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Bozeman saw big population gains over first pandemic year | BDC

This isn’t shocking considering what has been happening in our market and the pressure on our area for housing.

Bozeman saw big population gains over first pandemic year By Juliana Sukut Chronicle Staff Writer 3/24/2022

Kalispell and Bozeman saw some of the biggest population gains, driven by an influx of people moving in, from 2020 to 2021, according to a new report from the U.S. Census.The U.S. Census Bureau’s Vintage 2021 report released on Thursday found that Kalispell, followed by Jefferson, Georgia, and Bozeman had the first, second and third biggest population gains for a micropolitan area in the nation from 2020 to 2021.

A micropolitan is a core city of less than 50,000 residents. Bozeman just surpassed the 50,000 mark in the 2020 Census, now at a population of 53,293.

Between April 2020 and July 2021, Bozeman grew by a total of 3,753 people. The majority of that, 3,318, were new residents who migrated into Bozeman. The remainder was natural population growth, with births outpacing deaths in Bozeman.Kalispell’s total population grew by a net total of just over 4,000 people from April 2020 to July 2021.

Most counties in Montana saw population gains due to migration. Ten counties saw losses in population due to emigration, mostly along the Hi-Line and in Eastern Montana. Those counties were Liberty, Hill, Blaine, McCone, Richland, Dawson, Fallon, Rosebud, Bighorn and Wheatland.

Montana saw the most migration from California, Washington, Colorado, Oregon, and Idaho. Followed by Texas, Arizona, Wyoming, Utah and North Dakota, according to a March study on new tax filings in 2020 from the state’s Legislative Fiscal Division.

As the Census puts hard data to the population growth Gallatin County residents have observed over the past few years, a new report from a local realtor’s association shows that housing prices are continuing to tick upwards.

“Our market’s performance in February can be summed up simply: very low inventory has encouraged higher prices,” said Joanna Harper, the board president of the Gallatin Association of Realtors in a press release.

The median sales price for a single-family home in Gallatin County was $896,000 in February, according to the latest report from GAR.That marks a 48% increase from 2021’s median sales price of $602,500. Compared to February 2020’s median price of $477,950, prices jumped 87%.

This February’s median sales price was more than twice the national median for a single family home of about $357,300, according to the National Association of Realtors.

There were 91 homes for sale last month, which stayed on the market for an average of 37 days.

Condos and townhomes saw a 85% increase in the median sales price year over year. The median price in February was $657,500.Homes for sale within Bozeman’s city limits were slightly cheaper than homes in the county, according to the monthly report.

In Bozeman, median sales prices for single family homes increased about 24%, from $605,000 in February 2021 to $752,500 this February.For condos and townhomes, the median sales price increased 70% year over year, for a median of $657,500 in February.

Inventory in Bozeman was lower than the county, with only nine single family homes for sale.

As is often the case, homes in the greater Big Sky area were significantly more expensive when compared to homes in Bozeman and the rest of the county.The median price for single family homes in Big Sky topped $4.9 million, which was a 73% increase in prices year over year — the price in February 2021 was $2.8 million.There were 29 homes for sale during the month of February, according to the report.

Condos and townhomes were just under $1 million, which marked a 189% increase from February 2021 when median prices were $339,000.“Seasonal slowdowns haven’t had the impact one might typically expect, and February was characterized by the same dynamics we’ve observed during the last couple of years,” Harper said.

Source: Bozeman saw big population gains over first pandemic year | Business |