Metro area index
Home appreciation in the Billings, MT metro area
FHFA HPI® data shows the Billings, MT metro area's all-transactions index changed +4.4% over the year to Q2 2026, versus +2.7% for Montana and +3.0% for the U.S. That ranks 134th of 410 metro areas and divisions FHFA tracks.
- 1-year change
- +4.4%
- 5-year change
- +40.9%
- Since Q1 1995
- +318%
- Metro rank (1 year)
- 134th
U.S. +3.0%
U.S. +41.3%
U.S. +292%
of 410
Billings, MT vs Montana and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- Billings, MT: 418.0
- Montana: 496.2
- United States: 391.6
Appreciation by time window
| Window | Metro | MT | U.S. | Gap vs MT | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | +4.4% | +2.7% | +3.0% | +1.7 pts | +1.4 pts |
| 3 years | +7.3% | +11.3% | +12.9% | −3.9 pts | −5.5 pts |
| 5 years | +40.9% | +47.5% | +41.3% | −6.6 pts | −0.4 pts |
| 10 years | +80.5% | +113% | +93.3% | −32.6 pts | −12.8 pts |
| Since Q1 1995 | +318% | +396% | +292% | −78.2 pts | +26.5 pts |
3-digit ZIP regions in the Billings, MT area
Regions with at least 10% of their 2010 population inside the metro, largest overlap first. A 3-digit ZIP region can extend beyond the metro boundary.
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 | Population in metro |
|---|---|---|---|---|---|
| 591 · Billings, MT area | MT | +6.2% | +40.8% | +310% | 100% |
| 590 · Livingston, MT area | MT | +3.4% | +49.0% | +417% | 46% |
Boom, bust, and recovery in Billings, MT area
Billings, MT area's index peaked in Q4 2008, fell 4.0% to its low in Q2 2011, and regained its peak in Q4 2012, about 4 years after the top. Today it sits +107% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| Metro | Q4 2008 | Q2 2011 | -4.0% | Q4 2012 (4 yrs) | +107% |
| MT | Q1 2008 | Q2 2011 | -10.1% | Q3 2014 (6.5 yrs) | +126% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, Billings, MT area's index has changed +88.8% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | Metro after inflation | MT after inflation | U.S. after inflation |
|---|---|---|---|---|
| 1 year | +3.9% | +0.5% | -1.1% | -0.8% |
| 3 years | +9.8% | -2.2% | +1.3% | +2.8% |
| 5 years | +24.0% | +13.6% | +18.9% | +13.9% |
| 10 years | +39.1% | +29.8% | +53.2% | +39.0% |
| Since Q1 1995 | +121% | +88.8% | +124% | +76.8% |
If you bought in the Billings, MT area in…
An example $300,000 purchase grown at the metro index rate to Q2 2026.
| Bought in | Index change | $300,000 then, at the metro rate |
|---|---|---|
| Q2 1995 | +322% | $1,264,781 |
| Q2 2000 | +246% | $1,037,675 |
| Q2 2005 | +147% | $742,469 |
| Q2 2010 | +115% | $644,348 |
| Q2 2015 | +86.2% | $558,563 |
| Q2 2020 | +60.9% | $482,653 |
| Q2 2021 | +40.9% | $422,631 |
| Q2 2023 | +7.3% | $322,042 |
| Q2 2025 | +4.4% | $313,226 |
Frequently asked questions
- How much have home prices risen in the Billings, MT area?
- FHFA HPI® data for the Billings, MT metro area shows changes of +4.4% over one year, +40.9% over five years, and +80.5% over ten years to Q2 2026, and +318% since Q1 1995.
- Is the Billings, MT area beating the national average?
- Over the past year the metro's index moved +1.4 pts versus the U.S.; over five years the gap is −0.4 pts.
- What area does this metro index cover?
- FHFA computes metro indexes using the counties in each OMB-defined metropolitan statistical area. The index covers the whole area, so individual neighborhoods and homes can differ from it.