Real Estate Market Information

Real Estate is the largest asset class in the world. The Global Real Estate market is estimated to be $217 trillion. To compare that to some other asset classes consider that the global equity market capitalization is valued at $70.1 trillion. The global bond market is valued at $92.2 trillion. Global real estate is a more valuable asset class than all the stocks, shares, and bond markets combined.

The residential real estate market in the United States is valued at $33.6 trillion. To place that in perspective, that number is equal to the combined annual GDP of the U.S. and China, the world’s two largest economies.

There is 3,531,837 square miles of land in the United States. There are approximately 140 million housing units in the United States. The number of homes sold each year in the United States is approximately 6 million. The median price for homes sold in the U.S. in Q1 2023 is approximately $330,000. Homeownership stands at 68 percent, the highest rate since 2008.

There are 2 million real estate agents in the United State with active licensees. 1.4 million of those agents(~70%) are members of the National Association of Realtors. The U.S. has approximately 80,000 real estate brokerages.

Big Sky Country MLS Information

Montana is the fourth largest state in the United States, with 56 counties spread across an area of 147,040 square miles. Big Sky Country MLS(BSCMLS) primarily covers Gallatin County, Park County, and Madison County. Silver Bow County was recently added to the counties that are served by BSCMLS.

Gallatin County, Montana is approximately 2,605 square miles (6,750 square kilometers). According to the United States Census Bureau, as of the most recent data available in 2020, the estimated population of Gallatin County, Montana is approximately 116,896 with 55,919 housing units.

Park County, Montana is approximately 2,791 square miles (7,227 square kilometers). According to the United States Census Bureau, as of the most recent data available in 2020, the estimated population of Park County, Montana is approximately 16,668 with 9,751 housing units.

Madison County, Montana is approximately 3,891 square miles (10,062 square kilometers). According to the United States Census Bureau, as of the most recent data available in 2020, the estimated population of Madison County, Montana is approximately 8,218 with 6,202 housing units.

Silver Bow County, Montana is approximately 718 square miles (1,859 square kilometers). According to the United States Census Bureau, as of the most recent data available in 2020, the estimated population of Silver Bow County, Montana is approximately 36,407 with 17,530 housing units.

$8.872 Billion in real estate was sold in 2021 by 1,201 real estate agents in the market served by BSCMLS. $6.448 Billion worth of residential real estate was sold in 2021. $668,346 was the average residential real estate transaction in 2021.

2021 Residential Sales by City