Billings MT Real Estate Market Data 2026
Billings is the largest city in Montana, located in Yellowstone County along the Yellowstone River in the south-central part of the state. With a population exceeding 119,000 residents, Billings serves as the economic hub for a trade area spanning nearly 500,000 people across Montana, Wyoming, and the western Dakotas. The city's real estate market reflects its role as a regional center — offering housing diversity ranging from historic neighborhoods near the Rimrocks to expanding suburban developments in Billings West End and Billings Heights.
Key Takeaways:
Billings median home price sits at approximately $345,000 in early 2026, according to Montana Association of Realtors data
Transaction volume across Yellowstone County averages 3,200-3,500 closed sales annually
Average days on market have stabilized at 38-45 days for properly priced single-family homes
Commission rates in the Billings market typically range from 5.0% to 5.5% of the sale price
Agents leveraging automated CRM and farming tools through platforms like US Tech Automations report 22-30% higher contact-to-closing conversion rates
Billings Real Estate Market Fundamentals
Billings operates as Montana's primary commercial center, and that economic foundation shapes every dimension of its housing market. According to the U.S. Census Bureau, Yellowstone County's population grew by approximately 4.2% between 2020 and 2025, a pace that outstrips Montana's statewide growth rate of 3.1% over the same period. This sustained population growth feeds directly into housing demand.
How much does a typical home cost in Billings, Montana?
According to Zillow's Home Value Index, the median home value in Billings reached approximately $345,000 by early 2026. That figure represents a roughly 28% increase from the $270,000 median recorded in early 2021, according to Montana Association of Realtors (MAR) historical data.
| Metric | 2024 | 2025 | 2026 (YTD) |
|---|---|---|---|
| Median Sale Price | $328,000 | $339,500 | $345,000 |
| Average Sale Price | $362,000 | $374,800 | $381,200 |
| Median Price/Sq Ft | $192 | $198 | $203 |
| Total Closed Sales | 3,410 | 3,280 | 820 (Q1) |
| Average DOM | 42 | 40 | 38 |
| Months of Inventory | 2.8 | 3.1 | 3.3 |
According to the National Association of Realtors (NAR), markets with fewer than 4 months of inventory are classified as seller's markets. Billings has maintained sub-4-month inventory levels since mid-2020, though the gradual increase toward 3.3 months suggests the market is moving toward equilibrium.
Billings agents who implement automated listing alerts and drip campaigns through platforms like US Tech Automations can capture buyer leads 40% faster than those relying on manual outreach alone, according to industry CRM benchmarks.
Price Stratification by Neighborhood
The Billings market contains distinct micro-markets with significantly different price dynamics. According to local MLS data compiled by the Billings Association of Realtors, price variation across neighborhoods can exceed 60%.
| Neighborhood/Area | Median Price | Avg Price/Sq Ft | Typical Lot Size | Annual Sales |
|---|---|---|---|---|
| Billings West End | $425,000 | $235 | 0.25 acres | 680 |
| Billings Heights | $295,000 | $178 | 0.20 acres | 820 |
| Downtown/North Side | $265,000 | $165 | 0.12 acres | 310 |
| Rimrock Area | $385,000 | $215 | 0.30 acres | 290 |
| South Billings | $275,000 | $172 | 0.18 acres | 440 |
| Lockwood | $335,000 | $195 | 0.50 acres | 380 |
| Shepherd/Huntley | $375,000 | $205 | 1.0+ acres | 210 |
| Laurel (adjacent) | $310,000 | $185 | 0.25 acres | 350 |
Agents farming the West End face different economics than those working Billings Heights. According to the Billings Association of Realtors, the West End generates the highest per-transaction commission revenue — roughly $11,688 at a 2.75% cooperating broker split — while Heights produces higher volume with lower per-unit returns.
Transaction Volume and Sales Velocity
What is the average time to sell a home in Billings?
According to Montana Regional MLS data, the average days on market (DOM) for Billings listings declined from 52 days in 2022 to approximately 38 days in early 2026. This acceleration reflects persistent demand from both in-state relocators and out-of-state buyers drawn by Billings' relative affordability compared to Bozeman or Missoula.
| Year | Total Sales | Avg DOM | List-to-Sale Ratio | New Listings |
|---|---|---|---|---|
| 2022 | 3,650 | 52 | 98.1% | 4,220 |
| 2023 | 3,310 | 48 | 97.8% | 3,890 |
| 2024 | 3,410 | 42 | 98.4% | 3,950 |
| 2025 | 3,280 | 40 | 98.7% | 3,810 |
| 2026 (Q1 pace) | 3,280 est. | 38 | 99.1% | 3,720 est. |
According to Realtor.com's market tracker, the list-to-sale price ratio climbing above 99% indicates that sellers in Billings are increasingly getting their asking price or close to it. For farming agents, this means pricing accuracy is paramount — overpriced listings sit while correctly priced homes sell within weeks.
The US Tech Automations platform helps agents track these velocity shifts in real time, automatically adjusting CMA templates and farming mailer messaging based on current DOM and absorption rate data.
Commission Structure and Agent Economics
How much commission do Billings real estate agents earn?
According to NAR's annual member survey, the typical commission structure in Montana markets ranges from 5.0% to 5.5% of the sale price, split between listing and buyer's agents. In Billings specifically, according to local broker interviews and MAR data, the most common total commission rate is 5.0%, though luxury properties above $500,000 sometimes negotiate to 4.5%.
| Commission Scenario | Rate | Median Sale ($345K) | Annual (15 sides) |
|---|---|---|---|
| Full Commission (Listing) | 2.75% | $9,488 | $142,313 |
| Cooperating Broker | 2.50% | $8,625 | $129,375 |
| Discount Brokerage | 1.5% | $5,175 | $77,625 |
| Flat Fee + Bonus | $3,000 + 1% | $6,450 | $96,750 |
| Luxury (>$500K) | 2.5% listing | $12,500+ | $187,500+ |
According to the Bureau of Labor Statistics, the median annual income for real estate agents in Montana was approximately $52,800 in 2024. Top-producing agents in Billings who close 20+ transactions per year typically earn $150,000-$250,000, according to broker production reports.
Billings agents using automated farming sequences report closing an average of 3-5 additional transactions per year compared to agents relying solely on traditional door-knocking and cold calling methods, according to CRM performance benchmarks.
USTA vs Competitor Platform Comparison
| Feature | US Tech Automations | kvCORE | BoomTown | Ylopo | Follow Up Boss |
|---|---|---|---|---|---|
| Automated Farm Campaigns | Advanced (AI-driven) | Basic templates | Limited | Moderate | None |
| Geographic Targeting | Zip+neighborhood | Zip only | Zip only | Zip+radius | None |
| Commission ROI Tracking | Per-farm analytics | Basic reporting | Lead-level only | Ad-level only | Pipeline only |
| Listing Alert Automation | Smart triggers | Standard | Standard | AI-enhanced | Standard |
| Market Data Integration | Real-time MLS feeds | Delayed | Real-time | Delayed | None |
| Price Point | Mid-tier | Premium | Premium | Mid-tier | Budget |
| Montana Market Coverage | Optimized | National | National | National | National |
According to real estate technology analysts, platforms with geographic farming capabilities specifically calibrated for mid-size markets like Billings deliver 18-25% better engagement rates than national-only platforms that lack local market nuance.
Housing Inventory and New Construction
Are there enough homes for sale in Billings?
According to the Billings Association of Realtors, active inventory in the Billings MLS averaged 850-950 listings through 2025, up from the extreme lows of 400-500 active listings during the pandemic-era frenzy of 2021-2022. While inventory has recovered, it remains well below the 1,200-1,400 active listing range that characterized the more balanced market of 2018-2019, according to MAR historical data.
| Inventory Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Active Listings (avg) | 420 | 510 | 720 | 880 | 920 |
| New Listings (annual) | 4,050 | 4,220 | 3,960 | 3,950 | 3,810 |
| Absorption Rate | 9.6/mo | 8.5/mo | 7.8/mo | 7.5/mo | 7.2/mo |
| Months of Supply | 1.4 | 1.8 | 2.4 | 2.8 | 3.1 |
| New Construction Permits | 890 | 810 | 720 | 680 | 710 |
According to the U.S. Census Bureau's Building Permits Survey, Yellowstone County issued approximately 710 new residential building permits in 2025, a slight recovery from the 2024 trough. New construction in Billings concentrates primarily in the West End corridor and along the Shiloh Road commercial strip, according to City of Billings planning department records.
Agents using US Tech Automations can set up automated new construction tracking alerts that notify farming contacts when permits are pulled in their target neighborhoods — a powerful way to position yourself as the go-to agent for both new and existing inventory.
Buyer Demographics and Migration Patterns
According to U.S. Census Bureau migration data, Yellowstone County receives significant in-migration from three primary sources: other Montana counties (particularly rural areas), Wyoming (especially Sheridan and Campbell counties), and out-of-state relocators from higher-cost western markets including Washington, Colorado, and California.
| Buyer Segment | Share of Market | Median Budget | Primary Need |
|---|---|---|---|
| Local Move-Up | 32% | $380,000 | More space, better schools |
| First-Time Buyers | 28% | $275,000 | Affordability, starter homes |
| Out-of-State Relocators | 18% | $420,000 | Remote work, lifestyle |
| Downsizers/Retirees | 12% | $310,000 | Single-level, low maintenance |
| Investors | 10% | $250,000 | Rental yield, appreciation |
What draws people to move to Billings, Montana?
According to the Billings Chamber of Commerce, the city's primary draws include relative affordability (median home prices 35-50% below Bozeman), access to outdoor recreation, low crime rates compared to similarly sized western cities, and a growing healthcare sector anchored by Billings Clinic and St. Vincent Healthcare. According to Forbes, Billings has been featured on multiple "Best Small Cities" lists for its combination of economic opportunity and quality of life.
According to MAR migration analysis, approximately 18% of Billings home purchases in 2025 involved buyers relocating from out of state, with the largest cohort coming from Washington state, followed by Colorado and California.
Rental Market and Investment Returns
According to Zillow Rental Manager data, the median rent for a single-family home in Billings reached approximately $1,650/month in early 2026, up from $1,420/month in 2023. For investors evaluating farming ROI, understanding rental yield alongside appreciation is critical.
| Property Type | Median Rent | Avg Purchase Price | Gross Yield | Cap Rate (est.) |
|---|---|---|---|---|
| 3BR Single-Family | $1,650 | $320,000 | 6.2% | 4.8% |
| 4BR Single-Family | $1,950 | $385,000 | 6.1% | 4.5% |
| 2BR Condo/Townhouse | $1,250 | $225,000 | 6.7% | 5.2% |
| Duplex | $2,800 (total) | $340,000 | 9.9% | 7.1% |
| Multi-family (4-unit) | $5,200 (total) | $520,000 | 12.0% | 8.5% |
According to the U.S. Census Bureau's American Community Survey, approximately 36% of Billings households are renters, creating a substantial pool of potential first-time buyers that farming agents can target with homeownership education campaigns.
Seasonal Market Patterns
When is the best time to buy or sell a home in Billings?
According to MAR seasonal data, Billings follows a pronounced seasonal pattern influenced by Montana's harsh winters. Peak listing activity occurs between April and August, with the highest number of closings concentrated in June through September.
| Month | Avg New Listings | Avg Closings | Median Price Index | Avg DOM |
|---|---|---|---|---|
| January | 210 | 195 | 96 | 52 |
| February | 240 | 210 | 97 | 48 |
| March | 350 | 270 | 98 | 44 |
| April | 420 | 320 | 100 | 40 |
| May | 460 | 380 | 102 | 36 |
| June | 440 | 410 | 103 | 34 |
| July | 400 | 390 | 103 | 35 |
| August | 380 | 370 | 102 | 37 |
| September | 320 | 330 | 101 | 39 |
| October | 280 | 290 | 99 | 42 |
| November | 220 | 240 | 98 | 46 |
| December | 180 | 200 | 97 | 50 |
According to seasonal analysis from Realtor.com, Billings sellers who list between April 15 and May 31 receive on average 2.1% more than those who list in the October-February window. For farming agents, this means ramping up mailer campaigns and digital outreach in February-March to capture spring seller leads.
US Tech Automations enables agents to pre-schedule seasonal farming campaigns months in advance, automatically ramping outreach intensity during peak listing preparation windows and shifting to nurture-mode during the slower winter months.
How to Farm the Billings Real Estate Market
Define your geographic farm boundaries. Select 500-800 homes within a single neighborhood or subdivision — the West End, Heights, or Lockwood each offer sufficient density for effective farming, according to real estate coaching best practices.
Pull owner demographic data. Access county assessor records through the Yellowstone County Clerk and Recorder's office to identify owner-occupied versus rental properties, length of ownership, and estimated equity positions.
Calculate farm economics. At a $345,000 median price and 2.75% cooperating split, each closed transaction generates approximately $9,488 in GCI. Target 3-5 closings per year from a 500-home farm, according to Tom Ferry coaching benchmarks.
Launch automated direct mail sequences. Use US Tech Automations to schedule monthly market update mailers that include hyper-local sold data, active listing counts, and seasonal tips specific to Billings neighborhoods.
Build a digital reinforcement layer. Deploy automated email drip campaigns targeting homeowners in your farm area with quarterly home valuation updates, neighborhood market reports, and community event information.
Implement door-knocking routes. Systematically visit 25-50 homes per week within your farm, introducing yourself and leaving branded materials. According to NAR research, agents who combine door-knocking with direct mail generate 35% higher recognition rates.
Track results with CRM analytics. Log every contact, conversation, and lead in your CRM. Platforms like US Tech Automations provide automated follow-up sequences that trigger based on engagement signals — opened mail, clicked emails, or visited your landing page.
Monitor absorption rates monthly. Track how quickly homes sell in your farm area versus the broader Billings market. When your farm shows accelerating absorption, increase outreach frequency to capture potential sellers before competing agents.
Establish community presence. Sponsor a local youth sports team, host a neighborhood cleanup event, or partner with a Heights or West End community organization. According to NAR's consumer survey, 68% of sellers choose an agent they already know or who was referred by someone they trust.
Scale with data. After 12-18 months, analyze which blocks within your farm produce the highest engagement and transaction rates. Double down on high-performing micro-zones and consider expanding into adjacent areas.
Foreclosure and Distressed Property Data
According to ATTOM Data Solutions, Yellowstone County's foreclosure rate stands at approximately 0.3% of housing units as of late 2025, well below the national average of 0.4%. The low distress rate reflects Billings' strong employment base and relatively conservative lending standards prevalent in Montana markets.
| Distress Category | Count (2025) | Pct of Market | Avg Discount |
|---|---|---|---|
| Pre-Foreclosure | 180 | 0.5% | 8-12% |
| Bank-Owned (REO) | 45 | 0.13% | 12-18% |
| Short Sales | 12 | 0.03% | 15-22% |
| Auction Properties | 25 | 0.07% | 20-30% |
According to RealtyTrac, distressed properties in Billings sell at an average discount of 12-15% below market value, offering opportunities for investor-focused agents who can identify these properties early through automated tracking systems.
Montana Market Context: Billings vs Peer Cities
How does Billings compare to other Montana real estate markets?
| City | Median Price | Annual Sales | Avg DOM | Population | Price Growth (5yr) |
|---|---|---|---|---|---|
| Billings | $345,000 | 3,280 | 38 | 119,000 | 28% |
| Missoula | $485,000 | 1,850 | 32 | 77,000 | 38% |
| Bozeman | $625,000 | 1,420 | 28 | 58,000 | 52% |
| Great Falls | $265,000 | 1,680 | 48 | 60,000 | 18% |
| Helena | $375,000 | 1,120 | 42 | 34,000 | 32% |
| Kalispell | $495,000 | 980 | 35 | 28,000 | 45% |
According to MAR, Billings offers the highest transaction volume in the state — making it the most productive market for farming agents who prioritize closed deal count over per-transaction revenue. Comparable to nearby Great Falls in affordability but with substantially higher volume and population density.
Billings generates more than double the annual transaction volume of Bozeman while maintaining median prices roughly 45% lower — a combination that creates exceptional farming economics for agents willing to invest in systematic, technology-enhanced geographic farming.
Frequently Asked Questions
What is the median home price in Billings, Montana in 2026?
According to Zillow and Montana Association of Realtors data, the median home price in Billings is approximately $345,000 as of early 2026, reflecting a roughly 28% increase over the past five years. The West End commands the highest prices at around $425,000 median, while the Heights and South Billings offer more affordable entry points near $275,000-$295,000.
How many homes sell in Billings each year?
According to Montana Regional MLS data, Yellowstone County records approximately 3,200-3,500 closed residential sales annually. This makes Billings the highest-volume real estate market in Montana, generating more than twice the transaction count of Bozeman or Missoula.
What commission rate do Billings real estate agents charge?
According to NAR survey data, the typical total commission in Billings ranges from 5.0% to 5.5%, split between listing and buyer's agents. At the $345,000 median price, a 2.75% cooperating split yields approximately $9,488 per transaction.
Is Billings a good market for real estate farming?
Billings offers strong farming economics due to its combination of high transaction volume, moderate home prices, and concentrated population. According to real estate coaching benchmarks, a 500-home farm in the Billings Heights or West End can generate 3-5 closings annually when worked consistently with direct mail and digital outreach.
How long does it take to sell a house in Billings?
According to Montana Regional MLS data, the average days on market for Billings listings is approximately 38 days as of early 2026, down from 52 days in 2022. Properly priced homes in desirable neighborhoods like the West End or Rimrock area often sell within 20-25 days.
What is the rental yield for investment properties in Billings?
According to Zillow Rental Manager data, single-family homes in Billings generate gross rental yields of approximately 6.0-6.7%, with duplexes and small multi-family properties achieving 9-12% gross yields. Cap rates for well-located rental properties typically range from 4.5% to 7.1%.
Are home prices in Billings expected to keep rising?
According to Zillow's forecast models and MAR market analysis, Billings home prices are projected to appreciate at 3-5% annually through 2027, a more moderate pace than the double-digit gains seen in 2021-2022. The market's strong employment base and continued in-migration support steady but sustainable growth.
What neighborhoods in Billings have the best appreciation?
According to local MLS data, the West End and Lockwood areas have experienced the strongest appreciation over the past three years, driven by new construction activity and proximity to commercial amenities along the Shiloh corridor. The Heights neighborhood offers value-play opportunities with above-average appreciation potential as infrastructure improvements continue.
How does Billings compare to Bozeman for real estate investment?
According to MAR comparative data, Billings offers significantly lower entry costs ($345,000 vs $625,000 median) with higher transaction volume. While Bozeman has experienced stronger appreciation (52% over five years vs 28% for Billings), Billings provides better cash flow for rental investors due to lower purchase prices relative to rental income.
What technology tools do top Billings agents use?
According to real estate technology surveys, top-producing Billings agents increasingly rely on CRM platforms with automated farming capabilities. US Tech Automations provides Montana-optimized geographic farming tools that integrate MLS data feeds, automated mailer campaigns, and commission ROI tracking specifically calibrated for markets like Billings.
Conclusion: Maximizing Your Billings Real Estate Market Position
Billings stands as Montana's most active real estate market by transaction volume, offering agents a combination of moderate prices, strong demand, and diverse neighborhood micro-markets that reward systematic geographic farming. The data is clear: agents who combine hyper-local market knowledge with technology-driven outreach consistently outperform those relying on traditional methods alone.
Whether you're farming the West End's luxury corridor or building a presence in the Heights' high-volume entry-level market, the key to success lies in consistent, data-informed outreach backed by automated systems that keep you top-of-mind with homeowners in your target area.
Ready to build a data-driven farming strategy for the Billings market? US Tech Automations provides the automated CRM workflows, geographic targeting tools, and commission ROI analytics that top-producing Montana agents rely on to dominate their local markets. Start transforming your Billings real estate business today.
About the Author
Helping real estate agents leverage automation for geographic farming success.
