Gallatin County, Montana Real Estate Market Report – Trends, Prices
Q4 2022: The median cost of a home in Gallatin County, MT is $779,000
Since the pandemic hit Montana in April 2020, Gallatin County (and other southwest Montana municipalities) has seen median real estate (homes, condos, townhomes, land) prices surge, climbing from $379,900 to $650,000 in September 2022.
This is a ⇑ $270,100 or ⇑ 71.1% increase in Gallatin County real estate prices in 29 months.
Since Q1 2020, Gallatin County home prices have increased from $454,500 to $779,000 in Q4 2022 a, ⇑ $324,500 or ⇑ 71.4% increase in 33 months.
Chart 1: As you might expect, all residential (home, condo and townhouse) prices have risen, too, from $370,000 to $665,930 in Q4 2022 a, ⇑ $295,930 or ⇑ 79.9% increase in 33 months.
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 347…on the rise>
The number of homes for sale in Gallatin County, MT has been increasing since Q1 2022.