Bozeman, Montana Housing Market

What stands out in Bozeman?

• Population is up 13.7% over five years: among the fastest population growth of 765 tracked cities. Growth brings tenants and buyers.

Is housing keeping up with Bozeman's growth?

The population in Bozeman's ZIP codes grew 13.7% over five years, faster than 91% of the cities we track. Households (+16.8%) and housing (+17.3%) grew in step. Homes for sale are 17% above 2017–2019 at this time of year.

How does Bozeman compare with other Montana markets?

Ranked among the 5 Montana markets we track:

• Asking price: 2nd priciest of 5. Bozeman is at $852,050. Closest: Missoula and Big Sky.
• Buyer competition: the least competitive of 5. Bozeman is at 0.27 buyers per home. Closest: Big Sky.
• Time on market: 3rd shortest time on market of 5. Bozeman is at a median of 71 days on market. Closest: Billings and Missoula.
• Price cuts: the most price cuts of 5. Bozeman is at 21% of sellers cutting. Closest: Billings.

Is now a good time to buy in Bozeman?

The median asking price is 40.9% below its Jan 2022 peak. Per square foot the gap is smaller: 33.0% below the Apr 2022 high. Part of the drop is smaller homes coming to market. Prices are still falling. Waiting has paid off so far. Let listings age, then come back lower. Bozeman prices have risen in 79 of the last 111 months. Drops here have been short and shallow. Buying in a slow month has rarely hurt a long hold.

There is no rush. Prices are still coming down. Watch the homes you like. Come back after they cut. Let the seller move first.

How much can you negotiate in Bozeman?

For every 100 homes still for sale, 27 are under contract. In 2017–2019 at this time of year it was 67. The rest are still waiting for a buyer. About 1 in 5 sellers has already dropped their price. Each one has learned their first price was too high. Start your offer below their new price.

The typical Bozeman listing has been on the market 71 days. There are 471 homes for sale in Bozeman. That is 8.6 times the tightest month on record, but below the peak of 523. Supply is shrinking against last year.

What to do about it

• Search Bozeman homes listed 90+ days ago that have already cut their price.
• Offer below the reduced price.
• Keep your inspection and financing contingencies.
• Ask the seller to pay closing costs.
• You can lose a few offers here and still win.

What is the fair market rent in Bozeman?

HUD sets one fair market rent for Gallatin County. For fiscal year 2026:

• 1 bedroom: $1,642 a month. Up 1% on last year, up 157% since FY2016.
• 2 bedrooms: $2,154 a month. Up 3% on last year, up 173% since FY2016.
• 3 bedrooms: $2,996 a month. Up 2% on last year, up 161% since FY2016.
• 4 bedrooms: $3,537 a month. Up 2% on last year, up 157% since FY2016.

The figures include tenant-paid utilities and apply to all of Gallatin County, so one home's rent can sit well above or below them. See fair market rent by city.

What numbers should you underwrite a Bozeman deal with?

• Price growth to assume — +1.2%/yr. Bozeman grew 7.3% a year over the decade. Ignore that rate. Most of it landed in the 2020 and 2021 boom. Without the boom, Bozeman grows about 1.2% a year. That is the number to type in. Prices fell 2.7% over the last year. Use it for timing. The five-year rate is the better guide.
• Months of carrying cost — 3. Budget at least 71 days of holding costs, the current median listing age, when you exit or refinance.
• Comp on price per square foot — $421/sqft. The typical Bozeman listing shrank from 2,691 to 2,134 sqft since Jul 2016. So median price hides real growth: 101% per sqft versus 74% on the median. Comp on median price and you will overpay for small homes.
• Competition when you exit — -7%. Homes for sale in Bozeman are down 7% on last year, so your resale faces less competition than today's comps did.

Read how population change affects rentals and how we read these numbers, then run the numbers on a deal.

What is the median home price in Bozeman?

The median asking price in Bozeman is about $852,000 as of Sep 2026, down 2.6% from a year ago. This is the asking price on homes listed for sale. Sites that report sold prices or estimated home values will show a different number. Our Bozeman figures cover the 6 ZIP codes with a Bozeman mailing address, which can reach past city limits.

Is Bozeman a buyer's or seller's market in 2026?

Buyers have more room in Bozeman than usual. We compare Bozeman with 2017–2019 at this time of year: there are 27 pending sales per 100 listings, against 67 then; 21% of sellers have cut their price, against 14% then; the typical listing has been up 18% more days.

Are Bozeman home prices going up or down?

The median asking price is 40.9% below its Jan 2022 peak. Per square foot the gap is smaller: 33.0% below the Apr 2022 high. Part of the drop is smaller homes coming to market. Prices are still falling. Waiting has paid off so far. Let listings age, then come back lower.

What is the best month to buy a house in Bozeman?

Across 9 full years, Bozeman asking prices ran lowest in March, about 3.3% below the year's average. They peaked in December. The most homes for sale show up in August, about 29% above the yearly average.

Are there more homes for sale in Bozeman than before the pandemic?

Yes. There are 471 homes for sale, 17% more than in 2017–2019 at this time of year.

What is the fair market rent in Bozeman?

HUD's fiscal year 2026 fair market rent for Gallatin County is $2,154 a month for 2 bedrooms and $2,996 for 3 bedrooms. The figures include tenant-paid utilities and cover the whole county.