Billings, MT Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Billings, MT Housing Market Trends

With a population of 109,577, 46,818 total housing units (homes and apartments), and a median house value of $240,916, Billings real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Billings, accounting for 60.73% of the city's housing units. Other types of housing that are prevalent in Billings include large apartment complexes or high rise apartments ( 15.87%), duplexes, homes converted to apartments or other small apartment buildings ( 10.46%), and a few row houses and other attached homes ( 6.60%).

The most prevalent building size and type in Billings are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 61.21% owning and 38.79% renting.

There is a lot of housing in Billings built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Billings built between 1940-1969 ( 29.98%). A lesser amount of the housing stock also hails from between 2000 and later ( 21.11%). There's also some housing in Billings built before 1939 ( 8.40%).

Billings Home Appreciation Rates

Appreciation rates for homes in Billings have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 39.78%, which ranks in the top 50% nationwide. This equates to an annual average Billings house appreciation rate of 3.41%.

NeighborhoodScout's data show that during the latest twelve months, Billings's appreciation rate, at 6.76%, has been at or slightly above the national average. In the latest quarter, Billings's appreciation rate has been 1.32%, which annualizes to a rate of 5.39%.

Notably, Billings's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Montana, our data show that Billings's latest annual appreciation rate is lower than 80% of the other cities and towns in Montana.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Billings differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Billings - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Billings real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$240,916

Billings, MT HOME PRICES

> $1,161,000
0.7%
0.7%
$871,001 - $1,161,000
0.5%
0.5%
$581,001 - $871,000
2.8%
2.8%
$464,001 - $581,000
4.0%
4.0%
$348,001 - $464,000
10.0%
10.0%
$232,001 - $348,000
38.8%
38.8%
$116,001 - $232,000
34.3%
34.3%
$58,001 - $116,000
3.7%
3.7%
$0 - $58,000
5.1%
5.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Average for MT

Value Relative To Nation

Number Of Homes And Apartments:
46,818

Billings Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MT*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
118.60% 3.75%
2
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,127 / per month

Homeownership Rate

Owners
61.2%
61.2%
Renters
38.8%
38.8%
Vacant
7.0%
7.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
21.1%
21.1%
1970 - 1999
40.5%
40.5%
1940 - 1969
30.0%
30.0%
1939 or Older
8.4%
8.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
60.7%
60.7%
Townhomes
6.6%
6.6%
Small Apt. Buildings
10.5%
10.5%
Apt. Complexes
15.9%
15.9%
Mobile Homes
6.3%
6.3%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.1%
2.1%
1 Bedroom
10.5%
10.5%
2 Bedrooms
28.9%
28.9%
3 Bedrooms
29.4%
29.4%
4 Bedrooms
20.4%
20.4%
5 or more bedrooms
8.7%
8.7%
0.0% 100.0%
% OF HOMES