Billings, Montana, continues to experience dynamic shifts in its housing market, reflecting broader economic trends and local developments. Understanding these changes is crucial for prospective homebuyers, renters, and investors.
Current Market Trends
As of March 2026, the average home value in Billings stands at $392,209, marking a 1.8% increase over the past year. Homes typically go pending in around 38 days, indicating a steady demand in the market. The median sale price is $362,833, with a median list price of $389,483. Notably, 16.1% of sales have been closing above the list price, suggesting competitive bidding in certain segments.
In terms of rental properties, the average rent in Billings is $1,419, which is below the national average of $1,910. This affordability makes Billings an attractive option for renters seeking value without compromising on quality of life.
New Housing Developments
Several new housing projects are contributing to the growth and diversification of Billings’ residential landscape:
The Timbers on Alkali Creek
This development offers over 50 premium single-family lots, each starting at 0.4 acres. Nestled in a secluded community, The Timbers provides residents with open landscapes and proximity to wilderness adventures, embodying the essence of Montana living.
Glynn Abbey
Glynn Abbey presents a range of residential lots, with sizes varying from approximately 20,000 to 25,000 square feet. This development emphasizes creating a community where residents can realize their dream homes in a serene environment.
Chapel Court Apartments
Located on the campus of St. John’s United at 2940 Rimrock Road, Chapel Court Apartments is a 56-unit affordable senior community. This development replaces an older housing wing built in 1956, offering modern amenities and comfortable living spaces for seniors.
Affordable Housing Initiatives
The City of Billings is actively addressing the need for affordable housing through various programs:
Affordable Housing Development Program
This program aims to create housing for low-income households by providing funding to developers, nonprofit organizations, and other stakeholders. Applications are accepted year-round, with priority given to Community Housing Development Organizations.
Housing First Project
In collaboration with Family Promise of Yellowstone Valley, the Housing First Project focuses on providing immediate housing placement to individuals experiencing homelessness. This initiative aligns with the national best practice of prioritizing stable housing as a foundational step toward addressing homelessness.
These developments and initiatives reflect Billings’ commitment to accommodating its growing population while ensuring diverse housing options are available to meet the needs of all residents.