2020 was a dynamic year in the Montana land market. The year started off with above average sales volume, but then slowed down during the critical spring and early summer showing season due to COVID-19 travel restrictions. But by the end of summer, the market gained momentum and exceeded 2019 levels. Buyers were seeking refuge from COVID-19 (Montana had low COVID-19 infection rates at the time). Also, many buyers were anxious about social unrest in other parts of the country, and many were able to now work remotely. Also, buyers tend to gravitate to tangible assets, such as land, during times of economic and social uncertainty. These factors led to a high level of demand for Montana real estate, resulting in higher prices paid and a high number of properties sold.
In addition to higher prices paid and more properties sold, inventory decreased in 2020. The same factors that led to higher demand led to less properties being put on the market. The statistics below show that less properties were listed in 2020 than in 2019.
This chart below shows sales volume in Montana of properties 200 acres and larger for 2019 and 2020.
Andy Rahn gave a presentation on March 4, 2021 to the Montana Farm & Ranch Brokers Association, recapping the 2020 Montana land market and discussing early trends for 2021. Click the image below to watch the recorded video of the presentation.