Billings MT Real Estate Market: 2026 Trends & Forecast

Last reviewed and updated October 4, 2026. Figures come from Billings MLS closed sales for residential properties with a Billings address, October 1, 2025 through September 30, 2026, unless another source is named.

Is the Billings housing market going up or down in 2026?

The Billings housing market is rising slowly, not falling. Billings homes sold for a median $385,000 across 2,020 closed sales from October 1, 2025 through September 30, 2026, according to Billings MLS data, and the median for July through September 2026 was $399,000. Homes sold at a median 98.4% of their original list price over those 12 months, which tells me buyers are negotiating but sellers who price correctly are still getting close to asking.

In my work as a Real Estate Broker with The Morales Group at Engel & Völkers Billings, the question I hear most from people moving here and from investors is whether they are buying at a peak. The data says Billings is a steady market, not a spiking one: prices drift upward through spring and summer, soften through winter, and the gap between asking and selling price stays narrow.

Billings housing market at a glance (12 months to September 30, 2026)

Source: Billings MLS, residential closed sales with a Billings address, compiled by Gene Hauck. A cross-check: Redfin reported a City of Billings median sale price of $389,642 over the three months ending August 2026, which lines up with the MLS figures for the same summer stretch.

How have Billings home prices moved quarter by quarter?

Billings home prices followed a normal seasonal curve over the past year, with the median sale price rising from $366,250 in October through December 2025 to $399,000 in July through September 2026, according to Billings MLS data.

Part of that climb is the season, not a trend. Winter buyers in Billings are fewer and slower, so homes sat a median 39 days from January through March 2026 and roughly 20 days from April through September. If you are timing a purchase, winter usually gives you more room to negotiate. If you are timing a sale, spring and early summer give you the deepest pool of buyers.

Is Billings a buyer's market or a seller's market right now?

Billings is a balanced market in fall 2026. On October 4, 2026, the Billings MLS showed 655 active residential listings with a Billings address, against about 188 closed sales per month from July through September 2026. That works out to roughly 3.5 to 4 months of inventory, depending on whether you use the summer pace or the full-year pace, which sits between the tight conditions of 2021 and 2022 and a true buyer's market.

What balanced looks like on the ground:

• Negotiation is normal again. About half of Billings sales in the last 12 months included a seller concession, most often toward closing costs, with a median of $7,500 when one was given.
• Not every listing sells. 848 Billings listings expired without selling between October 2025 and September 2026.
• Well-priced homes still move quickly. Billings homes between $250,000 and $450,000 sold in a median 21 days at 98.8% of their original list price.

Does the Billings market behave differently by price range?

Yes. In Billings, the middle of the market is the most competitive and both ends give buyers more leverage, based on Billings MLS closed sales from October 2025 through September 2026.

The under-$250,000 tier sold furthest below original list, at a median 94.1%. Homes in that tier more often need work, which is why investors pay close attention to that price range and why condition drives the final number more than the list price does.

What do homes cost in different parts of Billings?

Median sale prices differ by more than $190,000 across the Billings MLS areas, from $251,000 in South Billings to $449,900 in Northwest Billings, based on closed sales from October 2025 through September 2026. Lot size, age of the housing stock and the mix of property types drive most of that difference.

These are MLS reporting areas, not neighborhoods, and each one mixes very different streets and home types. For a closer look at the higher-priced parts of town, see my guide to the most expensive areas in Billings. For what a typical budget buys, see the average cost of a home in Billings.

What types of homes sell in Billings, and at what price?

Single-family homes made up about 80% of Billings sales over the past 12 months, at a median $396,000, according to Billings MLS data. Townhomes were the fastest-moving property type at a median 17.5 days on market and a median price of $335,000. Condos had the lowest median price at $236,500 across 66 sales.

What should people moving to Billings take from this data?

If you are relocating to Billings, the numbers favor a planned purchase over a rushed one. With a median 25.5 days on market and concessions in about half of sales, most buyers moving here have time to visit, compare areas and negotiate repairs or closing costs. The exception is a well-priced home between $250,000 and $450,000, which can still go under contract within a few weeks.

As a Real Estate Broker with The Morales Group at Engel & Völkers Billings, I work with buyers relocating to Billings from out of state. My guide to moving to Billings covers timing, costs and how to choose an area, and the Moving to Billings resource page has my relocation resources. If you are comparing cities, start with Billings vs. Bozeman and Billings vs. Missoula.

What should real estate investors take from this data?

Cash buyers made up 23% of Billings sales over the past 12 months and about 27% from July through September 2026, according to Billings MLS loan-type data, so investors are an active part of this market. The under-$250,000 tier, where homes sold at a median 94.1% of original list, is where most value-add opportunities show up, but the discount usually reflects real repair costs.

At a $385,000 citywide median, many Billings rentals do not cash flow on a conventional loan at full price, which is why deal structure matters as much as the purchase price. I walk through how I screen a property in Flip or Rental in Billings, MT?, and the Billings real estate investing page covers rents, financing and the areas investors look at most.

What drives Billings home values?

Billings home values rest on a broad local economy rather than tourism. Billings is the largest city in Montana and the main medical, retail and service center for much of eastern Montana and northern Wyoming, with Billings Clinic and Intermountain Health St. Vincent Regional Hospital among the largest employers. Energy, agriculture, transportation and construction add to that base. That mix is a big reason Billings prices moved in a narrow band over the past year instead of swinging with second-home demand the way resort markets do.

What am I watching for the rest of 2026?

I do not publish price forecasts, because no one can call a local market a year out. These are the signals I am tracking for Billings through the end of 2026:

• Mortgage rates. Rate moves change what buyers can afford faster than anything else in this market.
• Inventory. 655 active listings on October 4, 2026. If that number climbs through winter while sales slow, expect more price reductions and concessions.
• Days on market. Last winter, Billings homes sold in a median 39 days (January through March 2026). A similar pattern this winter would be normal, not a warning sign.

Frequently asked questions

Will home prices drop in Billings, MT in 2026?

Billings MLS data does not show a price decline. The Billings median sale price was $385,000 for October 2025 through September 2026 and $399,000 for July through September 2026. Individual homes that were overpriced do see reductions, and winter prices usually run lower than summer prices.

What is the median home price in Billings, Montana?

Billings homes sold for a median $385,000 from October 1, 2025 through September 30, 2026, according to Billings MLS data, and single-family homes sold for a median $396,000. Redfin reported a City of Billings median sale price of $389,642 over the three months ending August 2026.

How long does it take to sell a house in Billings?

Billings homes sold in a median 25.5 days on market from October 2025 through September 2026, according to Billings MLS data. Homes priced between $250,000 and $450,000 sold faster, at a median 21 days. See how long it takes to sell a house in Billings for more.

Is Billings a good place to buy a house if I am moving to Montana?

Billings has a lower median price than the western Montana cities most relocating buyers compare it to, and a year-round economy built on healthcare, energy and regional services. Whether it fits you depends on your work, budget and lifestyle. My moving to Billings guide is the best place to start.

How many homes are for sale in Billings right now?

The Billings MLS showed 655 active residential listings with a Billings address on October 4, 2026, which is roughly 3.5 to 4 months of inventory at recent sales pace.

Gene Hauck is a Real Estate Broker and REALTOR® with The Morales Group at Engel & Völkers Billings, 1921 1st Ave N, Billings, MT 59101. He works with buyers relocating to Billings, real estate investors and Billings-area homeowners selling their homes. Call or text 406-861-4844.