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Bozeman Real Estate Investment Report – 2022

Bozeman Real Estate Investment Report-2022
On a national level the rapid real estate appreciation and profits property investors and managers enjoyed post- pandemic have fallen back to earth and are “normalizing” in 2022. Real estate investments are facing cyclical headwinds like rising interest rates, declining gross domestic product (GDP), and declining deal flows.

However, investing in real estate remains the most sought after investment globally, and Bozeman remains a strong market for real estate investments. The primary story for Bozeman Real Estate in 2022 was strong demand with very limited supply. However, the number of buyers in the market is down from 2021.

The real estate investors we work with are optimistic as there is no immediate solution to the lack of housing in Bozeman. Investors are still seeking good investment property in Bozeman, and are expecting sustained growth and strong returns… over the long term. The biggest challenges investors faced in 2022 was cost of capital putting pressure on cash flow, and inflation driving up property prices. Increased financing costs combined with the increase purchasing prices for rental properties makes it difficult to get positive cash flow. Rent prices are rising, but will take a while to catch up.

Despite the U.S. Federal Reserve’s aggressive rate hikes — including four consecutive hikes of 75 basis points — inflation is still running hot. Bank of America doesn’t believe inflation will go back to normal 2% rates any time soon.

“Historically, it takes an average of 10 years for a developed economy to return to 2% inflation [once] the 5% threshold is breached.” quote from Bank Of America.

Mortgage rates increased over 3% in 2022 making it difficult to find investment properties in Bozeman that generate positive cash flow.

Having a long term view is key. As one investor stated “We’ll look back in 10 years, and the prices that seem astronomical today will seem like a bargain.”

Investing in real estate remains the most sought after investment globally.

When many people think about investing, they think of the stock market. However, a global investment report published in 2022 by Forex Suggest looked at which investments received the most Google searches. Search volume on Google is a good indicator of which options investors are wanting to learn more about.

Real estate is the most searched investment type with over 1.16 million searches over the last 12 months. Real estate was the number 1 investment search term in 11 different countries including the United States.

The Most Searched Investment Type Globally

Rank Investment Search Term Search Volume
1 Real Estate invest in real estate 1,164,000
2 Stocks invest in stocks 867,000
3 Gold invest in gold 850,500
4 Cryptocurrency invest in cryptocurrency 814,700
5 Mutual Funds invest in mutual funds 744,500
6 Property invest in property 717,500
7 Crypto invest in crypto 560,900
8 Commodities invest in commodities 443,200
9 Bonds invest in bonds 377,100
10 ETFs invest in etfs 317,600

 

Types of Real Estate Investments

There are several types of real estate investors should be familiar with: commercial, residential, raw land, new construction, crowdfunding platforms, and REITs. Each of these types will come with unique advantages and disadvantages that investors should evaluate.

  1. Residential Real Estate
  2. Commercial Real Estate
  3. Raw Land & New Construction
  4. Real Estate Investment Trusts (REITs)
  5. Crowdfunding Platforms

Bozeman Residential Real Estate Investment Outlook

Delger Real Estate is primarily focused on Residential Real Estate. Quality of life plays a big role in where people choose to live and Bozeman continues to be one of the fastest growing real estate markets. Gallatin County remains the fastest growing county in Montana, growing at over 37%. Demand for residential rentals remained very strong in 2022, and the supply of good rental properties was low.

The median price for single family homes sold in Bozeman City Limits increased 14.4% over 2021, and 109.44% in the 5 years from 2017 to 2022.

43% of households in Bozeman are owner-occupied. 57% of households are renter occupied. For the state 68% of households are owner-occupied, so Bozeman has a much lower rate of owner occupancy.

Bozeman Rent Prices

As of December, 2022, the average rent for a 1-bedroom apartment in Bozeman, MT is $1,874. This is a 5% increase compared to the previous year. The average rent for a 2-bedroom is $2,150. The average rent for a 3-bedroom is $2,650. The average rent for a 4 bedroom is $3,700 which is a 18% increase from the previous year.

Please Contact Delger Real Estate if you would like to learn more about Investment Real Estate in Bozeman and the surrounding area.

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Bozeman Airport

Bozeman Airport

Bozeman Direct Flights


Southwest Montana’s Bozeman Yellowstone International Airport (BZN or Bozeman Airport) is located in the heart of the beautiful Gallatin Valley. Bozeman Airport is the only airport serving as a year-round gateway for two Yellowstone National Park entrances. Bozeman Airport also serves the recreation areas of Big Sky Resort and the Bridger Bowl Ski Area as well as the business centers of Bozeman, Belgrade and Livingston and higher education at Montana State University. No matter what your aviation need may be, Bozeman Airport can provide all of your Yellowstone and southwest Montana air transportation needs.

Services available to the traveling public in the terminal building include eight rental car brands, ground transportation, restaurant and lounge, newsstand, gift shops, convenience store market, and “Yellowstone Forever” store and information center. Complete general aviation services including fueling, aircraft repair, maintenance, flight instruction, charter services, and air ambulance are available. Bozeman Airport is also a United States Customs and Border Protection User Fee Facility.

Airlines flying directly to Bozeman include United, Alaska Airlines, American Airlines, Delta, Southwest, Allegiant, and Sun Country.

ADDRESS
850 Gallatin Field Road, Suite 6
Belgrade, MT 59714
Directions

PHONE: 406-388-6632
EMAIL: info@bozemanairport.com

WEBSITE: http://www.bozemanairport.com

BOZEMAN AIRPORT

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Bozeman Trail System

Main Street To The Mountains Trail System

The Main Street To The Mountains trail system in Bozeman has over 80 miles of trails in the city. There are trails that wind through Bozeman subdivisions great for running and biking, trails across ridgelines and trails that connect up to the mountain trail systems outside of Bozeman. The Gallatin Valley Land Trust and many volunteers have worked hard to expand and maintain these trails.

Main Street To The Mountains Trail System

MAIN STREET TO THE MOUNTAINS TRAILS

M Trail

M Trail is a 1.7 mile moderately trafficked loop trail. The Montana State University “M” is located at the mouth of Bridger Canyon on the south flanks of Baldy Mountain. The trail’s namesake “M” was created by MSU students in 1915. The 250-foot whitewashed rock “M” has three trails to access it. The right fork follows the ridge for a short and steep hike. The left fork switchbacks through a fir and juniper forest, making a more gradual ascent. The left fork is the beginning of the Bridger Mountains National Recreation Trail, a 21-mile ridge route following the contours of the Bridger Range to Fairy Lake. This hike to the “M” climbs up the steeper ridge route and descends through the forest via the switchbacks.


Drinking Horse Mountain

Drinking Horse Trail is a 2.2 mile moderately trafficked loop trail. The Drink Horse Mountain trail is quickly becoming one of the most popular trails in the Gallatin Valley. Climbing 700 feet from Bridger Creek to the 5,522 foot summit of Drinking Horse Mountain, the figure-eight loop trail offers scenic vistas in the Bozeman area and surrounding mountain ranges. There are two trails(one steeper, the other easier) that make a 3.5 mile loop.


Peets Hill

Peets Hill is not only a popular spot to gaze out over the valley, but offers sledding in the winter and picture-perfect sunsets year-round. Peets Hill also makes a great jumping-off point, as it connects to the Gallagator, Sourdough, and Highland Glen trails.


Gallagator Trail

Gallagator Trail is a 2.2 mile out and back trail. The Gallagator Trail connects Main Street to the south end of town at Sacajawea Middle School. It skirts Langhor, Lindley, and Burke parks, while also bypassing Peets Hill. The Gallagator Trail can be accessed easily at the intersection near Burke Park or on the east side of the Bozeman Public Library.

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Californians Moving to Bozeman, Montana

Study tracks Californians moving to Montana

A study from a California research team shows an increasing number of Californians moving to Montana. Courtesy: City of Bozeman and Michelle Wolfe

A study out of California shows an increasing number of Californians moving to Montana. According to the data, one of the most popular destinations for people moving out of California during the pandemic was Montana.

The San Francisco Chronicle reported more than 13,000 Californians moved to Montana since the beginning of the pandemic.

“The younger families is what I’m seeing coming here full-time,” Bozeman real estate broker Christy Delger said. “Then, with the older people that aren’t worried so much about their kids, they’re coming here as they can, and then they do plan on moving here full-time, eventually. So it’s kind of both, is what I’m personally seeing. “

Many real estate agents in Bozeman said the growing connectivity the Bozeman-Yellowstone International Airport offers is a big reason why more Californians are relocating to the area.

“It kind of happened simultaneously with the pandemic,” Delger said. “Where our airport got to the stage where especially California, because of the direct flights to San Francisco and L.A., Long Beach. It just became a more viable option to be able to continue to work in California but come here much more often and easier.”

People are fleeing urban areas for more space in the wake of the pandemic.

According to a report from the California Policy Lab, a research group from the University of California, more San Franciscans moved to Montana than to any other state during the pandemic.

“One question which we got a lot but can’t answer is the ‘why’ people are moving,” California Policy Lab director of communications and outreach Sean Coffey said. “The report was focused on the ‘what.’”

The report showed Bay Area residents are the largest group leaving California. After Montana, Utah is seeing the next highest migration. Between the two states, there’s a 140% increase of San Franciscans calling these Rocky Mountain states home.

“It’s the access to recreation,” Delger said. “When you’re in a more urban environment, things are getting shut down left and right, you come to a place like Bozeman and it’s still a playground, we still have rivers and lakes and mountains and skiing and all the activities that are perfect in a pandemic because they’re outside.”

Californians aren’t having to give up too much of what they loved about city life with Bozeman’s tech startups, the downtown atmosphere and Montana State University. Some Montana cities are offering the best of both worlds.

On the flip side, many Montanans selling their homes are leaving the area. According to local realtors, some Montanans are taking the profit and moving to more affordable places.

Read the full study at California Policy Lab.

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Bozeman Yellowstone International Airport Receives $21.71 million

Bozeman Yellowstone International Airport Receives $21.71 Million

Bozeman Yellowstone International Airport Receives $21.71 millionBozeman Yellowstone International Airport will receive $21.71 million over a five year period as part of the Infrastructure Investment and Jobs Act. The money comes from the Federal Aviation Administration and is the first round of cash awarded to 69 Montana airports from the infrastructure package, according to Democratic Sen. Jon Tester’s office. The bill, which was signed into law on Nov. 15, 2021.

Bozeman Yellowstone International Airport Director Brian Sprenger said that the incoming money would help to move up projects from 2023 to this upcoming year. Sprenger said that general and business aviation ramps would be resurfaced with fresh asphalt, and that tie-down ramps at the airport would be expanded.Tie-down ramps are for the smaller, lightweight aircraft, like Cessnas, that could be blown by a strong wind.

Sprenger said that the airport has to pay for the work first, and the federal money would come as a reimbursement. The amount of money is determined by a needs formula, which calculates the number of enplanements — how many people get on a plane — an airport gets each year.Sprenger said that the airport is on its way to breaking its previous enplanements record from 2019. He estimated the airport is on track to have 970,000 enplanements this year. The record in 2019 was 785,000, Sprenger said.

“This is additional money which allows us to move up projects so we can accelerate things, which is great in our current growth environment,” Sprenger said.

Source: Bozeman Daily Chronicle – Millions earmarked for Bozeman, West Yellowstone airports

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