Gallatin County, Montana Housing Market Prices
Gallatin County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 294% above the Montana median Among the 3 most expensive counties in Montana$980,852
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Median rent 57% above the Montana median Most expensive county in Montana$1,694
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Gallatin County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $980,852 | $249,140 | $248,835 |
| Price Trend (Annual %) | 16.2% | 3.8% | 7.5% |
| Median Gross Rent | $1,694 | $1,081 | $1,407 |
| Rent Trend (Annual %) | 8.4% | 5.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Gallatin County is about 294% higher than in Montana. Rent is about 57% higher than the Montana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Gallatin County, up about 16.2% and 8.4% a year respectively. Home prices are changing faster.
Median rent in Gallatin County rose about 93.5% between 2015 and 2024, from $875 to $1,694. Over the same span, rent in Montana rose about 52.0%.
Affordability
On average, housing unit costs 10.3 yearly household incomes in Gallatin County.
Buying the median-priced home in Gallatin County costs roughly 48.3 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Gallatin County. The price-to-rent ratio in Montana is about 19.2.
| Metric | Gallatin County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $980,852 | $249,140 | $248,835 |
| Median Household Income | $95,089 | $72,476 | $80,455 |
| Price-to-Income Ratio | 10.3 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Gallatin County rose about 259.7%, while median household income rose about 78.7% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Gallatin County | Montana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.3% | 60.1% | 58.5% |
| Rental Rate | 34.6% | 26.8% | 31.2% |
| Vacancy Rate | 11.0% | 13.2% | 10.2% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Gallatin County has a homeownership rate of 54.3%, lower than the Montana average of 60.1%. Its housing vacancy rate is 11.0%, compared with 13.2% in Montana.
Housing Stock
| Metric | Gallatin County | Montana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.37 people | 2.53 people |
| Median Structure Built Year | 1995 | 1981 | 1978 |
| Median Number of Rooms | 5.5 | 5.6 | 5.5 |
The typical housing unit in Gallatin County was built around 1995. On average, 2.3 people live in a home with about 5.5 rooms, staying for about 12.0 years on average.
Gallatin County, MT Housing Compared With Nearby Counties
How Gallatin County, MT compares with the 1 counties closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Gallatin County, MT | 124,072 | $980,852 #1/2 | $1,694 #1/2 | 61.1% #2/2 |
| Park County, MT | 17,710 | $389,473 | $975 | 69.4% |
Frequently Asked Questions
Common questions about the housing market in Gallatin County, Montana.
What is the median home price in Gallatin County, Montana?
The median home price in Gallatin County, Montana is $980,852, higher than the Montana average of $249,140.
What is the average home price in Gallatin County, Montana?
The typical home price in Gallatin County, Montana, reported as the median sale price, is $980,852. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Gallatin County, Montana?
The median gross rent in Gallatin County, Montana is $1,694 per month, higher than the Montana average of $1,081.
What was the median gross rent in Gallatin County in 2020?
In 2020, the median gross rent in Gallatin County, Montana was $1,131 per month.
What is the price-to-rent ratio in Gallatin County, Montana?
The price-to-rent ratio in Gallatin County, Montana is about 48.3, meaning it would take roughly 48.3 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Gallatin County.
Are home prices or rent rising faster in Gallatin County, Montana?
Both home prices and rent are rising in Gallatin County, up about 16.2% and 8.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Gallatin County, Montana?
54.3% of households in Gallatin County, Montana own their home, lower than the Montana average of 60.1%.
What is the vacancy rate in Gallatin County, Montana?
The housing vacancy rate in Gallatin County, Montana is 11.0%, lower than the Montana average of 13.2%.
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