Montana Housing Market Trends

Real-time market data powered by Zillow Research. Last updated: 2026-04-02

Montana's market has bifurcated sharply between western mountain communities and the rest of the state. Bozeman has become a bona fide resort-adjacent market with prices that have made it unaffordable for many longtime residents and local workers. Missoula faces similar pressures, though the University of Montana provides some economic stability. Billings, the state's largest city, offers more moderate prices and serves as the economic hub for eastern Montana and northern Wyoming. Helena and Great Falls remain the state's most affordable cities with meaningful employment bases, offering an alternative for buyers priced out of western Montana.

By BuyAHomeIn Editorial | Updated 2026-03-02 | Sources: Zillow Research, U.S. Census

Is Now a Good Time to Buy in Montana?

The Montana housing market is showing balanced conditions.

home values have grown a moderate 0.9% year-over-year. there are currently 432 homes on the market.

Median Home Value

$455,364

Zillow Home Value Index

Year-over-Year

+0.9%

Home value change

5-Year Change

+44.5%

Since 2021

Median Rent

$1,619/mo

Zillow Observed Rent Index

Active Listings

432

Homes for sale

Home Value Trends

5-year Zillow Home Value Index (ZHVI) for Montana vs. national average. ZHVI reflects the typical home value in the 35th-65th percentile range.

Rent Trends

Average rent in Montana: $1,619/mo (+3.8% YoY)

Rent vs. Buy Analysis

With a median home value of $455,364 and average rent of $1,619/mo, the price-to-rent ratio in Montana is 23.4. A ratio above 21 suggests renting may be more cost-effective.

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