Bozeman Land – Building Lots – Ranch, Farm, Hunting Land
Bozeman and Gallatin County, MT – Median Price, $391,250 ⇓ $236,250 – 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: Q4 2024: Inside the city, price is $320,000, an increase of ⇑ $159,125 this quarter.
Outside the city, the price has decreased ⇓ $175,000 to $545,000.
Deep into Q4 2024, the overall median price for land in Gallatin County was $627,500, up ⇑ 37.3% over Q3’s $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.
Prices inside the city had been steadily declining, and prices outside the city had been steadily increasing. The trend has reversed.
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 Q4 2024, there are 74 plots for sale inside the city and 112 plots for sale outside Bozeman city limits.
Presently, the inventory is 186 land listings, which is down ⇓ 11.7% from last quarter.
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 over 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, even 10, 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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