2024 Sales: < $50M

Who: A husband-and-wife team licensed in Montana, South Dakota, and Wyoming with 35 years of experience in land and ranch sales.

WOW: Sold several multi-generational ranches with the selling price between 95 and 100 percent of the list price.

What was your take on 2024? Inventory remained low and demand remained strong.

How is 2025 shaping up? Inventory is still limited, though it appears to be opening some. Closed sales are ahead of last year at this same time.

2024 Sales: $100M–$250M

Who: We specialize in farm, ranch, and recreational properties. We have 24 brokers, associate brokers, and sales associates who are licensed in Wyoming, South Dakota, North Dakota, Colorado, Nebraska, and Montana.

WOW: Sold the one-of-a-kind 46 Ranch in Jeffrey City, Wyoming. Consisting of 354,050 deeded and leased acres, it is the largest contiguous ranch our
company has ever sold.

What was your take on 2024? Inventory was significantly reduced compared to previous years, which kept the market values strong.

How is 2025 shaping up? It is looking better than 2024. There are many buyers who have been patient the past couple of years of very low inventory who are now ready to perform when a property comes on the market. Values will remain high.

2024 Sales: $100M–$250M

Who: With 35 office locations across Montana, Wyoming, Idaho, and Washington, we are the top sales volume broker for Sports Afield Trophy Properties. This partnership provides exposure and access to more than 650 recreational, farm, and ranch-oriented websites.

WOW: Sold the Grizzly Homestead in Montana’s Swan Valley. Offered at $2 million, this 38-acre property is bordered on three sides by USFS land and gated end-of-road privacy on the fourth, providing seclusion and mountain scenery. The property also included a homestead cabin and a brand-new yurt.

What was your take on 2024? Sales remained below the strong market peak of 2021 across all types of properties in the region. A combination of limited inventory and higher interest rates led to stunted growth overall, with property values showing modest increases in value and little deviation between final sale prices and listing values. Properties that had scenic, recreational, and income-producing qualities had very strong buyer demand.

How is 2025 shaping up? We expect a continuation of robust demand, relatively low levels of inventory, and pricing heavily influenced by amenities. Many farm, ranch, and recreational landowners continue to opt to retain their assets, prioritizing land ownership over alternative investments due to uncertainties in other investment avenues. However, the resilience of strong buyer demand may prompt a modest increase in listing inventory as the year progresses.

2024 Sales: < $50M

Who: Jim Lucarelli has nearly 35 years of experience in the Telluride market in all aspects of real estate sales, with a focus on ranches.

WOW: Sold a 171-acre ranch on Wilson Mesa just outside of Telluride, Colorado, for $10.4 million. What was your take on 2024? Limited inventory contin-ued to buoy prices. Large farm and ranch properties continued to be preferred as a safe harbor for investor assets.

How is 2025 shaping up? Inventory remains limited.

2024 Sales: $100M–$250M

Who: A boutique brokerage and advisory firm that specializes in ranches, sporting properties, and land assets throughout the Western US. Our platform is engineered to market rural real estate on a global scale.

WOW: Listed the 120,000-acre Elk Mountain Cattle Ranch in Hartsel, Colorado, for
$39.5 million.

What was your take on 2024? Landowners were motivated to hold, and buyers faced supply shortages. The appetite for purchasing ranches remained strong; it was just tougher to transact.

How is 2025 shaping up? We forecast an uptick in supply. It will by no means be a firm buyer’s market, but there may be more opportunity for buyers this year. Sellers will be required to act reasonably in their pricing strategies, and market

2024 Sales: $50M–$100M

Who: With agents throughout Montana, Wyoming, Colorado, and North Dakota, we help clients find the finest farms, ranches, and recreational properties.

WOW: Launched a national “Living the Life We Sell” catalog by partnering with top brokerages across the country. This collaboration enables us to reach a wide audience of real estate professionals while promoting their services and listings to a national market.

What was your take on 2024? The Rocky Mountain region’s land market showcased a mix of trends, with high-end properties maintaining strong demand and stable prices and lower-tier properties facing price adjustments due to decreased buyer urgency. The demand for premium properties, especially large ranches, remained strong. This continued to push prices upward, despite elevated interest rates leading to fewer new listings and affecting overall sales volume.

How is 2025 shaping up? We expect to experience continued growth, albeit at a more moderate pace than in recent years. After experiencing fluctuations in response to the increase in mortgage rates, the market is gradually stabilizing with real estate prices in Montana rising at a faster clip than in many other states.

2024 Sales: $100M–$250M

Who: We specialize in sell-ing high-quality fishing, hunting, and recreational ranches throughout the Rocky Mountain region, including Colorado, New Mexico, Wyoming, Utah, and Montana.

WOW: Facilitated the largest single deal in our company’s history in an off-market sale.

What was your take on 2024? Off-market sales emerged as a dominant trend in our business.

How is 2025 shaping up? The market is characterized by low ranch inventory and high buyer demand. Off-market sales have continued.

2024 Sales: $100M–$250M

Who: Serving seven Western states, we have specialized in farming, ranching, and land development for more than 80 years. Closed sales include the largest contiguous ranch in the US, which we have sold four times since the firm began in 1944.

What was your take on 2024? We represented many landowners and developers as the area increased in population and popularity.

How is 2025 shaping up? It has kicked off with record sales for farmland, ranchland, and land for development. Nearly all deals have been cash, and we see that trend continuing. We expect record growth in the seven-state market we serve.

2024 Sales: $250M–$500M

Who: A ranch-and-land brokerage firm representing clients in the sale and acquisition of properties that are significant recreationally, ecologically, agriculturally, and historically.

WOW: Sold Lost Creek Ranch and Spa for $39.5 million. Located between Grand Teton National Park and Bridger-Teton National Forest, the ranch was on the market for the first time in 54 years.

What was your take on 2024? It was impressive, with ample activity on the buyer and seller sides. Overall volume was up from 2023, and our marketing activity and feedback were solid. We believe there was a normalization occurring as we finally put the pandemic in the rearview.

How is 2025 shaping up? It started strong. We continue to bring on new inventory and get showing and offer activity. We closed or had pending deals in eight states in the first two months of the year, with equivalent buyer and seller action overall.

2024 Sales: $250M–$500M

Who: We specialize in buying and selling premium ranches, recreational properties, and luxury estates across Colorado, New Mexico, and Wyoming. We have experience in land stewardship, water and mineral rights, wildlife management, and conservation.

WOW: Listed the 480-acre Red Mountain Ranch in Creede, Colorado. This property is surrounded by nearly 400,000 acres of national forest and features two private lakes, more than three miles of improved trout streams, and world-class hunting.

What was your take on 2024? It was a standout year. We saw a highly diverse group of motivated buyers, ranging from legacy ranch seekers to land investors and lifestyle buyers. On the listing side, seller expectations became more aligned with market realities. This led to more realistic pricing and the emergence of some excellent opportunities. The combination of serious buyers and quality listings created a dynamic and productive market environment.

How is 2025 shaping up? Our market continues to be driven by strong demand for conservation easement values, legacy holdings, and highly intentional buyers with specific desires. Based on early momentum and buyer engagement, we are optimistic that 2025 is shaping up to be our strongest year yet

2024 Sales: $100M–$250M

Who: We specialize in farms, ranches, and investment-grade holdings across the West. Our brokers have firsthand experience in the farm and ranch lifestyle and can help our clients navigate the purchase and sale of high-value agricultural, cattle, equestrian, timber, and recreational properties.

WOW: Listed 275,000-plus acres of Oregon timber and recreational land for more than $300 million.

What was your take on 2024? We completed fewer transactions compared to previous years, but the dollar volume per transaction was higher comparatively. Most transactions were cash.

How is 2025 shaping up? The start of the year showed an increase in serious buyers ready to find land transactions to add to their portfolio. All price ranges from $1 million to $300 million are active. Quality farmland, ranchland, timberlands, and recreational properties with income production along with carbon credits are experiencing active markets and engaged participants.

2024 Sales: $100M–$250M

Who: A ranch real estate brokerage firm that was founded in 2005, we specialize in legacy ranches and sporting properties.

WOW: Brokered two iconic Colorado properties: Dutton Creek Ranch in Pagosa Springs and North Face Ranch in Hayden. We also introduced St. Benedict’s Monastery to the market, listed at $150 million. St. Benedict’s is the largest intact landholding remaining in the Snowmass/Aspen region.

What was your take on 2024? The ranch real estate market experienced a notable increase in inventory — nearly double compared to 2023 — yet properties
continued to sell close to list price. Signs pointed to a gradual shift to a buyer’s market, with some resort markets seeing dramatic spikes in listings. Despite
seasonal slowdowns and fewer property tours in winter months, interest in legacy and high-value ranches remained strong.

How is 2025 shaping up? The market remains resilient amid broader economic and political uncertainty. As of late March, 20 percent of our listings were under contract, with new properties seamlessly taking their place. This reflects strong and steady demand.

2024 Sales: < $50M

Who: An accredited land con-sultant that specializes in ranch, farm, and recreation land sales in Wyoming, Nebraska, Montana, and South Dakota.

WOW: Sold two contiguous properties with two miles of the North Platte River along with a broad spectrum of wildlife, especially waterfowl.

What was your take on 2024? The inventory was the whole story. It was easy to sell once you found the listings.

How is 2025 shaping up? It continues to be easy to sell listings. There are still lots of cash buyers and 1031 exchange deals.

2024 Sales: $50M–$100M

Who: We specialize in ranches, farms, and recreational properties throughout Montana.

WOW: Represented the Willow Creek Ranch near Belt, Montana. Located along the Highwood Mountains, the ranch has 11,637 deeded acres, 1,500 acres of production, and more than 20 miles of creek frontage.

What was your take on 2024? It was a great year, with a list-to-sell ratio of more than 90 percent.

How is 2025 shaping up? We are off and running with new listings and more in the works. Additionally, we anticipate the price per acre to remain strong, especially for recreational properties. With the uncertainty in the market, buyers want to diversify and enjoy their investment in land.

2024 Sales: < $50M

Who: An independent brokerage located near Yellowstone National Park in Livingston, Montana. We specialize in premium ranches, recreational
properties, and land.

WOW: Brokered the highest farm and ranch sale of record in Park County, Montana.

What was your take on 2024? Steady with low inventory. Buyers were more selective and price-conscious than they were in 2023.

How is 2025 shaping up? Farm and ranch inventory is dwindling. Pricing seems to be at 2024 levels, with some fluctuation.

2024 Sales: < $50M

Who: We specialize in ranches and resort properties in and around Steamboat Springs.

WOW: We had two sales that set new price points for the area. One was a 118-acre parcel with excellent river frontage in a valley 10 miles from town. The other was a 100-acre parcel with three homesites and beautiful slope views. Both properties sold for $7 million.

What was your take on 2024? A strong first half, particularly for excellent-quality properties. The second half was slower, possibly fueled by election uncertainty.

How is 2025 shaping up? Steadily busy even during winter, when rural property sales tend to slow down.

2024 Sales: $100M–$250M

Who: We specialize in ranches, farms, recreational properties, and luxury estates throughout the Rocky Mountains. Our expertise extends to working ranches, productive farmland, trophy hunting and fishing properties, resorts, and luxury homes.

WOW: Sold the Camas Creek Cattle & Sheep Company near White Sulphur Springs, Montana, for more than $50 million. The ranch encompasses 30,000 acres and had been under the stewardship of the Doggett family for more than a century. It featured three residences, 7.5 miles of creek frontage, and 1,800 head of cattle.

What was your take on 2024? Well-capitalized recreational buyers continued to pay top dollar — often in cash — for trophy ranches with recreational value and scenic amenities. While inflation has eased and safer investments now yield more attractive returns, long-term investors continue to be active in the land market. Additionally, the rising cost of improvements helped support the value of properties that were already improved.

How is 2025 shaping up? For landowners considering selling, the market remains favorable. Values are near historic highs in many areas, and well-marketed properties continue to attract interest. For buyers, the current environment offers more breathing room to conduct due diligence and negotiate compared to the sprint of recent years. Competition for listings is fierce with historically low inventories.

2024 Sales: $50M–$100M

Who: Our team of 23 agents is located in Central and North-eastern Montana, a territory covering approximately 25 million undeveloped acres. We specialize in large agricultural- and hunting-land transactions in an area where cows and wildlife outnumber people in most counties.

WOW: Sold more than 85,000 acres in 2024, surpassing our previous high of 76,000 acres sold in 2021.

What was your take on 2024? Local buyers and owners of local farms and ranches came back into the market for the first time since the pandemic.

How is 2025 shaping up? Local buyers are actively seeking properties to sustain and expand ag operations.

2024 Sales: $50M–$100M

Who: For the past 20 years, we have specialized in connecting buyers and sellers of lifestyle properties across Western Colorado, including ranches, recreational land, and luxury homes.

WOW: After years of working with government officials, we represented the buyer and seller in the largest contiguous land sale in Costa Rica — nearly 5,000 acres.

What was your take on 2024? Our expansion into new markets gave us our best year ever.

How is 2025 shaping up? We expect more listings with strong sales in farm, ranch, and agricultural properties.