Lewis and Clark County

Montana · Helena, MT metro area · 75,331 residents (2025 est.)

FHFA annual index 1976–2025Developmental county indexPermits through August 2026

Lewis and Clark County (100 = first year)United States, rebased to the same startNBER recession

FHFA notes: The FHFA HPI is a broad measure of the movement of single-family house prices. The FHFA HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. FHFA describes its county indexes as developmental and subject to revision. The index does not give a dollar value for any home.

FHFA's index for Lewis and Clark County, Montana, starts in 1976 and stood at 1105 in 2025, +1004.7% above its base of 100.

Over the ten years to 2025 the index rose +110.6% (+7.7% a year), above Montana at +105.0% and well above the national +85.0%. The Helena, MT area rose +111.4%. The latest one-year change is +5.1%.

The strongest decade was the 1990s (+77.4%); the weakest the 1980s (+17.4%).

After a 2008 peak the index fell −7.5% to 2011 and regained the peak in 2015.

Builders were authorised for 522 housing units in the county in the 12 months to August 2026 (+49.1% on the previous 12 months), 6.9 units per 1,000 residents; 19% were single-family houses. Since 1995 the county has authorised 4,922 units, most in 2024.

+5.1%1 year, 2024–2025Montana +2.3%

+68.7%5 yearsUS +47.0%

+110.6%10 years+7.7% a year annualised

+263.5%since 2000US +158.3%

522units permitted, 12 months6.9 per 1,000 residents

Same span, four levels

Change in the FHFA index	Lewis and Clark County	Helena area	Montana	United States
1 year (2024–2025)	+5.1%	+4.5%	+2.3%	+2.8%
5 years (2020–2025)	+68.7%	+68.9%	+61.8%	+47.0%
10 years (2015–2025)	+110.6%	+111.4%	+105.0%	+85.0%
20 years (2005–2025)	+174.1%	+173.4%	+150.5%	+79.1%
Since 2000	+263.5%	+262.4%	+254.4%	+158.3%
Since 1976	+1004.7%	+994.2%	+1072.3%	+880.8%
10-year annualised	+7.7%	+7.8%	+7.4%	+6.3%
20-year annualised	+5.2%	+5.2%	+4.7%	+3.0%

All columns are FHFA annual all-transactions indexes over the same years.

Decade by decade

Decade	Change	United States
1980s (1980–1990)	+17.4%	+68.2%
1990s (1990–2000)	+77.4%	+33.9%
2000s (2000–2010)	+62.5%	+29.7%
2010s (2010–2020)	+32.6%	+35.5%
2020s so far (2020–2025)	+68.7%	+47.0%

FHFA reports each index with a value of 100 in its base period, the first year the area has enough transactions (1976 here). A decade's change is the index at the end of the decade divided by the index at the start, so it does not depend on the base year; the United States column covers the same years. Decades before 1976 are not shown.

Peak-to-low declines

Peak	Low	Decline	Peak regained
1981	1982	−11.1%	1983
2008	2011	−7.5%	2015
1986	1988	−6.5%	1991

Building permits

Housing units authorised by building permits in Lewis and Clark County, by month over the latest five years and by year since 1995.

Housing units authorised in Lewis and Clark County by month, latest 12 monthssingle-family2+ unit buildings

Housing units authorised in Lewis and Clark County by month, latest 60 monthssingle-family2+ unit buildings

Housing units authorised in Lewis and Clark County by year, 1995–2025single-family2+ unit buildings

Permits, 12 months to August 2026	Lewis and Clark County	Montana	United States
Housing units authorised	522	5,457	1,418,086
Units per 1,000 residents	6.9	4.8	4.1
Single-family share	19%	50%	63%
Change on previous 12 months	+49.1%	+4.9%	−0.1%
Units authorised since 1995	4,922	122,861	43,082,761

Population is the Census Bureau's vintage 2025 estimate. Permits authorise construction; they are not completions.

ZIP codes in Lewis and Clark County

Ranked by ten-year change in the FHFA ZIP index. Where a ZIP's index ends before 2025, its spans end in that year.

ZIP	1 year	10 years	Since 2000	Index through	Years
59639	+29.5%	+120.0%	—	2023	22
59635	+1.5%	+118.5%	+273.0%	2025	34
59602	+7.2%	+111.2%	+254.9%	2025	35
59601	+3.7%	+107.6%	+263.5%	2025	48

Cities and permit-issuing places in Lewis and Clark County

Housing units authorised in the 12 months to August 2026; places with at least 12 units in the year, or in the year before.

Place	Units, 12 months	Per 1,000 residents	Single-family
Helena	495	14.1	14%
East Helena	27	11.6	100%

Questions and answers

How much have home values in Lewis and Clark County risen over 10 years?

The FHFA index for Lewis and Clark County rose +110.6% from 2015 to 2025, about +7.7% a year. Over 20 years: +174.1%; since 2000: +263.5%.

How does Lewis and Clark County compare with Montana and the United States?

Over the ten years to 2025: Lewis and Clark County +110.6%, Montana +105.0%, United States +85.0%, Helena, MT +111.4%.

What happened to Lewis and Clark County prices in 2008?

The index peaked in 2008 and fell −7.5% to 2011; it passed the peak again in 2015. The state index fell −10.4% over 2008–2011.

How many homes are being built in Lewis and Clark County?

522 housing units were authorised by building permits in the 12 months to August 2026 (98 single-family, 294 in buildings of five or more units), or 6.9 per 1,000 residents against 4.8 for Montana.

Where does this data come from?

The index is FHFA's annual county house price index (all-transactions, developmental), last updated March 31, 2026, with values through 2025. Permits are from the Census Bureau Building Permits Survey through August 2026; population is the Census Bureau's vintage 2025 estimate.

Provenance

Index: Federal Housing Finance Agency, annual house price index for counties (all-transactions, developmental), last updated March 31, 2026, values 1976–2025; metro, state and national comparisons from FHFA's annual indexes in the same release. Permits: Census Bureau Building Permits Survey, county and place files, through August 2026. Population: Census Bureau vintage 2025 estimates. ZIP assignment: 2020 ZCTA-to-county relationship file. Public domain throughout. Corrections · FHFA HPI datasets · Building Permits Survey.