Is the Bozeman market cooling, or is it still competitive?

Is the Bozeman real estate market cooling? It’s one of the most common questions I’m hearing right now—and the answer isn’t as simple as yes or no.

If we zoom in on single-family homes, the median sales price at the end of 2025 was $824,900. Today, we have 77 active homes inside city limits, with most of that inventory sitting at or below the median price. In fact, the majority of options are still under $1 million, which is where most of the activity continues to happen.

If you look just outside of Bozeman in Belgrade, there are currently 58 homes on the market. Pricing there ranges widely—from the mid-$400s all the way up into the multi-million-dollar range—reflecting everything from more accessible homes to larger properties with land.

Across Gallatin County as a whole, inventory grows to around 310 homes, with price points stretching from about $250,000 to over $25 million. It’s a wide range, and it really shows how diverse this market has become.

What’s changed most over the past couple of years is the pace. After the peak in 2022, the market leveled out. Since late 2023, we’ve seen steady pricing without the sharp spikes or drops.

For buyers, that means more options and less pressure. For sellers, values are still holding strong.

So is the market cooling? Not exactly. It’s stabilizing—and in my experience, that’s where better decisions tend to get made.