Gallatin County, Montana Real Estate Market Report – Trends, Prices
Q4 2022: The median cost of a home in Gallatin County, MT is $779,000
Considering homes, condos, townhomes, and condos: Since the pandemic hit Montana in April 2020, Gallatin County (and other southwest Montana municipalities) has seen median real estate (homes, condos, townhomes, with land) prices surge, climbing from $395,500 to $670,000 in December 2022.
This is a ⇑ $274,500 or ⇑ 69.4% increase in Gallatin County real estate prices in 32 months.
Since Q1 2020, Gallatin County home prices (only) have increased from $454,500 to $779,000 at the end of Q3 2022 a, ⇑ $324,500 or ⇑ 71.4% increase in 11 quarters.
The population of Gallatin County, MT, 126,640 in 2022. It’s seat is in Bozeman.
Chart 1: As you might expect, all residential (home, condo and townhouse, without land) prices have risen, too, from $400,000 (Q1 2020) to $692,500 at the end of Q3 2022 a, ⇑ $292,500 or ⇑ 73.1% increase in 11 quarters.
Gallatin County Montana land prices have increased the most, from $139,200 (Q2 2020) to $420,000, a ⇑ $280,000 or ⇑ 200% rise in 30 months!
In Q4 2022, all Gallatin County real estate prices, have begun decreasing, and land prices have begun flattening.
Covering over 2,632 square miles–5.4% larger than the state of Delaware–Gallatin County, Montana consists of mountains, rivers, and prairies.
Chart 2: As the coronavirus pandemic was ramping up in Montana during March, April, and May of 2020, there were 443 homes for sale in Gallatin County, Montana.
Thirty-three months later, in Q4 of 2022, the number of homes for sale is 614…on the rise.
The number of homes for sale in Gallatin County, MT has been increasing since Q1 2022 when the number was 187.
