Billings, MT—59101
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Billings, MT
As of Oct '25, the median home price in Billings, MT is $323,000, with a year-over-year change of 1.4%. This indicates that home prices in Billings, MT are increasing. According to Zillow, the 1-year price projection is 2.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $323,000 | 1.4% |
| Single Family | $325,000 | 0.9% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $190,000 | 3.8% |
2 Bed | $264,000 | 0.0% |
3 Bed | $335,000 | 0.6% |
4 Bed | $384,000 | 1.6% |
| 5 Bed | $500,000 | 1.6% |
% of Housing Stock
Rental Trends — Billings, MT
As of July '25, Rentcast reports the average rent in Billings, MT is $1,450, with a year-over-year rent change of 13.3%. Per bedroom, the median rent as of July '25 in Billings, MT is studios: $1,090, 1-bedrooms: $1,090, 2-bedrooms: $1,530, 3-bedrooms: $1,860, 4-bedrooms: $2,160. The most common rental property sizes in Billings, MT are 2-bedroom and 1-bedroom, accounting for 37.2% and 33.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,400 | $1,450 |
| Studio Rent | $881 | $1,090 |
| 1 Bed Rent | $970 | $1,090 |
| 2 Bed Rent | $1,620 | $1,530 |
| 3 Bed Rent | $1,880 | $1,860 |
| 4 Bed Rent | $1,900 | $2,160 |
% of Rental Stock
Property Listings — Billings, MT
As of Oct '25, Realtor.com reports that the median days on market for a home in Billings, MT is 62. This is a increase of 14.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 23.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $386,000 | -1.0% |
Listing Count | 179 | 15.0% |
| Listings as % of Homes | 0.5% | 15.0% |
Days on Market | 62 | 14.0% |
Demographics — Billings, MT
As of the latest ACS Survey released in 2023, Billings, MT has a population of 41,800, which has remained stable by 0.9% over the past 5 years. Billings, MT is a moderately popular place for families, as children make up 20.8% of the population. The area has a poorly educated workforce, with 22.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 41,800 | 0.9% |
% Under 18 | 20.8% | -13.0% |
% Seniors | 13.9% | 32.4% |
% WFH | 5.7% | 78.1% |
% w/ College Degree | 22.4% | -5.9% |
As of the latest ACS Survey released in 2023, Billings, MT is a predominantly white area, with 74.9% of the population identifying as white. The white population has shrunk by 4.3% in the last 5 years. The second most common race or ethnicity in Billings, MT is hispanic, making up 9.4% of the population. Foreign-born residents account for 1.8% of the population in Billings, MT, and this percentage has decreased by 14.3% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 74.9% | -4.3% |
% Black | 2.0% | 185.7% |
% Hispanic | 9.4% | 8.0% |
% Asian | 0.6% | 0.0% |
% Foreign Born | 1.8% | -14.3% |
Mortgage and Risk — Billings, MT
According to HUD data as of 2023, there were 644 mortgage originations in Billings, MT, of which 69.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in Billings, MT. Investor activity is low, as 3.0% of loans were by investors. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 644 |
% Conventional Loans | 69.0% |
% Government Loans | 31.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 15.0% |
Loan Activity
Rentals and Section 8 — Billings, MT
As of 2024, the percent of homes in Billings, MT under the Section 8 program is 13.8%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Billings, MT, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom and 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,141 |
Total Units Section 8 | 1,032 |
% Rentals under Section 8 | 13.8% |
% Occupied Section 8 | 82.5% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $0 | $970 | $970 |
| 2 Bedroom | -$370 | $1,620 | $1,250 |
| 3 Bedroom | -$160 | $1,880 | $1,720 |
| 4 Bedroom | $30 | $1,900 | $1,930 |
Affordability — Billings, MT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.1 |
| Median Home Price | $323,000 |
| Median Household Income | $58,200 |