The Billings real estate market continues to attract buyers, sellers, and investors looking for opportunities in Montana’s largest city. With a mix of urban convenience and natural beauty, Billings appeals to newcomers and long-time residents alike.

In this guide, we’ll explore:

• Current market conditions and trends
• Pricing, supply, and demand dynamics
• Key factors shaping Billings real estate
• Opportunities for buyers, sellers, and investors
• The future outlook for the local market

If you’re considering buying or selling, working with an experienced Billings real estate agent can make all the difference. Contact Cari Baxter today to start your real estate journey.

Current Market Conditions in Billings

The Billings real estate market has experienced notable changes in 2025. As of February 2025, the median home list price was $350,000, reflecting a 10.3% decrease compared to the previous year, with a median price per square foot of $181.

While specific sales data for March 2025 is not yet available, past trends indicate continued buyer activity despite price adjustments.

Supply and Demand in the Billings Housing Market

A key factor influencing the Billings real estate market in 2025 is inventory growth. As of February 2025, 24 homes were listed for sale, reflecting a 33.3% increase from the previous month.

• More available homes can reduce bidding wars and ease competitive pricing pressures.
• Increased supply contributes to a more balanced market, giving buyers more negotiating power.
• Sellers may need strategic pricing to attract offers as the market shifts.

While inventory remains relatively low compared to past years, these trends indicate a shift toward more favorable conditions for buyers in Billings.

Billings Real Estate Price Trends and Affordability

Over the past five years, home values in Billings, MT have increased significantly. While prices have slightly cooled recently, the average home price remains at $278,726, reflecting long-term appreciation.

What This Means for Buyers & Sellers:

• Buyers: More inventory means less competition and potential negotiation power
• Sellers: Proper home pricing and marketing are critical for a quick sale

Key Factors Influencing the Billings Real Estate Market

Economic Conditions

Billings maintains a diverse and stable economy, with major industries including healthcare, energy, and agriculture. A strong job market continues to support consistent housing demand in the region.

Interest Rates & Mortgage Trends

Mortgage rates reached a 23-year high in late 2023, causing a temporary slowdown in buyer activity. As of early 2025, rates remain a key factor influencing demand. 

If rates stabilize or decrease, the Billings real estate market could see increased activity.

Tip: Stay updated on interest rate trends to time your purchase or sale effectively.

Population Growth & Housing Demand

Billings continues to attract new residents, driven by:

• A relatively affordable cost of living compared to larger metro areas
• Access to outdoor recreation and a high quality of life
• A strong local job market that supports employment stability

While housing inventory has increased, steady population growth continues to fuel demand for both residential and investment properties in 2025.

Market Segments & Investment Opportunities

Single-Family Homes

• The foundation of the Billings real estate market
• Options range from starter homes to luxury properties

Condos & Townhouses

• Ideal for young professionals and retirees
• Growing in popularity due to urban convenience

Investment Properties

• Billings’ rental market is strong, making multi-family homes a great option
• Investors can generate passive income from rental properties

Luxury Homes

• High-end homes with scenic views and premium amenities
• Demand remains stable among affluent buyers

Challenges in the Billings Real Estate Market

1. Affordability Concerns

Rising prices have made it harder for first-time buyers to enter the market. Buyers should explore financing options and mortgage calculators to determine affordability.

2. Inventory Fluctuations

While more homes are available now, previous shortages have caused competitive bidding wars. Monitoring median days on market can help home buyers and sellers gauge demand.

3. Economic Uncertainty

National and global economic shifts—such as inflation and recession concerns—may impact real estate trends. Staying informed is key to making smart investment decisions.

Smart Strategies for Buyers & Sellers in Billings

For Buyers:

• Take advantage of increased inventory for more choices
• Act quickly on well-priced properties, as competition still exists for desirable homes
• Work with a local agent for expert guidance
• Monitor mortgage rates to lock in the best financing terms

For Sellers:

• Price competitively based on recent comparable sales
• Improve curb appeal and make strategic upgrades
• List when inventory is lower to attract more offers
• Use digital marketing and professional photography to stand out

Want expert guidance? Contact Cari Baxter today to navigate the Billings market with confidence.

Future Outlook for the Billings Real Estate Market

The Billings real estate market is expected to remain stable with continued growth due to:

• Economic development and infrastructure improvements
• A steady influx of new residents
• Increased home inventory leads to a more balanced market

Market conditions may fluctuate based on interest rates, supply trends, and economic factors, so staying informed is crucial.

FAQs About the Billings Real Estate Market

Are house prices dropping in Billings, MT?

Yes, home prices have seen a decline in early 2025. The median home list price was $350,000 in February 2025, reflecting a 10.3% decrease from the previous year. 

However, home values remain higher than they were five years ago, indicating long-term appreciation despite recent market shifts.

What is the most expensive neighborhood in Billings?

Luxury homes in Billings often feature high-end amenities, expansive properties, and scenic views. Consulting a local agent like Cari Baxter is recommended for the most up-to-date insights on high-end real estate in 2025.

Why are people moving to Billings?

• Affordable housing compared to major metro areas
• Diverse job market in healthcare, energy, and agriculture
• Strong quality of life, with outdoor recreation and a close-knit community

These factors continue to drive housing demand in Billings, making it a desirable location for both residents and investors.

Final Thoughts: Make Your Move in the Billings Real Estate Market

The Billings real estate market presents exciting opportunities for buyers, sellers, and investors. 

With stabilizing prices, increased inventory, and continued population growth, this dynamic market remains strong.

Thinking about buying or selling? Contact Cari Baxter today for expert guidance tailored to your real estate needs.