Bozeman Land – Building Lots – Ranch, Farm, Hunting Land
Bozeman and Gallatin County, MT – Median Price, $457,000 – 214 Parcels For Sale
Bozeman, one of the fastest growing, small cities in the US, is situated in the eastern part of Montana’s 2632 square mile Gallatin Valley, in Gallatin County, Montana’s fastest growing county.
Chart 1: Q3 2024: Inside the city, price has risen to $295,000. Outside, the price has decreased to $545,000, for an overall median price of $457,000.
In the first quarter of 2024, for both areas combined, we saw a small increase from Q4 2023’s $547,500 to $555,000.
Since 2020, closed sales prices for all sizes of Bozeman land had been rising but in Q3 2022, prices began declining inside and outside the city.
In Q3 2022 prices hit $475,000 inside Bozeman and $462,500 outside the city.
After dropping to the end of 2022, prices began increasing outside the city but decreasing inside the city.
Generally, months of inventory drops at the end of each year and rises during summer and into early fall.
Chart 2: For 10 years prior to 2021, the inventory of Bozeman land had fallen. In 2023 it was on the rise but it dropped at the end of 2023.
In Q2 2023, there were 112 lots for sale outside Bozeman city limits and 51 lots for sale inside Bozeman.
One year later, in Q3 2024, the inventory is 214 pieces of land, which breaks down to: 84 lots inside the city and 130 outside the city.
Interesting fact: In June 2021, closed sales numbers hit a record $170,175,530.
From 2005-2020, Bozeman’s population rose ~33%.
Pressures of Growth
Since 2010, Gallatin County’s population has grown about 25%. Learn about Gallatin County’s Triangle Plan.
Bozeman’s growth is consuming farmland, so availability of large parcels of Bozeman land is diminishing and prices are increasing for all sizes of land.
And, many landowners are placing their property into Conservation Easements, further diminishing the availability and increasing the price of land in Bozeman.
Twenty years ago, Bozeman land was reasonably priced for the time, but now, in early 2020, the region’s growth and demand for land has driven up the area’s land prices way beyond what most locals would have envisioned possible 20 years ago.
Compared to the cost of land in comparably-sized cities, Bozeman’s land is increasingly more expensive and acreage will continue to accrue in value at a greater rate than similarly-sized cities…as long as Bozeman growth continues and/or the economy remains vibrant.
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