Billings, MT—59105
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 $408,000, with a year-over-year change of 1.0%. This indicates that home prices in Billings, MT are increasing. According to Zillow, the 1-year price projection is 2.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $408,000 | 1.0% |
| Single Family | $412,000 | 1.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $290,000 | 0.3% |
3 Bed | $389,000 | 1.0% |
4 Bed | $433,000 | 0.9% |
| 5 Bed | $495,000 | 0.8% |
% of Housing Stock
Rental Trends — Billings, MT
As of July '25, Rentcast reports the average rent in Billings, MT is $1,770, with a year-over-year rent change of 21.2%. Per bedroom, the median rent as of July '25 in Billings, MT is 1-bedrooms: $1,170, 2-bedrooms: $1,240, 3-bedrooms: $1,880, 4-bedrooms: $2,570. The most common rental property sizes in Billings, MT are 2-bedroom and 3-bedroom, accounting for 40.0% and 29.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,580 | $1,770 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,000 | $1,170 |
| 2 Bed Rent | $1,180 | $1,240 |
| 3 Bed Rent | $1,700 | $1,880 |
| 4 Bed Rent | $2,300 | $2,570 |
% 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 45. This is a increase of 9.0% 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 28.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $425,000 | 4.0% |
Listing Count | 152 | -5.0% |
| Listings as % of Homes | 0.8% | -5.0% |
Days on Market | 45 | 9.0% |
Demographics — Billings, MT
As of the latest ACS Survey released in 2023, Billings, MT has a population of 34,400, which has increased by 8.9% over the past 5 years. Billings, MT is a popular place for families, as children make up 27.0% of the population. The area has a moderately educated workforce, with 29.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 34,400 | 8.9% |
% Under 18 | 27.0% | 0.4% |
% Seniors | 16.1% | 15.0% |
% WFH | 7.4% | 117.6% |
% w/ College Degree | 29.8% | 8.0% |
As of the latest ACS Survey released in 2023, Billings, MT is a predominantly white area, with 84.7% of the population identifying as white. The white population has shrunk by 2.4% in the last 5 years. The second most common race or ethnicity in Billings, MT is hispanic, making up 6.8% of the population. Foreign-born residents account for 1.4% of the population in Billings, MT, and this percentage has decreased by 30.0% 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 | 84.7% | -2.4% |
% Black | 0.2% | -50.0% |
% Hispanic | 6.8% | 19.3% |
% Asian | 0.4% | -33.3% |
% Foreign Born | 1.4% | -30.0% |
Mortgage and Risk — Billings, MT
According to HUD data as of 2023, there were 712 mortgage originations in Billings, MT, of which 68.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 29.0% 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. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 712 |
% Conventional Loans | 68.0% |
% Government Loans | 32.0% |
% Investor Loans | 1.0% |
% 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 12.0%. 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. In Billings, MT, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 567 |
Total Units Section 8 | 373 |
% Rentals under Section 8 | 12.0% |
% Occupied Section 8 | 75.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $170 | $1,000 | $1,170 |
| 2 Bedroom | $330 | $1,180 | $1,510 |
| 3 Bedroom | $380 | $1,700 | $2,080 |
| 4 Bedroom | $40 | $2,300 | $2,340 |
Affordability — Billings, MT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.1 |
| Median Home Price | $408,000 |
| Median Household Income | $74,600 |