Billings, MT—59106
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 $537,000, with a year-over-year change of -0.4%. 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 | $537,000 | -0.4% |
| Single Family | $541,000 | -0.9% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $390,000 | -1.0% |
3 Bed | $478,000 | -1.0% |
4 Bed | $560,000 | -0.9% |
| 5 Bed | $670,000 | -0.9% |
% of Housing Stock
Rental Trends — Billings, MT
As of July '25, Rentcast reports the average rent in Billings, MT is $2,160, with a year-over-year rent change of -13.3%. Per bedroom, the median rent as of July '25 in Billings, MT is studios: $1,350, 1-bedrooms: $1,200, 2-bedrooms: $1,950, 3-bedrooms: $2,520, 4-bedrooms: $3,000. The most common rental property sizes in Billings, MT are 2-bedroom and 1-bedroom, accounting for 42.5% and 35.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,900 | $2,160 |
| Studio Rent | $1,350 | $1,350 |
| 1 Bed Rent | $1,120 | $1,200 |
| 2 Bed Rent | $1,900 | $1,950 |
| 3 Bed Rent | $2,500 | $2,520 |
| 4 Bed Rent | $3,000 | $3,000 |
% 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 49. This is a increase of 11.0% 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 | $652,000 | 7.0% |
Listing Count | 193 | 15.0% |
| Listings as % of Homes | 1.5% | 15.0% |
Days on Market | 49 | 11.0% |
Demographics — Billings, MT
As of the latest ACS Survey released in 2023, Billings, MT has a population of 20,200, which has increased by 16.7% over the past 5 years. Billings, MT is a popular place for families, as children make up 27.1% of the population. The area has a highly educated workforce, with 51.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 20,200 | 16.7% |
% Under 18 | 27.1% | 5.9% |
% Seniors | 18.1% | 9.7% |
% WFH | 11.5% | 210.8% |
% w/ College Degree | 51.7% | 12.9% |
As of the latest ACS Survey released in 2023, Billings, MT is a predominantly white area, with 86.6% of the population identifying as white. The white population has shrunk by 4.4% in the last 5 years. The second most common race or ethnicity in Billings, MT is hispanic, making up 4.4% of the population. Foreign-born residents account for 2.0% of the population in Billings, MT, and this percentage has remained stable as of the ACS Survey 5 years prior, suggesting immigration has remained steady.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 86.6% | -4.4% |
% Black | 1.6% | 700.0% |
% Hispanic | 4.4% | -30.2% |
% Asian | 0.1% | 0.0% |
% Foreign Born | 2.0% | 0.0% |
Mortgage and Risk — Billings, MT
According to HUD data as of 2023, there were 624 mortgage originations in Billings, MT, of which 84.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 18.0% above 90% LTV (elevated). This implies medium mortgage risk in Billings, MT. Investor activity is low, as 1.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 624 |
% Conventional Loans | 84.0% |
% Government Loans | 16.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Billings, MT
As of 2024, the percent of homes in Billings, MT under the Section 8 program is 0.3%. 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. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Billings, MT, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 6 |
Total Units Section 8 | 6 |
% Rentals under Section 8 | 0.3% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $160 | $1,120 | $1,280 |
| 2 Bedroom | -$240 | $1,900 | $1,660 |
| 3 Bedroom | -$220 | $2,500 | $2,280 |
| 4 Bedroom | -$430 | $3,000 | $2,570 |
Affordability — Billings, MT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.3 |
| Median Home Price | $537,000 |
| Median Household Income | $122,000 |