3-digit ZIP regional index
Home appreciation in ZIP codes 591xxBillings, MT area
FHFA HPI® data shows the regional home price index for ZIP codes beginning with 591 changed +6.2% over the year to Q2 2026, compared with +2.7% for Montana and +3.0% for the United States.
The region covers ZIP codes 59101–59106. Most of its 2010 population lived in Yellowstone County (100%). Communities in the region include Lockwood, Pryor. This is a regional index, not a ZIP5, street, or individual-home estimate.
- 1-year change
- +6.2%
- 5-year change
- +40.8%
- Since Q1 1995
- +310%
- National rank (1 year)
- 124th
Year to Q2 2026
vs U.S. +41.3%
vs U.S. +292%
of 882 ZIP3 regions
ZIP3 591 vs Montana and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- ZIP3 591: 410.2
- Montana: 496.2
- Billings, MT metro: 418.0
- United States: 391.6
Want a different starting year? Rebase this chart or compare with another ZIP3.
Appreciation by time window
| Window | ZIP3 591 | MT | U.S. | Gap vs MT | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | +6.2% | +2.7% | +3.0% | +3.4 pts | +3.1 pts |
| 3 years | +7.8% | +11.3% | +12.9% | −3.5 pts | −5.1 pts |
| 5 years | +40.8% | +47.5% | +41.3% | −6.7 pts | −0.5 pts |
| 10 years | +78.8% | +113% | +93.3% | −34.4 pts | −14.6 pts |
| Since Q1 1995 | +310% | +396% | +292% | −86.0 pts | +18.6 pts |
If you bought in ZIP3 591 in…
Applying the regional index change from the same quarter of each year to Q2 2026 to an example $300,000 purchase price. Individual homes can differ widely from the regional average.
| Bought in | Index change | $300,000 then, at the regional rate |
|---|---|---|
| Q2 1995 | +316% | $1,246,748 |
| Q2 2000 | +241% | $1,024,426 |
| Q2 2005 | +144% | $732,072 |
| Q2 2010 | +113% | $638,114 |
| Q2 2015 | +84.1% | $552,233 |
| Q2 2020 | +60.6% | $481,866 |
| Q2 2021 | +40.8% | $422,430 |
| Q2 2023 | +7.8% | $323,367 |
| Q2 2025 | +6.2% | $318,545 |
How ZIP3 591 ranks
Over the past year ZIP3 591 ranks 124th of 882 3-digit ZIP regions nationally and 2nd of 10 in Montana. Its one-year change is +3.1 pts versus the nation and +3.4 pts versus Montana. Rank 1 is the strongest appreciation.
| Window | National rank | Rank in Montana |
|---|---|---|
| 1 year | 124th of 882 | 2nd of 10 |
| 3 years | 775th of 882 | 9th of 10 |
| 5 years | 554th of 882 | 10th of 10 |
| 10 years | 616th of 882 | 10th of 10 |
| Since Q1 1995 | 272nd of 879 | 10th of 10 |
Boom, bust, and recovery in ZIP3 591
ZIP3 591's index peaked in Q4 2008, fell 4.0% to its low in Q2 2011, and regained its peak in Q3 2012, about 3.8 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 |
|---|---|---|---|---|---|
| ZIP3 591 | Q4 2008 | Q2 2011 | -4.0% | Q3 2012 (3.8 yrs) | +107% |
| MT | Q1 2008 | Q2 2011 | -10.1% | Q3 2014 (6.5 yrs) | +126% |
| Metro | Q4 2008 | Q2 2011 | -4.0% | Q4 2012 (4 yrs) | +107% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, ZIP3 591's index has changed +85.3% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | ZIP3 591 after inflation | MT after inflation | Metro after inflation | U.S. after inflation |
|---|---|---|---|---|---|
| 1 year | +3.9% | +2.2% | -1.1% | +0.5% | -0.8% |
| 3 years | +9.8% | -1.8% | +1.3% | -2.2% | +2.8% |
| 5 years | +24.0% | +13.5% | +18.9% | +13.6% | +13.9% |
| 10 years | +39.1% | +28.5% | +53.2% | +29.8% | +39.0% |
| Since Q1 1995 | +121% | +85.3% | +124% | +88.8% | +76.8% |
Estimate appreciation for a home in ZIP3 591
Regional estimate
$536,276
- Estimated gain
- $236,276
- Index change
- +78.76%
- Start index
- 229.46
- End index
- 410.18
ZIP3 591 (Billings, MT area), Q2 2016 to Q2 2026. Index type: Native 3-Digit ZIP index.
Nearby 3-digit ZIP regions
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 |
|---|---|---|---|---|
| 590 · Livingston, MT area | MT | +3.4% | +49.0% | +417% |
| 824 · Cody, WY area | WY | +3.9% | +43.6% | +322% |
| 828 · Sheridan, WY area | WY | +3.9% | +43.6% | +322% |
| 593 · Miles City, MT area | MT | +2.8% | +53.0% | +421% |
| 597 · Bozeman, MT area | MT | +2.5% | +53.9% | +517% |
| 596 · Helena, MT area | MT | -0.0% | +45.7% | +384% |
Recent quarterly index values
| Period | Index |
|---|---|
| Q2 2026 | 410.18 |
| Q1 2026 | 413.68 |
| Q4 2025 | 397.44 |
| Q3 2025 | 395.22 |
| Q2 2025 | 386.30 |
| Q1 2025 | 382.72 |
| Q4 2024 | 383.37 |
| Q3 2024 | 387.35 |
| Q2 2024 | 385.28 |
| Q1 2024 | 373.50 |
| Q4 2023 | 380.24 |
| Q3 2023 | 378.59 |
Frequently asked questions
- How much have home prices risen in ZIP codes starting with 591?
- Based on FHFA HPI® data for 3-digit ZIP region 591, the regional index changed +6.2% over the year to Q2 2026, +40.8% over five years, +78.8% over ten years, and +310% since Q1 1995.
- Is ZIP3 591 appreciating faster than Montana and the U.S.?
- Over the past year the region's index +6.2% compares with +2.7% for Montana and +3.0% for the U.S., a gap of +3.1 pts versus the nation. Over five years the gap versus the nation is −0.5 pts.
- Which ZIP codes are in 3-digit ZIP region 591?
- All ZIP codes that begin with 591. Census 2010 ZIP Code Tabulation Areas in this region run from 59101 to 59106 (4 areas). FHFA publishes one index for the whole 3-digit region, not for each 5-digit ZIP code.
- Can I use this to value my home?
- No. The FHFA HPI® is a broad regional index of average price movement. It is not an appraisal, tax assessment, or automated valuation of any individual property. Use it as general context alongside local sales and a professional opinion.