In short
The median value of owner-occupied homes is $425,400 in Montana and $360,900 in the city of Billings, against $360,600 nationwide (Census ACS 2024). On the FHFA index, Montana prices up 2.8% from Q2 2025 to Q2 2026.
The latest one-year ACS estimates cover 2024. The Census Bureau plans to release the 2025 one-year estimates in October 2026, so the figures below will change at that point.
What it costs: median value in 2024
| Area | Median value, 2024 | Margin of error (90%) |
|---|---|---|
| United States | $360,600 | ±$618 |
| Montana | $425,400 | ±$10,246 |
| Billings, MT metro area | $383,900 | ±$15,277 |
| Yellowstone County | $374,500 | ±$14,729 |
| City of Billings | $360,900 | ±$15,367 |
Source: Census ACS 2024, table B25077; owners’ own estimates, not sale prices.
Three points stand out:
- The Montana median is $64,800 above the national median.
- The city of Billings is $64,500 below the Montana median and almost level with the national figure ($300 above). The Billings metro area and Yellowstone County sit between the city and the state.
- The margin of error for the city of Billings (±$15,367) is wide, because the sample is small. The true city median is very likely between about $345,500 and $376,300.
How prices have moved: the FHFA index
| Area | 1-year change (Q2 2025 to Q2 2026) | 5-year change (Q2 2021 to Q2 2026) |
|---|---|---|
| United States | +2.1% | +33.4% |
| Montana | +2.8% | +40.6% |
Source: FHFA HPI, purchase-only, Q2 2026 (release of August 25, 2026); changes by Payotte.
FHFA’s purchase-only metro file covers only the largest metro areas, and Billings is not among them. We therefore show no FHFA trend for Billings itself; the state index is the nearest official measure.
Montana prices rose faster than the nation’s over both periods: about two fifths in five years, against one third nationally.
A worked example
Take a Montana home worth $400,000 in the second quarter of 2021. Tracking the state index exactly, it would have been worth about $562,000 in the second quarter of 2026 (+40.6%). Over the last year alone, it would have gained about $11,000 (+2.8%). A single home can differ widely from the index.
How to use these figures when buying
Related: Montana closing costs guide, buying a home in Billings and Montana first-time buyer programs.
Method and dataset
ACS median value. ACS 1-Year 2024, table B25077. Geographies: United States (0100000US), Montana (0400000US30), Billings, MT metro area (310M700US13740), Yellowstone County (0500000US30111), Billings city (1600000US3006550). Read through the data.census.gov API on October 13, 2026. The definition of value comes from the ACS 2024 Subject Definitions. The 2025 one-year estimates are scheduled for October 2026.
FHFA index. FHFA HPI (purchase-only, seasonally adjusted), files hpi_po_state.txt (Montana) and hpi_po_us_and_census.txt (USA). Index values used: Montana 721.98 (Q2 2025), 527.86 (Q2 2021) and 742.06 (Q2 2026); United States 426.58, 326.58 and 435.69. The purchase-only metro file (hpi_po_metro.txt) has no Billings series.
Frequently asked questions
What is the median home value in Montana?
Montana’s 2024 ACS median home value is $425,400 (±$10,246), against $360,600 for the nation: owners’ own estimates, not sale prices.
What is the median home value in Billings?
For the city of Billings, the 2024 ACS median value is $360,900 (±$15,367). Yellowstone County is at $374,500 and the Billings metro area at $383,900.
Are Montana home prices going up or down?
FHFA’s purchase-only index shows Montana prices rose 2.8% over the year to Q2 2026, and 40.6% over five years. FHFA does not publish a purchase-only index for Billings.
How Montana compares with the other States
Montana ranks 16th of 50 for median home value ($425,400), 18% above the national $360,600.
The States closest in median value are Arizona ($426,000) and Maryland ($436,300). The range runs from $170,800 in West Virginia to $875,900 in Hawaii; Montana is $85,900 above the middle of that ranking (Wyoming).
On the FHFA index, Montana prices rose 2.8% over the year to the second quarter of 2026, which places the State 25th of 50, 0.7 points ahead of the national +2.1%. Over five years the gain is +40.6% (13th of 50; nation +33.4%).
Montana sits in the middle of the pack on at least one of the two measures: 16th for the level, 25th for the one-year change.
Over five years, Montana's +40.6% annualises to +7.1% a year (nation +5.9%). The latest year (+2.8%) is 4.3 points under that average, a slower pace than the five-year average.
Billings, the main city, has a median of $360,900, 25th of the 49 main cities Payotte covers. That is 15% below the Montana median, a discount that ranks 40th of 49.
The one-year FHFA change runs from -1.2% in New Mexico to +8.3% in Alaska. Montana (+2.8%) is 5.5 points below the top and 4 above the bottom; Alabama (+2.8%) and Nevada (+2.8%) are the nearest to it.
For scale, 20% of the Montana median is $85,080, against $72,120 at the national median.
Compare with the other states: Median home price by state.
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?
- First-time home buyer programs in Montana and Billings
- How to verify a real estate license in Montana
Sources
- Census Bureau, ACS 1-Year 2024, table B25077 (consulted October 13, 2026)
- Census Bureau, 2025 ACS release schedule (consulted October 13, 2026)
- American Community Survey 2024 Subject Definitions (U.S. Census Bureau) (consulted October 13, 2026)
- FHFA news release, August 25, 2026 (consulted October 13, 2026)
- FHFA HPI datasets (quarterly, purchase-only) (consulted October 13, 2026)