BOZEMAN — A packed room of real estate professionals gathered Wednesday morning for the release of the 2026 Gallatin Valley Housing Report.
The Southwest Montana Association of Realtors partnered with the University of Montana’s Bureau of Business and Economic Research to present the latest data and trends in one of the state’s fastest-growing housing markets. National and local experts shared insights on housing demand, affordability, supply challenges, and the economic forces shaping the valley’s future.
Mark Corner, president of the Southwest Montana Association of Realtors, said addressing affordable housing requires a broad coalition.
“The best approach to address that is a collaborative effort — city, county, state, nonprofit associations, land trusts,” Corner said. “It takes a huge collaboration to make affordable projects happen. So today’s housing report, we hope, helps bring all those decision-makers together.”
The association has not yet posted the full report online, but let's take a look at the key statistics covering employment, median household income, population, housing supply and demand, vacancy rates, and affordability.
Employment and Income
Gallatin County has 74,540 payroll jobs, a 47% increase since 2015 — more than triple the state and national growth rates. The unemployment rate sits at 2.9%, below Montana’s average of 3.6%.
Median household income reached $100,953 in 2024, the highest of any county in Montana. That figure surpasses the national median of $81,604 and the Montana median of $75,520.
Population and Housing Supply
The 2025 population of Gallatin County is 128,740, compared to neighboring Park County’s 18,214 residents.
The U.S. Census Bureau estimates 57,568 total housing units in Gallatin County, with 25,908 of those in Bozeman. Roughly 6,353 units are vacant, for an overall vacancy rate of 11% — higher than what experts consider healthy.
The largest share of vacant homes, about 3,100 units, are designated for seasonal, recreational or occasional use. Another 1,400 fall into an “other vacant” category, meaning they are unavailable to residents seeking permanent housing.
Rental stock vacancy has declined since 2014, while owner-occupied vacancy fell from about 700 homes to under 500 in 2024, limiting options for buyers and renters. Active short-term rentals in Bozeman have also dropped since 2022, totaling about 832 units in 2025.
Development Trends
In 2025, builders secured permits for 1,622 housing units in Gallatin County. Bozeman accounted for 1,056 of those, primarily multifamily developments. Belgrade had 154 permits, with a lean toward single-family homes.
Housing Costs
Gallatin County’s median home price is about $800,000 — double the $400,000 median in 2019. Bozeman and Manhattan share that $800,000 median, while Belgrade sits just under $600,000. West Yellowstone and Three Forks have the lowest medians at about $450,000.
Home sales have slowed since 2020, when nearly 2,000 properties changed hands. Sales totaled 1,051 in 2024 and 1,089 in 2025.
Affordable Housing
Gallatin County’s Housing Affordability Index (HAI) has dropped sharply in recent years, reflecting steep price increases and income gaps. In 2023, the median home price was about $790,000, requiring an annual household income of roughly $181,000 to afford, nearly double the county’s actual median income of around $101,000. This affordability gap is larger than in other Montana counties such as Madison, Park, and Yellowstone. Home sales in Gallatin County skew heavily toward higher-priced ranges, with most transactions occurring above $500,000, further limiting housing access for median-income earners.
Rental Market
Gallatin County’s rental market, the largest in the region, has nearly 23,800 units, most of which are located in Bozeman. Countywide rental vacancy rates hover around 5%.
