Montana Housing Prices Surge in 2025: Which Cities Are Leading the Pack?
Brady Thomas Rice
Montana’s real estate market is heating up faster than ever, with home values skyrocketing across the state. What’s behind this rapid growth, and which cities are seeing the biggest gains? We’ve taken a closer look at the latest numbers to uncover where prices are climbing the fastest—and what’s fueling this trend.
Booming Housing Markets Across Montana
A handful of Montana communities have emerged as hotspots for soaring home prices. Let’s break down the top contenders leading the charge in 2025:
Gallatin Gateway: High Demand, High Prices
- Current median price: $1.4 million
- Annual increase: +15.6% ($189,000 rise)
- Five-year growth: +89% ($660,000 increase)
Gallatin Gateway has transformed into one of Montana’s most exclusive areas, with home prices approaching luxury levels. Demand for properties in this scenic location shows no signs of slowing.
Rollins: A Steep Climb
- Current median price: $1.32 million
- Annual increase: +16.2% ($185,000 gain)
- Five-year growth: +124% ($734,000 jump)
Rollins stands out for its steep five-year appreciation, making it one of the fastest-growing housing markets in the state.
Big Arm: Nearing the Million-Dollar Club
- Current median price: $993,000
- Annual increase: +13% ($114,000 boost)
- Five-year growth: +95% ($485,000 increase)
Big Arm is quickly approaching the million-dollar median mark, thanks to consistent buyer interest and limited availability.
Big Sky: Already in Luxury Territory
- Current median price: $1.87 million
- Annual increase: +6.5% ($114,000 uptick)
- Five-year growth: +81.5% ($839,000 growth)
Known for its world-class skiing and breathtaking vistas, Big Sky continues to attract affluent buyers, keeping prices at the upper end of the market.
Garrison: Small Town, Big Increases
- Current median price: $843,000
- Annual increase: +12% ($90,000 increase)
- Five-year growth: +83% ($383,000 gain)
Even in smaller communities like Garrison, home prices are accelerating, reflecting broader trends statewide.
Why Are Montana Home Prices Climbing So Fast?
Several key factors are driving this surge in property values:
- Population gains: Montana’s population has expanded steadily over the last decade, outpacing new home construction and tightening supply.
- Out-of-state migration: Many newcomers from high-cost regions are relocating to Montana, bringing bigger budgets and driving up competition.
- Remote work boom: The rise in remote jobs has allowed workers to move away from urban centers in search of more space and natural beauty—making Montana an attractive destination.
The Fallout: Affordability Under Pressure
For existing homeowners, these price hikes translate into growing equity. But for buyers, particularly younger or local residents, affording a home in Montana has become a challenge. As prices rise faster than incomes, many would-be homeowners are being priced out, with some looking to neighboring states or more affordable rural areas instead.
Renters are feeling the impact too, as higher home values spill over into rising rents, compounding affordability concerns.
What’s Next for Montana’s Housing Market?
Montana’s housing boom reflects a mix of lifestyle shifts, economic changes, and migration patterns. With more people seeking the Montana experience, the demand for homes is likely to remain strong. However, policymakers and communities will need to focus on expanding housing options to avoid leaving locals behind.
Efforts to boost housing supply, encourage sustainable development, and preserve affordability will be crucial as Montana navigates this rapid growth.
In summary, Montana’s real estate landscape in 2025 is a tale of fast-rising prices, high demand, and limited inventory. For buyers, it’s a competitive market; for sellers, it’s a profitable time to cash in. But as the state’s popularity continues to soar, balancing growth with affordability remains a growing challenge.
About Brady Thomas Rice
Brady Thomas Rice is the President and Founder of The BTR Group, Inc., a firm specializing in international executive management services focused on capitalizing, developing, restructuring, and operating commercial real estate assets in complex markets. With two decades of experience, Mr. Rice is a seasoned expert in the real estate industry. He is currently leading and advising on projects in multiple jurisdictions across the US Mountain West including Montana, Utah, and Colorado along with international destination markets including Baja California Sur, Mexico and Canada.
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