BOZEMAN — We’ve seen how the COVID-19 pandemic has changed so much around us from the way we socialize in public places to how we conduct business.
But what about the real estate market? How has this pandemic affected our houses and property?
“Bozeman was on the map, and it has a big, red flashing light now. The more people that come, they experience the beauty, the open spaces, and just the freedom here and they get sold on it pretty quickly,” said real estate broker Taunya Fagan with Taunya Fagan Real Estate.
The Gallatin Association of Realtors reports the median sale price for single-family homes last month was up 13.3% from what it was in May 2019.
“We’ve seen a lot of growth here. People coming from the east coast, west coast. We’ve seen growth consistently for a while here in the Gallatin Valley. But even more so with the pandemic and everything that’s going on,” explained real estate agent Tom Baker with Bozeman Brokers Real Estate.
One resident says he and his wife wanted to downsize their current home and the selling process went well for them.
“It’s a very hot market here in Bozeman, as well as in the Big Sky area. Selling this house was very smooth. We had a great agent who helped us through the whole process, and that part of it went very smoothly,” said Dennis Neuman.
But the increase and growth could lead to changes. "Just hoping Montana can stay Montana at the same time,” Baker said.
“It’s just putting a lot of pressure on infrastructure. People are becoming a little more agitated more easily and wanting to move out of the core. People who are here and have been here for years are now looking at properties further out,” Fagan explained.
Realtors predict that as the city continues to grow, so will the demand to live in the Bozeman area.