In short
The median value of owner-occupied homes in Billings is $360,900 (Census ACS 2024; owner estimates, not sale prices). The FHFA House Price Index shows Montana prices up 2.8% between the second quarters of 2025 and 2026. Montana has no real estate transfer tax. Selling a main home you owned and lived in for 2 of the last 5 years, the first $250,000 of gain ($500,000 for a married couple filing jointly) is excluded from federal income tax (IRS Publication 523).
Calculate for Billings
In short
The median value of owner-occupied homes in the city of Billings is $360,900, according to the Census Bureau’s 2024 American Community Survey, about the same as the national $360,600 and well below Montana’s $425,400. Buyers can combine up to $15,000 of state down payment help with a City of Billings loan of up to 20% of the price, subject to income limits and funding.
How much homes cost in Billings
The Census Bureau’s American Community Survey (ACS) asks owners how much they think their home would sell for. The median of those answers is a useful benchmark, but it is not a sale price: it covers every owner-occupied home, including homes bought long ago. Our page on Montana home prices explains the method in detail.
| Area | Median value, 2024 (ACS) | Margin of error (90%) |
|---|---|---|
| City of Billings | $360,900 | ±$15,367 |
| Yellowstone County | $374,500 | ±$14,729 |
| Billings, MT metro area | $383,900 | ±$15,277 |
| Montana | $425,400 | ±$10,246 |
| United States | $360,600 | ±$618 |
Source: U.S. Census Bureau, ACS 1-Year Estimates 2024, table B25077. The 2025 estimates are scheduled for October 2026.
Are prices rising?
The Federal Housing Finance Agency (FHFA) tracks repeat sales of the same single-family homes. It publishes no purchase-only index for Billings, so the nearest official measure is the state. Its purchase-only, seasonally adjusted index, published August 25, 2026, shows:
| Area | 1-year change (Q2 2025 to Q2 2026) | 5-year change (Q2 2021 to Q2 2026) |
|---|---|---|
| Montana | +2.8% | +40.6% |
| United States | +2.1% | +33.4% |
Source: FHFA House Price Index, quarterly purchase-only files. Changes calculated by Payotte from the published index values.
Montana prices rose slightly faster than the nation’s over the past year, and clearly faster over five years.
Closing costs, property tax and transfer tax
On top of the price, buyers and sellers pay closing costs. We cover each topic once, for the whole state, so the figures stay consistent:
- Closing costs in Montana: who pays what and a worked example.
- Property tax in Montana: how values are set, exemptions and appeals.
- Transfer tax in Montana.
- For the mortgage payment, see our guide to escrow accounts.
Help for Billings buyers
Two public programs apply to a purchase in Billings, and they can be used together with a participating lender.
| Program | What it offers | Key limit |
|---|---|---|
| Montana Board of Housing down payment assistance | Up to 5% of the price, maximum $15,000, for down payment and closing costs | Yellowstone County income limit $128,160 (1-2 people) or $149,520 (3+); price limit $789,337 (list of July 24, 2026) |
| City of Billings First Time Homebuyer Program | Zero-interest, deferred loan of up to 20% of the purchase price | Household income at or below 80% of Area Median Income (HUD limits); first-come, first-served funding |
Sources: Montana Board of Housing; City of Billings Community Development Division, read October 13, 2026. The Board’s Plus 0% program has a lower income limit of $80,000 (1-2 people) or $90,000 (3+).
On the city’s page, funding was available as of September 10, 2026. The city’s lender page adds that homes built before 1978 with chipping or peeling paint, and homes with tenants, are not eligible, and that approval can take more than four weeks. Details, rates and the application steps are on our page about first-time buyer programs in Montana. Questions for the city go to homebuyer@BillingsMT.gov.
Montana guides for Billings buyers
Frequently asked questions
What is the median home price in Billings?
The Census Bureau’s 2024 American Community Survey puts the median value of owner-occupied homes in the city of Billings at $360,900 (±$15,367). This is what owners think their home is worth, not the median sale price of recent sales.
Are home prices in Billings going up?
FHFA publishes no purchase-only index for Billings. Its index for Montana rose 2.8% between the second quarters of 2025 and 2026, and 40.6% over five years.
Is Billings cheaper than the rest of Montana?
By this measure, yes. The city’s median value ($360,900) is $64,500 below the state’s ($425,400). Yellowstone County ($374,500) and the metro area ($383,900) are higher than the city.
Is there help for first-time buyers in Billings?
Yes. The Montana Board of Housing offers up to $15,000 in down payment assistance, and the City of Billings offers a deferred loan of up to 20% of the price to households at or below 80% of Area Median Income. Both have conditions and limits.
Which county is Billings in?
Billings is in Yellowstone County. The county’s Board of Housing income limit is $128,160 for households of one or two people and $149,520 for three or more.
More Montana guides
- Closing costs in Montana: what buyers and sellers pay
- Montana transfer tax: none, but a price form applies
- Montana property tax: rates, homestead rate and how to appeal
- Seller disclosure requirements in Montana
- Do you need a real estate attorney to close in Montana?
- How does foreclosure work in Montana, and how long does it take?
- Home prices in Montana and Billings: median value and trend
- First-time home buyer programs in Montana and Billings
- How to verify a real estate license in Montana
Sources
- Table B25077, Median Value (Dollars), ACS 1-Year Estimates 2024 (U.S. Census Bureau) (consulted October 13, 2026)
- 2025 ACS Data Release Schedule (U.S. Census Bureau) (consulted October 13, 2026)
- U.S. House Prices Rise 2.1 Percent Year over Year, Up 0.3 Percent Quarter over Quarter (FHFA, August 25, 2026) (consulted October 13, 2026)
- FHFA House Price Index datasets, quarterly purchase-only indexes (state, metro) (consulted October 13, 2026)
- Montana Board of Housing Quick Reference Guide, July 24, 2026 (PDF) (consulted October 13, 2026)
- Down Payment Assistance (Montana Board of Housing) (consulted October 13, 2026)
- First Time Homebuyer Program (City of Billings Community Development Division) (consulted October 13, 2026)
- Lenders & Realtors, First Time Homebuyer Program (City of Billings) (consulted October 13, 2026)