Lewis & Clark County experienced the state’s second-fastest rate of home price increase in 2023-25, with home prices up 6.5% annually, just behind Fergus County (see graph), according to University of Montana research.
Lewis & Clark’s annual increase over the past three years marked a 15 percentage-point drop from 2020-22, when prices increased 22% annually, according to UMT’s Bureau of Business and Economic Research.
To the south, no Montana region has seen a sharper drop in home prices the last few years than Jefferson County, where home prices contracted an annual 3.1% from 2023 to 2025. Only four counties in the state saw a price decline, with Jefferson leading the way.
Even with the recent decline, Jefferson home prices have increased more than those in neighboring counties since the start of the pandemic. In 2020, Jefferson County’s median home price sat at $285,000, Lewis & Clark’s at $308,750 and Gallatin’s at $520,000.
By the end of 2025, Lewis & Clark had increased 47% (to $456,250) and Gallatin 54% (just under $800,000), while Jefferson home prices increased a more robust 61% ($460,000), according to Montana Regional and Big Sky Country MLS data.
