Home Values in Billings, Montana — 2026 Market Report
Updated March 2026 | Balanced Market | +2.5% YoY
The median home value in Billings, Montana is $345,000 as of March 2026, which is below the national median of $400,000. Home values in Billings have increased by 2.5% over the past year and 13.1% over the last five years. With a population of 119,116 and a median household income of $56,250, the price-to-income ratio stands at 6.1x, making Billings affordable for the average household.
Billings Housing Market Conditions
| Metric | Billings | National Avg |
|---|---|---|
| Median Home Value | $345,000 | $400,000 |
| YoY Appreciation | +2.5% | +3.8% |
| 5-Year Appreciation | +13.1% | +22.4% |
| Price per Sq Ft | $114 | $222 |
| Days on Market | 56 days | 45 days |
| Months of Supply | 3 | 3.5 |
| List-to-Sale Ratio | 98.9% | 98.5% |
| Monthly Homes Sold | 91 | — |
| Foreclosure Rate | 0.37% | 0.3% |
Home Value Trends in Billings
A homeowner who purchased at the median price of $305,040 five years ago in Billings would have gained approximately $39,960 in equity, representing a 13.1% return on investment. Over the past year alone, the typical homeowner gained $8,415 in home equity.
Affordability in Billings, MT
With a median household income of $56,250 and a median home price of $345,000, the price-to-income ratio in Billings is 6.1x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $1,907 compared to estimated monthly ownership costs of $1,878 gives a rent-vs-buy ratio of 0.98. In Billings, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in Billings
The effective property tax rate in Montana is 0.83%. On a home valued at $345,000, the estimated annual property tax bill is $2,864, or approximately $239/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Billings is 96.5 (100 = national average), indicating living costs are near the national average.
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Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Billings, MT?
The median home value in Billings, Montana is $345,000 as of March 2026. Home values have changed +2.5% over the past year, with a 5-year appreciation of 13.1%.
Is Billings a buyer's or seller's market?
Billings is currently a balanced market with 3 months of housing supply. Homes spend an average of 56 days on market, and the list-to-sale price ratio is 98.9%. Supply and demand are relatively balanced.
Are home values going up in Billings?
Yes, home values in Billings have increased by 2.5% over the past year. The 5-year appreciation rate is 13.1%, meaning a home worth $305,040 five years ago is now worth $345,000.
Is it better to rent or buy in Billings?
The average monthly rent in Billings is $1,907, while estimated monthly homeownership costs are approximately $1,878. The price-to-rent ratio is 15.1. Based on current conditions, buying may be more cost-effective than renting in this market.
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Disclaimer: Home value data for Billings, Montana is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.