Billings, MT—59102
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 $371,000, with a year-over-year change of 0.8%. This indicates that home prices in Billings, MT are flat. According to Zillow, the 1-year price projection is 1.8%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $371,000 | 0.8% |
| Single Family | $377,000 | 0.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $190,000 | 3.3% |
2 Bed | $278,000 | -0.7% |
3 Bed | $354,000 | 0.3% |
4 Bed | $395,000 | 0.0% |
| 5 Bed | $445,000 | -0.2% |
% of Housing Stock
Rental Trends — Billings, MT
As of July '25, Rentcast reports the average rent in Billings, MT is $1,800, with a year-over-year rent change of 11.1%. Per bedroom, the median rent as of July '25 in Billings, MT is studios: $1,190, 1-bedrooms: $1,200, 2-bedrooms: $1,250, 3-bedrooms: $1,980, 4-bedrooms: $2,600. The most common rental property sizes in Billings, MT are 2-bedroom and 3-bedroom, accounting for 42.2% and 23.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,700 | $1,800 |
| Studio Rent | $1,170 | $1,190 |
| 1 Bed Rent | $1,110 | $1,200 |
| 2 Bed Rent | $1,220 | $1,250 |
| 3 Bed Rent | $1,950 | $1,980 |
| 4 Bed Rent | $2,300 | $2,600 |
% 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 55. This is a increase of 18.0% 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 35.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $379,000 | 4.0% |
Listing Count | 214 | 14.0% |
| Listings as % of Homes | 0.4% | 14.0% |
Days on Market | 55 | 18.0% |
Demographics — Billings, MT
As of the latest ACS Survey released in 2023, Billings, MT has a population of 48,700, which has increased by 3.7% over the past 5 years. Billings, MT is a moderately popular place for families, as children make up 20.3% of the population. The area has a moderately educated workforce, with 42.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 48,700 | 3.7% |
% Under 18 | 20.3% | 2.0% |
% Seniors | 23.4% | 7.8% |
% WFH | 8.7% | 148.6% |
% w/ College Degree | 42.9% | 16.9% |
As of the latest ACS Survey released in 2023, Billings, MT is a predominantly white area, with 87.5% of the population identifying as white. The white population has shrunk by 1.8% in the last 5 years. The second most common race or ethnicity in Billings, MT is hispanic, making up 5.6% of the population. Foreign-born residents account for 2.3% of the population in Billings, MT, and this percentage has decreased by 20.7% 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 | 87.5% | -1.8% |
% Black | 0.4% | -55.6% |
% Hispanic | 5.6% | 60.0% |
% Asian | 1.4% | 27.3% |
% Foreign Born | 2.3% | -20.7% |
Mortgage and Risk — Billings, MT
According to HUD data as of 2023, there were 737 mortgage originations in Billings, MT, of which 76.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 28.0% above 90% LTV (very high). This implies large mortgage risk in Billings, MT. Investor activity is low, as 1.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 737 |
% Conventional Loans | 76.0% |
% Government Loans | 24.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Billings, MT
As of 2024, the percent of homes in Billings, MT under the Section 8 program is 10.3%. 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. 2-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 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 831 |
Total Units Section 8 | 718 |
% Rentals under Section 8 | 10.3% |
% Occupied Section 8 | 83.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$30 | $1,110 | $1,080 |
| 2 Bedroom | $170 | $1,220 | $1,390 |
| 3 Bedroom | -$40 | $1,950 | $1,910 |
| 4 Bedroom | -$150 | $2,300 | $2,150 |
Affordability — Billings, MT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.7 |
| Median Home Price | $371,000 |
| Median Household Income | $75,100 |