Billings, MT Housing Market

Market Overview

Billings, MT presents a moderate and mixed housing market, reflected by a PropertyIQ Score of 48 out of 100. The median home value is $409,829, about $61,900 below the Montana state average of $471,746. The local rent index is $1,426, well above the state average of $1,031. Unemployment is 3.1%, slightly better than the state average of 3.2%, and median household income is $74,599, above the state average of $69,922. These figures suggest a relatively affordable ownership market by statewide standards, but one with stronger rental demand.

The score is tempered by momentum and pace indicators. The 12-month home value momentum is 4.82%, but the 3-month momentum is -1.20%, and the year-over-year home value change is reported as $2. Median days on market is 51 days, and 19.5% of listings have a price cut. With 873 homes for sale, Billings shows a moderately supplied market where sellers are adjusting prices. Compared with the state, Billings offers lower home prices and higher rents, but recent cooling keeps the overall score at 48.

Key Trends

One clear trend is cooling home price momentum. The 12-month home value momentum of 4.82% shows some appreciation over the past year, but the 3-month momentum of -1.20% and a year-over-year home value change of $2 indicate that price growth has flattened recently. The 19.5% share of listings with a price cut supports this picture: nearly one in five sellers has reduced the asking price, suggesting a shift toward more buyer-friendly conditions.

A second trend is moderate market pace. Median days on market is 51 days, which is not exceptionally fast or slow. Combined with 873 homes for sale, it points to enough inventory to give buyers time and options. No state benchmark for days on market or inventory is provided, but the local figures indicate a balanced-to-softening environment.

A third trend is relative affordability compared with the rest of Montana. Billings’ median home value of $409,829 is below the state average of $471,746, while median household income of $74,599 is above the state average of $69,922. Local incomes are slightly better positioned relative to home prices than the state profile. However, the rent index of $1,426 is significantly above the state average of $1,031, which may offset some affordability benefits for renters saving for a down payment.

A fourth trend is rental market strength. The rent index of $1,426 exceeds the state average by $395. Lower home values than the state average and higher rents than the state average can create a more favorable rent-to-price profile, although the cooling price momentum and