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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 Q2 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (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 117,116 people, 47,484 houses or apartments, and a median cost of homes of $324,345, 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 61.17% of the city's housing units. Other types of housing that are prevalent in Billings include large apartment complexes or high rise apartments ( 15.73%), duplexes, homes converted to apartments or other small apartment buildings ( 10.11%), and a few row houses and other attached homes ( 7.08%).

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 61.40% owning and 38.60% 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 ( 28.32%). A lesser amount of the housing stock also hails from between 2000 and later ( 22.18%). There's also some housing in Billings built before 1939 ( 8.57%).

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 72.73%, which ranks in the top 50% nationwide. This equates to an annual average Billings house appreciation rate of 5.62%.

Appreciation rates are so strong in Billings that despite a nationwide downturn in the housing market, Billings real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Billings appreciation rates continue to be some of the highest in America, at 18.69%, which is higher than appreciation rates in 78.60% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Billings. Billings appreciation rates in the latest quarter were at 2.99%, which equates to an annual appreciation rate of 12.52%.

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:
$324,345

Billings, MT HOME PRICES

> $1,397,000
$1,048,001 - $1,397,000
$698,001 - $1,048,000
$559,001 - $698,000
$419,001 - $559,000
$279,001 - $419,000
$140,001 - $279,000
$70,001 - $140,000
$0 - $70,000
0.9%
0.9%
0.9%
0.9%
3.7%
3.7%
6.2%
6.2%
12.8%
12.8%
38.5%
38.5%
27.9%
27.9%
3.4%
3.4%
5.6%
5.6%
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:
47,484

Billings Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MT*
Compared To
America*
Latest Quarter:
2022 Q1 - 2022 Q2
Last 12 Months:
2021 Q2 - 2022 Q2
Last 2 Years:
2020 Q2 - 2022 Q2
Last 5 Years:
2017 Q2 - 2022 Q2
Last 10 Years:
2012 Q2 - 2022 Q2
Since 2000:
2000 Q1 - 2022 Q2
172.98% 4.56%
2
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,500 / per month

Homeownership Rate

Owners
Renters
Vacant
61.4%
61.4%
38.6%
38.6%
6.8%
6.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
22.2%
22.2%
40.9%
40.9%
28.3%
28.3%
8.6%
8.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
61.2%
61.2%
7.1%
7.1%
10.1%
10.1%
15.7%
15.7%
5.9%
5.9%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.3%
2.3%
11.4%
11.4%
28.2%
28.2%
29.2%
29.2%
19.7%
19.7%
9.1%
9.1%
0.0% 100.0%
% OF HOMES