2025 Sales: < $50M

Who: A husband-and-wife team that has been in business for more than 30 years. Licensed in Montana, South Dakota, and Wyoming, we specialize in land, ranches, and recreational property.

WOW! Marketed the historic Hamilton Ranch, which has sold only twice since being homesteaded and still has apple trees that were delivered on the Cheyenne-Deadwood Stage Route.

What was your take on 2025? Inventory remained low. Sale prices of quality land in many areas were at an all-time high. Off-market sales were a trend.

How is 2026 shaping up? Inventory appears to be opening up some. It is shaping up to be a good year, with strong buyer interest and many people looking for land investments.

2025 Sales: < $50M

Who: A full-service brokerage in Cody, Wyoming, that has been in operation for nearly 50 years. Specializing in residential and commercial real estate, ranching, and forestry

WOW! Closed seven multi-million-dollar transactions, spanning all corners of our market area.

What was your take on 2025? Affordability and mortgage rates remained a challenge, though we saw prices stabilize toward the fall and later in the year.

How is 2026 shaping up? The first quarter was healthier and more balanced. Lower mortgage rates and increasing inventory are expected to continue. Slight gains in affordability will create opportunities for buyers who have been waiting. The expanded inventory allows sellers to face more healthy competition and to be motivated to list and sell at a reasonable price.

2025 Sales: $100M–$250M

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

WOW! Sold the 5,780-acre Ellis-Campbell Ranch in Goshen County, Wyoming. Listed at slightly more than $9 million, the property was under contract within 15 days of going on the market and closed within 30 days.

What was your take on 2025? Inventory was low. As a result, when a farm or ranch was listed, it usually didn’t last long before it was under contract and proceeding to close.

How is 2026 shaping up? Like 2025, with low inventory and many interested buyers. These buyers are able and willing to purchase quickly if the right property comes to market.

2025 Sales: $100M–$250M

Who: With more than 30 office locations in Montana, North Dakota, Idaho, Wyoming, and Washington, we are the top sales-volume broker for Sports Afield Trophy Properties. This partnership provides us access to more than 650 recreational, farm, and ranch-oriented websites.

WOW! Sold a newly completed, luxury lakefront estate on Whitefish Lake in Montana. Offered at $16.75 million, the 6,700-square-foot residence features 96 feet of shoreline, as well as panoramic views of the lake and surrounding mountains.

What was your take on 2025? Sales volume noticeably increased compared with 2024, and inventory levels broadly increased. Days-on-market decreased considerably in some areas, reflecting sustained buyer demand and a loosening
supply of properties.

How is 2026 shaping up? We are cautiously optimistic. The market of 2025 represented a continuing transition toward a more balanced, healthier market environment, away from the feverish, high-pressure pace of recent years. The inventory improvements of 2025 are a healthy sign, and buyer demand for recreational land, ranches, waterfront, and rural acreage remains structurally strong.

2025 Sales: $50M–$100M Who: A boutique brokerage and advisory firm specializing in ranches, sporting properties, and land assets throughout the Western US. Our platform is engineered to market rural real estate globally.

WOW! Represented both the buyer and seller in the transaction of Rogers Mountain Ranch, a legacy property situated in the high elevation of Colorado’s South Park Basin. Previously owned by actors Kurt Russell and Goldie Hawn, the ranch combines agricultural and sporting values with more than 10,000 square feet of luxury improvements.

What was your take on 2025? Ranch and farm values largely remained level, with only modest movement across asset classes. Inventory also ticked slightly higher, primarily among Class B and C ranches. In contrast, the supply of Class A ranches remained notably constrained, continuing a trend that has defined the market for several years.

How is 2026 shaping up? We see the market continuing to normalize over 2026, with some specific opportunities for buyers and sellers. Significant upside exists for buyers willing to invest in targeted improvements to reposition properties into higher-demand categories. Sellers who align pricing with current market realities and present their properties effectively will continue to find success. We expect the Class A ranch category to remain scarce and in high demand by the high-net-worth buyer profile and investor groups.

2025 Sales: < $50M

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

WOW! Sold the 2,104-acre Rafter J Ranch in South Central Montana. In addition to fertile fields and sprawling grazing acres, the ranch has an artesian, geothermally heated water system that gravity-feeds every pasture.

What was your take on 2025? The Montana and Greater Rocky Mountain land market settled into a more disciplined, quality-driven phase, especially for lifestyle, ranch, and recreational acreage.

Instead of broad volume spikes, demand centered on properties with attributes such as lake frontage, trophy-hunting access, big views, ag improvements, and outdoor-lifestyle appeal.

How is 2026 shaping up? Our outlook is extremely positive. Demand remains strongest for high-quality properties that deliver lifestyle and legacy value: water, views, recreation, privacy, and proximity to destinations such as Glacier National Park. Inventory remains tight in the most desirable corridors, which continues to support pricing for turnkey ranches, recreational tracts, and income-producing land. While buyers may be more selective, the rare and well-positioned properties are still attracting serious interest.

2025 Sales: < $50M

Who: A rural real estate brokerage serving buyers and sellers of ranches, land, and distinctive rural properties across the West.

WOW! Facilitated the sale of a property to a client who became a bison rancher.

Following the sale, our client stocked the ranch with the first of his herd, fulfilling a lifelong dream.

What was your take on 2025? The first half of 2025 had all the makings of a correction year as it became apparent to many sellers that COVID-level pricing was no longer the norm.

How is 2026 shaping up? The outlook appears more favorable than in 2025. Interest rates have edged downward; 1031 exchange buyers remain active.

2025 Sales: $100M–$250M

Who: A Colorado-based family business that has been serving landowners and buyers in the Rockies since 1992. Specializing in high-quality fishing, hunting, and recreational ranches across Colorado, New Mexico, Wyoming, Utah, and Montana.

WOW! Almost 70 percent of our sales in 2025 never hit the open market or were available for only a few weeks before going under contract.

What was your take on 2025? Ranches with outstanding wildlife habitat, superior water resources, first-class improvements, and a desirable location were in the highest demand and commanded the highest prices. Demand softened for second-tier properties that lacked adequate water resources or improvements, had game-tag limitations, difficult access, or were priced above recent comparable sales.

How is 2026 shaping up? We expect the pricing and performance gap between A-Class ranches and average offerings to remain wide. Ranches with superior water, access, recreation, location, and aesthetics will continue to outperform, while properties with limitations may require additional time and/ or pricing adjustments.

2025 Sales: < $50M

Who: Having spent decades as mountain and river guides, our team possesses a deep-rooted understanding of the land, water, and culture of the high-country West.

What was your take on 2025? We saw a wave of investors wanting to reallocate capital from the volatility of the stock market into the permanence of land. Scarcity drove demand for special mountain properties. Buyers were treating these properties as dual-purpose assets that appreciate on the balance sheet while also providing an immediate lifestyle dividend.

How is 2026 shaping up? The outlook in Western Colorado is incredibly strong. A heightened demand for security and solitude has made mountain properties more coveted than ever. We are also seeing a significant shift in inventory as legacy ranchlands change hands. Many longtime ranchers retire, and their successors are often looking to cash out and diversify. We think a surge of properties will hit the market in 2026, opening up opportunities to acquire acreage that hasn’t been on the market in generations.

2025 Sales: < $50M

Who: We have more than 35 years of experience in Telluride and the Southwest Colorado markets, working in all aspects of real estate sales with a focus on ranches.

WOW! Listed a 167-acre US Forest Service inholding on Sunshine Mesa for $10.5 million that the same family had owned since the 1970s.

What was your take on 2025? It was a normalizing year characterized by quality over quantity, moving away from the volatility of previous years. While transaction counts and dollar volumes softened compared with 2024, pricing remained resilient in high-demand areas, and the year ended with a notable surge in December.

How is 2026 shaping up? With continued strength in the upper end of the market, we expect to see some big ranch sales this summer as high-net-worth individuals move into hard assets.

2025 Sales: $500M–$1B Who: A ranch and land bro-kerage firm helping clients in the sale and acquisition of

properties that are significant recreationally, ecologically, agriculturally, and historically. These include fly-fishing and sporting properties, working ranches, conservation lands, and legacy estates.

WOW! A record year with five brokers exceeding $40 mil-lion in transaction volume. What was your take on 2025? It marked a return to equi-librium after several years

of volatility. Inventory levels increased across many of our core regions, while qualified-buyer demand remained strong and disciplined. This resulted in healthier deal flow, more normalized time-lines, and pricing that was supported by fundamentals rather than urgency alone.

Overall, 2025 felt less specula-tive and more sustainable.

How is 2026 shaping up? We

are optimistic about 2026 and encouraged by early indi-cators. Our current listing inventory is well-positioned across multiple regions

and property types, and buyer engagement remains active. We expect continued

2025 Sales: $500M–$1B Who: A ranch and land bro-kerage firm helping clients in the sale and acquisition of

properties that are significant recreationally, ecologically, agriculturally, and historically. These include fly-fishing and sporting properties, working ranches, conservation lands, and legacy estates.

WOW! A record year with five brokers exceeding $40 million in transaction volume.

What was your take on 2025? It marked a return to equilibrium after several years of volatility. Inventory levels increased across many of our core regions, while qualified-buyer demand remained strong and disciplined. This resulted in healthier deal flow, more normalized timelines, and pricing that was supported by fundamentals rather than urgency alone. Overall, 2025 felt less speculative and more sustainable.

How is 2026 shaping up? We are optimistic about 2026 and encouraged by early indicators. Our current listing inventory is well-positioned across multiple regions and property types, and buyer engagement remains active. We expect continued interest in high-quality properties with strong water, agricultural viability, and conservation value. While we anticipate a disciplined market rather than an over-heated one, the fundamentals supporting land ownership remain compelling.

2025 Sales: $250M–$500M

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

WOW! Closed on the historic Atarque Ranch in Western New Mexico. Spanning more than 109,000 contiguous acres, the Atarque had been held by the same family for nearly five decades before coming to market. Listed at

$68.5 million, the ranch has a deep cultural history, premier wildlife habitat, and long-standing livestock operations.

What was your take on 2025? A fantastic year.

How is 2026 shaping up? We’ve seen a noticeable shift in the marketplace. When the overall financial climate is strong, it tends to translate into increased activity and momentum within the ranch and luxury-land market. We believe 2026 is shaping up to be an excellent year.

2025 Sales: $250M–$500M

Who: With roots dating back to 1961, Mason & Morse Ranch Company is a specialized brokerage firm for ranch, farm, and recreational land, selling property across the West with national buyer reach and expertise. Mason & Morse Ranch Company specializes in real estate transactions involving working cattle ranches, agricultural farmland, recreational and luxury ranches, hunting and fishing properties, equestrian estates, forest and timberland, and conservation lands.

WOW! Marketed the Oregon High Cascade Timberland Portfolio, covering 197,596 acres across six tracts in Central Oregon.

What was your take on 2025? It was one of our best years regarding land sales. Overall, inventory levels were tight. In addition, the structuring of many of the deals was not always easy.

How is 2026 shaping up? We anticipate the market will continue to rise. Inventory will continue to remain tight for quality asset types. Lower interest rates may get some buyers back into the market. Early this year, we found some sellers to be more realistic about pricing. This resulted in reductions on previously overpriced properties. As always, quality assets will remain attractive and see valuation gains, while lower-quality assets will be harder to sell and may require pricing adjustments.

2025 Sales: $250M–$500M

Who: A ranch real estate brokerage firm founded in 2005 specializing in legacy ranches and sporting properties.

WOW! Brokered the most expensive residential real estate deal in Pitkin County, Colorado, history with the sale of the $120 million St. Benedict’s Monastery. Also sold Dawson Elk Valley Ranch in New Mexico to The Nature Conservancy, which, combined with neighboring Vermejo Park, will conserve nearly 600,000 acres.

What was your take on 2025? Ultra-high-net-worth buyers and family offices remained active, seeking truly distinctive legacy properties. At the same time, several agriculturally focused offerings experienced softer demand, likely influenced by broader market factors such as commodity pricing and market uncertainty.

How is 2026 shaping up? We remain bullish, supported by sustained inbound interest from qualified buyers and strong engagement from larger landowners. We continue to see meaningful opportunities in recreational properties and distinctive landscapes. With construc-

tion costs remaining elevated, properties with existing, high-quality infrastructure are expected to remain particularly attractive to buyers

2025 Sales: $50M–$100M

Who: A Montana-based real estate firm specializing in working ranches and recreational properties.

WOW! Represented the Willow Creek Ranch near Belt, Montana, a sprawling property with more than 11,600 deeded acres and 20 miles of creek frontage.

What was your take on 2025? Agricultural ranches demonstrated resilience and steadiness. Values held firm, supported by disciplined buy-ers and enduring operational fundamentals. Recreational properties continued to command exceptional interest. Demand for live water, wildlife habitat, privacy,

and lifestyle-driven own-ership remained robust, particularly among legacy and out-of-state buyers. Premium offerings drew decisive attention.

How is 2026 shaping up? It appears poised to mirror the strength of 2025, with continued confidence across both agricultural and recreational sectors. Early indicators suggest an especially active first quarter, marked by a notable increase in off-market transactions. Discreet negotiations and relationship-driven deals are gaining momentum. If this pace continues, 2026 may distinguish itself through the volume and velocity of private, well-orchestrated closings.

2025 Sales: < $50M

Who: An independent brokerage located in Livingston, Montana – near Yellowstone National Park – that special-izes in the sale of premium ranches, land, and recreational properties.

What was your take on 2025? Low inventory, overpriced listings, fewer high-net-worth buyers, and an unstable economy impacted us.

How is 2026 shaping up? If the economy stabilizes and some exceptional properties come to market, 2026 should play out well.

2025 Sales: $50M–$100M

Who: A boutique firm based in Steamboat Springs, Colorado, specializing in ranches in Northwest Colorado, as well as resort properties in and around the state’s second-largest ski resort.

WOW! After a few summers on the market, a 1,027-acre ranch listed by R&RR received multiple offers and ultimately sold for more than the asking price at $20 million. The ranch bordered the Steamboat city limits, had a National Forest boundary, and was unencumbered.

What was your take on 2025? It was a banner year for ranches and special properties (luxury homes, live water, public-land boundary). As much of the rural residential market softened slightly, larger-acreage properties remained desirable and commanded high prices.

How is 2026 shaping up? The end of 2025 did not slow down, and that has continued into 2026. Given the location, the area’s amenities, and the scenic beauty, the Steamboat Springs market should remain attractive this year.

2025 Sales: $50M–$100M

Who: We serve a large portion of Central and Eastern Montana, including some of the state’s most rural markets. We specialize in farm and ranch, recreational and hunting properties, commercial investments, and residential homes.

WOW! Expanded our market into the Bull Mountains, a highly sought-after region for big-game hunting and large-scale production of agricultural properties.

What was your take on 2025? It was an exceptional year. Many of our agents experienced their strongest performance to date. Demand for rural Montana properties has remained remarkably resilient, growing consistently year over year for the past five years despite shifting interest rates and broader market adjustments. Our primary challenge is securing enough quality inventory to meet ongoing demand.

How is 2026 shaping up? It remains strong, with expectations of surpassing 2025. Land continues to be in high demand, particularly hunting and recreational properties, which are moving quickly across all price points, from smaller tracts to multi-million-dollar offerings, often with very few days on market. Agricultural properties are also experiencing heightened interest. As the cattle market remains strong, we are witnessing a notable shift as the gap between grass values and traditional farmland prices is beginning to narrow.