As we pass the halfway point of 2025, the ranch and land real estate market continues to evolve. Sit down with regional real estate expert broker Caleb Campbell to unpack what’s been happening this year, how buyers and sellers are responding, and what to watch for as we move into the second half of the year.
Catch up with Caleb Campbell about the status of the Montana and Wyoming ranch real estate market.
Q: With the First Half of 2025 Already Behind Us, How Would You Describe the Current State of the Ranch and Land Real Estate Market?
A: Overall, the market remains firm. Buyer demand is still high, but there’s a desperate shortage of quality listings across all regions. While inventory has increased slightly as the summer progresses, it’s nowhere near pre-pandemic levels.
There are listings available, but many of them are carry-over listings from 2024 or previous years that have not sold for various reasons. There has been a slight but steady increase in new listings through the first half of 2025. Many of which are priced at a level that, if sold near the asking price, they would be potentially record-setting on a price-per-acre basis for the properties' relative region.
Q: How Does 2025 Compare to Previous Years? Are You Seeing Similar Patterns?
A: The beginning of 2025 saw a real uptick in activity, especially compared to 2024, which was stagnant due to global and economic uncertainties. This year, we’ve seen more cash freed up, and the first half was particularly active in terms of transactions. That said, things seem to be slowing down a bit going into Q3.
Montana and Wyoming Ranch Real Estate Update
Q: What External Factors Are Currently Influencing the Ranch and Land Market?
A: Interest rates are probably the biggest factor right now. Whether someone’s taking out a loan upfront or buying in cash and planning to refinance later, those rates—ranging between 6–8%—are impacting decisions.
For cash buyers, it doesn’t matter as much. But for everyone else, it affects the return on investment. If interest rates were to drop, I think we’d see a significant increase in market activity.
Q: Is There Anything About This Year’s Market That Has Surprised You?
A: Yes—the number of out-of-state buyers is still focused on Montana. Even after the boom brought on by the Yellowstone series and the pandemic, that interest hasn’t died down. It’s not at 2021 levels, but it’s still very strong.
Montana continues to be the centerpiece for people wanting to own a Western ranch. That trend has bled into places like Wyoming and Idaho, but Montana remains the top draw.
Q: What Types of Properties Are Buyers Looking for Right Now?
A: Generally, we’re seeing two types of buyers:
- Out-of-state cash buyers - looking for investment properties or family retreats. These buyers usually prefer places in Western Montana with mountain views, live water, and proximity to cultural amenities like restaurants and vibrant towns.
- Operational Buyers - those interested in farming or ranching. These buyers are more flexible on location, but rising prices in Western Montana have made those areas less feasible for purely operational purposes. In those cases, buyers need to see some added intrinsic value to justify the cost.
“The beginning of 2025 saw a real uptick in activity, especially compared to 2024, which was stagnant due to global and economic uncertainties. This year, we’ve seen more cash freed up, and the first half was particularly active in terms of transactions. That said, things seem to be slowing down a bit going into Q3.”
Q: From a Seller’s Perspective, is Now a Good Time to List a Property?
A: Absolutely. It’s still a strong seller’s market. If someone is thinking about divesting, now is a great time to do it. Sellers can take advantage of the 1031 exchange to roll those gains into other types of real estate.
Even for properties that are purely operational—like cattle ranches—there’s significant value right now thanks to historically high cattle prices. But we don’t know how long that will last, so waiting could mean missing the peak.
Q: Can You Explain the Benefits of a 1031 Exchange for Sellers?
A: We’re seeing 1031 exchanges more often than not. It’s a fantastic tool for sellers looking to reinvest. You can use it to transfer real property into different asset classes—say, from agricultural to commercial, or vice versa—without triggering immediate capital gains taxes.
It gives sellers flexibility and a smart way to maintain or increase their investment portfolio.
Without question, it's still a very opportune time to sell. Market conditions continue to favor sellers, especially those with properties that are well located, have compelling natural features, or offer solid production potential, Caleb Campbell
Q: Looking Ahead, Do You Have Any Short- or Long-term Projections for the Market?
A: If interest rates drop by even a couple of basis points in Q3 or Q4, I think we’ll see a big bump in both buyer and seller enthusiasm, which will lead to more transactions.
At this point, interest rates are the biggest lever in the market. Any movement—up or down—will have a major impact.
Q: Is There Anything Else You’d Like to Note About the Market?
A: One thing to watch is the drought. Much of the state is experiencing at least a mild drought, and if this becomes a multi-year trend, it could definitely affect the value and viability of production-focused properties in the hardest-hit areas.
Montana continues to hold a special place in the minds of many buyers looking for a Western ranch lifestyle, Caleb Campbell
Have further questions about the Montana or Wyoming ranch real estate market? Contact us, we would love to visit with you in more detail.
