In short
The median value of owner-occupied homes is $427,500 in Montana and $383,400 in the city of Billings, against $371,100 nationwide (Census ACS 2025). On the FHFA index, Montana prices up 2.8% from Q2 2025 to Q2 2026.
The latest one-year ACS estimates cover 2025.
What it costs: median value in 2025
| Area | Median value, 2025 | Margin of error (90%) |
|---|---|---|
| United States | $371,100 | ±$646 |
| Montana | $427,500 | ±$6,599 |
| Billings, MT metro area | $402,000 | ±$14,864 |
| Yellowstone County | $399,300 | ±$15,114 |
| City of Billings | $383,400 | ±$17,046 |
Source: Census ACS 2025, table B25077; owners’ own estimates, not sale prices.
Three points stand out:
- The Montana median is $56,400 above the national median.
- The city of Billings is $44,100 below the Montana median and almost level with the national figure ($12,300 above). The Billings metro area and Yellowstone County sit between the city and the state.
- The margin of error for the city of Billings (±$17,046) is wide, because the sample is small. The true city median is very likely between about $366,400 and $400,400.
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 2025, table B25077. Geographies: United States (0100000US), Montana (0400000US30), Billings, MT metro area (310M700US13740), Yellowstone County (0500000US30111), Billings city (1600000US3006550). Values read from the Census Bureau’s ACS 2025 one-year summary file (table B25077) on November 4, 2026. The definition of value comes from the ACS 2025 Subject Definitions.
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 2025 ACS median home value is $427,500 (±$6,599), against $371,100 for the nation: owners’ own estimates, not sale prices.
What is the median home value in Billings?
For the city of Billings, the 2025 ACS median value is $383,400 (±$17,046). Yellowstone County is at $399,300 and the Billings metro area at $402,000.
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 ($427,500), 15% above the national $371,100.
The States closest in median value are Arizona ($427,600) and Connecticut ($423,900). The range runs from $176,300 in West Virginia to $901,500 in Hawaii; Montana is $81,000 above the middle of that ranking (Georgia).
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 $383,400, 24th of the 49 main cities Payotte covers. That is 10% below the Montana median, a discount that ranks 41st 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 $85,500, against $74,220 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 2025, table B25077 (consulted November 4, 2026)
- Census Bureau, 2025 ACS release schedule (consulted November 4, 2026)
- American Community Survey 2025 Subject Definitions (U.S. Census Bureau) (consulted November 4, 2026)
- FHFA news release, August 25, 2026 (consulted October 13, 2026)
- FHFA HPI datasets (quarterly, purchase-only) (consulted October 13, 2026)