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.
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.