2023 Year in Review

Western Ranch Brokers reviews the ranch real estate market for 2023, sales volumes for Montana ranches and forecasts what's in store for the the year ahead.

2023 Year in Review

Over the last several years, the Montana ranch real estate market has had some interesting ups and downs—and 2023 was no exception. 

The inventory of Montana ranches for sale was at its lowest level in decades last year, thanks to a record number of transactions in 2021 and 2022. Land values began to stabilize and fall short of the record-breaking prices they reached during the pandemic, making price reductions commonplace as the year progressed. Landowners faced drought, floods, and rising costs, while buyers navigated a highly competitive real estate market and record-level interest rates. The complexity of the Montana ranch real estate market in 2023 was unmatched.

While overall sales volumes suffered, many quality properties did come onto the market. Similar to the past few years, there was no shortage of interested buyers. The demand for Montana sporting properties remained particularly strong, as did land as an investment opportunity. Very large or unique properties defied market trends, as high-net-worth buyers sought out exceptional properties without worry of interest rates. In the final quarter of 2023, there was good news for cattle operations as analysts called for record-high cattle prices in 2024. It remains to be seen how this will impact both the supply and demand for operational ranches in the year ahead.

Cash buyers and off-market transactions represented a fair amount of sales in 2023, but this may shift as prices level off and create room for other interested buyers to step forward. Inventory levels are the single biggest limiting factor at the moment, as the demand for Montana ranches has remained strong, and should remain so for the foreseeable future.

The lack of inventory during 2023 has brought to light the duality of many of the ranches that did enter the market. For example, properties currently being run as cattle operations might also have excellent recreational potential. Key factors such as large tracts of land, location, water resources, and abundant fish or wildlife add considerable value to buyers, regardless of the current or planned use.

Featured Montana Ranches for Sale:

To see more of Western Ranch Brokers available listings, click here.

All signs point to a slow but steady increase in Montana ranch inventory levels in 2024, as prices normalize and buyer urgency subsides. While the market may feel like it’s in a slowdown, inventory and sales metrics are still on an upward trajectory from pre-pandemic numbers.

As Western Ranch Brokers reflects on 2023, the team would like to thank our clients, colleagues, and business associates for another year of successful ranch real estate transactions. We are proud to have worked with many valued buyers and sellers during the last year. Reflecting on 2023, Broker Caleb Campbell commented:

2023 was another great year for Western Ranch Brokers. Our team successfully navigated a complex market and delivered several great transactions for both buyers and sellers alike. The truth is that even in a complex market, opportunities are always present if you have knowledgeable and diligent experts who are willing to go the extra mile for their clients. We have exciting things happening at Western Ranch Brokers, and we look forward to an exceptional 2024.

Featured Sales included:



Bozeman, MT



Florence, MT

Sold Colter's Run Ranch in Montana




Three Forks, MT


Belgrade, MT



Laurel, MT



McAllister, MT

To view more properties sold by Western Ranch Brokers team, click here.

Averett 9734

We are also grateful to have launched Western Ranch Brokers LLC, our new independent real estate brokerage, in 2023. Simplified processes, more customized marketing campaigns, and new expansion opportunities are just a few of the things that have been made possible with our new business model. We look forward to sharing more developments with you in the coming months—stay tuned for an exciting announcement! Make sure you are subscribed to our email newsletter to get the latest news and updates sent right to your inbox.


As always, Western Ranch Brokers is honored to be a part of the farm and ranch community in Montana. We are happy to share our 50-plus years of combined knowledge and experience to advise our clients on the ranch real estate market and to help successfully navigate any type of real estate transaction. Thank you for your continued support of Western Ranch Brokers in 2023, and we look forward to new opportunities to work together in the year ahead.

Western Ranch Brokers contact information

The information contained herein was obtained from sources deemed to be reliable. Western Ranch Brokers makes no warranties or guarantees as to the completeness or accuracy thereof.
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