Montana housing market
Statewide listing data for September 2026, the latest month Realtor.com® Economic Research has published, with two years of history. Checked October 8, 2026.
Montana at a glance
MountainSource: Realtor.com® Economic Research (Montana, September 2026). Asking prices and active listings, not closed sales.
What the data says
- There are 3.9% fewer homes for sale in Montana than a year ago.
- The median asking price is roughly flat over the past year.
- 17% of active listings have had at least one price reduction.
- The typical listing spends 75 days on the market, 4 days shorter than a year ago.
Repeat sales and appraisals of the same homes, published quarterly with a lag of about two months.
Two-year trend
Median listing price, Montana
| Period | Value |
|---|---|
| 2024-09-01 | $650K |
| 2024-10-01 | $642K |
| 2024-11-01 | $625K |
| 2024-12-01 | $605K |
| 2025-01-01 | $605K |
| 2025-02-01 | $613K |
| 2025-03-01 | $624K |
| 2025-04-01 | $625K |
| 2025-05-01 | $639K |
| 2025-06-01 | $650K |
| 2025-07-01 | $650K |
| 2025-08-01 | $647K |
| 2025-09-01 | $637K |
| 2025-10-01 | $630K |
| 2025-11-01 | $615K |
| 2025-12-01 | $610K |
| 2026-01-01 | $599K |
| 2026-02-01 | $612K |
| 2026-03-01 | $622K |
| 2026-04-01 | $637K |
| 2026-05-01 | $645K |
| 2026-06-01 | $650K |
| 2026-07-01 | $647K |
| 2026-08-01 | $649K |
| 2026-09-01 | $635K |
Homes for sale, Montana
| Period | Value |
|---|---|
| 2024-09-01 | 5,445 |
| 2024-10-01 | 5,287 |
| 2024-11-01 | 4,937 |
| 2024-12-01 | 4,389 |
| 2025-01-01 | 3,956 |
| 2025-02-01 | 3,743 |
| 2025-03-01 | 3,945 |
| 2025-04-01 | 4,392 |
| 2025-05-01 | 5,165 |
| 2025-06-01 | 5,783 |
| 2025-07-01 | 6,127 |
| 2025-08-01 | 6,260 |
| 2025-09-01 | 6,187 |
| 2025-10-01 | 5,856 |
| 2025-11-01 | 5,366 |
| 2025-12-01 | 4,725 |
| 2026-01-01 | 4,156 |
| 2026-02-01 | 4,122 |
| 2026-03-01 | 4,305 |
| 2026-04-01 | 4,629 |
| 2026-05-01 | 5,117 |
| 2026-06-01 | 5,583 |
| 2026-07-01 | 5,970 |
| 2026-08-01 | 6,009 |
| 2026-09-01 | 5,949 |
Listings follow a seasonal pattern each year; compare a month with the same month a year earlier.
Montana compared with the U.S.
Compare with another state| Measure | Montana | United States |
|---|---|---|
| Median listing price | $635,000 (−0.3% y/y) | $419,250 (−1.4% y/y) |
| Homes for sale | 5,949 (−3.9% y/y) | 1,161,615 (+5.4% y/y) |
| Median days on market | 75 days (−4 days y/y) | 61 days (Unchanged y/y) |
| Listings with a price cut | 17.3% (−2.8 pts y/y) | 20.8% (+0.9 pts y/y) |
| Median list price per sq ft | $321 (+0.7% y/y) | $223 (−1.7% y/y) |
Sources: Realtor.com® Economic Research (Montana, September 2026); Realtor.com® Economic Research (United States, September 2026). “y/y” is the change from the same month a year earlier.
An affordability illustration
Run your own numbersThe inputs
- Median listing price (September 2026)$635,000
- Down payment20% ($127,000)
- Loan amount$508,000
- Rate: 30-year fixed, national (Week of Oct 1, 2026)7.28%
- Median household income, Montana (2025)$86,770
This is an illustration, not a lender calculation. It leaves out property taxes, homeowners insurance, mortgage insurance and HOA dues, which can add several hundred dollars or more a month. The rate is a national average for strong-credit borrowers; your rate may differ.
Sources: Realtor.com® Economic Research (Montana, September 2026); Freddie Mac Primary Mortgage Market Survey, via FRED, Federal Reserve Bank of St. Louis (United States, Week of Oct 1, 2026); U.S. Census Bureau, Current Population Survey, via FRED, Federal Reserve Bank of St. Louis (Montana, 2025).
Editor’s notes on Montana
Written March 2026; conditions may have changedMontana was one of the pandemic's biggest beneficiaries as remote workers discovered Bozeman and Missoula. Prices surged dramatically and have now stabilized at elevated levels. Bozeman remains one of the most expensive non-coastal small cities in the country, driven by tech transplants and a booming outdoor recreation economy.
For buyers
Bozeman is expensive but has real economic fundamentals. Billings offers Montana lifestyle at substantially lower prices.
For sellers
Cash-heavy buyers dominate Montana's market. Lifestyle amenities and land/views command significant premiums.
These notes are background written by our editors in March 2026, before the data above. Where they differ, the dated figures on this page are more current.