States › Montana
State
Montana
42 counties with an index · 7 metro and micro areas · 110 ZIP codes · 29 permit-issuing places · 1,144,694 residents (2025 est.)
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. The line is FHFA's standard quarterly all-transactions index; the comparison table uses FHFA's annual state index from the same family. The index does not give a dollar value for any home.
Montana's FHFA house price index starts in 1975. Through 2025 it has risen +1194.4%; over the ten years to 2025 the rise was +105.0% (+7.4% a year), well above the national +85.0%.
The quarterly index through 2026 Q2 is +2.7% on a year earlier and +0.5% on the quarter; nationally +3.0% and +1.1%.
The index peaked in 2008, fell −10.4% to 2011 and regained the peak in 2015; the national index fell −21.3% over 2007–2012.
5,457 housing units were authorised in Montana in the 12 months to August 2026, 4.8 per 1,000 residents against 4.1 nationally; that is +4.9% on the previous 12 months. 42 counties, 7 metro and micro areas, 110 ZIP codes and 29 permit-issuing places in the state have their own pages.
Same span, state and nation
| Change in the FHFA index | Montana | United States |
|---|---|---|
| 1 year (2024–2025) | +2.3% | +2.8% |
| 5 years (2020–2025) | +61.8% | +47.0% |
| 10 years (2015–2025) | +105.0% | +85.0% |
| 20 years (2005–2025) | +150.5% | +79.1% |
| Since 2000 | +254.4% | +158.3% |
| Since 1975 | +1194.4% | +960.7% |
| 10-year annualised | +7.4% | +6.3% |
| 20-year annualised | +4.7% | +3.0% |
Decade by decade
| Decade | Change | United States | |
|---|---|---|---|
| 1980s (1980–1990) | +17.9% | +68.2% | |
| 1990s (1990–2000) | +73.1% | +33.9% | |
| 2000s (2000–2010) | +57.5% | +29.7% | |
| 2010s (2010–2020) | +39.1% | +35.5% | |
| 2020s so far (2020–2025) | +61.8% | +47.0% |
FHFA reports each index with a value of 100 in its base period, the first year the area has enough transactions (1975 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 1975 are not shown.
Peak-to-low declines
| Peak | Low | Decline | Peak regained |
|---|---|---|---|
| 2008 | 2011 | −10.4% | 2015 |
| 1984 | 1987 | −8.4% | 1991 |
Purchase-only index
FHFA also publishes a purchase-only index, built from sales prices alone (no refinance appraisals). It starts in 1991 and is drawn here on its own base.
Counties
Ranked by ten-year change in FHFA's annual county index to 2025. Permits are housing units authorised in the 12 months to August 2026.
| County | 1 year | 10 years | Since 2000 | Units, 12 months | Per 1,000 | Index through |
|---|---|---|---|---|---|---|
| Meagher County | +7.8% | +163.4% | — | 0 | 0.0 | 2023 |
| Park County | +0.9% | +154.6% | +335.2% | 20 | 1.1 | 2025 |
| Deer Lodge County | +1.8% | +154.2% | +311.4% | 20 | 2.1 | 2025 |
| Powell County | +11.9% | +146.6% | — | 95 | 13.3 | 2024 |
| Flathead County | +2.0% | +145.2% | +333.5% | 858 | 7.4 | 2025 |
| Granite County | −1.7% | +143.8% | — | 0 | 0.0 | 2025 |
| Lincoln County | +11.6% | +142.4% | +322.5% | 19 | 0.9 | 2025 |
| Ravalli County | +1.7% | +142.1% | +269.6% | 36 | 0.7 | 2025 |
| Gallatin County | +0.1% | +140.4% | +343.4% | 1,489 | 11.6 | 2025 |
| Sweet Grass County | +16.2% | +133.2% | +210.6% | 1 | 0.3 | 2025 |
| Mineral County | +8.9% | +128.4% | +272.9% | 2 | 0.4 | 2025 |
| Silver Bow County | +3.9% | +127.2% | +268.6% | 116 | 3.2 | 2025 |
| Broadwater County | −0.4% | +127.1% | +287.6% | 5 | 0.6 | 2025 |
| Lake County | +3.5% | +123.0% | +269.7% | 60 | 1.8 | 2025 |
| Missoula County | +1.7% | +121.7% | +281.2% | 831 | 6.7 | 2025 |
| Sanders County | +8.0% | +119.2% | +277.4% | 0 | 0.0 | 2025 |
| Madison County | −6.4% | +115.9% | +228.2% | 10 | 1.0 | 2025 |
| Beaverhead County | +8.6% | +114.0% | +257.4% | 34 | 3.4 | 2025 |
| Jefferson County | +6.4% | +112.7% | +249.5% | 14 | 1.1 | 2025 |
| Lewis and Clark County | +5.1% | +110.6% | +263.5% | 522 | 6.9 | 2025 |
| Glacier County | −2.0% | +109.4% | +262.4% | 0 | 0.0 | 2025 |
| Chouteau County | — | +105.8% | +266.8% | 21 | 3.6 | 2025 |
| Fergus County | +0.1% | +104.0% | +260.2% | 0 | 0.0 | 2025 |
| Teton County | +7.2% | +97.3% | +226.6% | 4 | 0.6 | 2025 |
| Carbon County | +0.4% | +96.1% | +247.1% | 35 | 3.1 | 2025 |
| Cascade County | +2.9% | +94.7% | +203.6% | 254 | 3.0 | 2025 |
| Musselshell County | +4.4% | +79.6% | — | 5 | 0.9 | 2025 |
| Pondera County | −0.1% | +78.7% | +225.3% | 0 | 0.0 | 2025 |
| Stillwater County | −6.8% | +75.6% | +185.8% | 0 | 0.0 | 2025 |
| Phillips County | +9.1% | +75.2% | — | 0 | 0.0 | 2025 |
| Hill County | +7.9% | +73.3% | +216.8% | 2 | 0.1 | 2025 |
| Yellowstone County | +1.2% | +72.1% | +212.4% | 999 | 5.8 | 2025 |
| Big Horn County | — | +66.9% | — | 0 | 0.0 | 2025 |
| Custer County | +0.9% | +66.3% | +275.7% | 0 | 0.0 | 2025 |
| Rosebud County | +8.8% | +63.9% | — | 1 | 0.1 | 2025 |
| Roosevelt County | −5.1% | +52.9% | — | 0 | 0.0 | 2023 |
| Toole County | +0.3% | +41.6% | +150.5% | 0 | 0.0 | 2025 |
| Valley County | −7.4% | +41.5% | +255.3% | 0 | 0.0 | 2025 |
| Sheridan County | — | +38.0% | — | 0 | 0.0 | 2025 |
| Fallon County | +3.5% | +27.2% | — | 1 | 0.3 | 2023 |
| Richland County | +7.3% | +24.4% | +345.3% | 0 | 0.0 | 2025 |
| Dawson County | −1.1% | +19.0% | +216.8% | 0 | 0.0 | 2025 |
Metro and micropolitan areas
Areas with any county in Montana; multi-state areas appear under each of their states.
| Area | Type | 1 year | 10 years | Year to 2026 Q2 | Units, 12 months |
|---|---|---|---|---|---|
| Kalispell, MT | Micro | +2.0% | +145.2% | — | 858 |
| Bozeman, MT | Metro | +0.1% | +140.4% | +4.1% | 1,489 |
| Butte-Silver Bow, MT | Micro | +3.9% | +127.2% | — | 116 |
| Missoula, MT | Metro | +2.0% | +121.9% | +0.4% | 833 |
| Helena, MT | Metro | +4.5% | +111.4% | −1.2% | 541 |
| Great Falls, MT | Metro | +2.9% | +94.7% | +6.0% | 254 |
| Billings, MT | Metro | +0.7% | +73.3% | +4.4% | 1,034 |
Building permits
Housing units authorised in Montana by month, latest 60 monthssingle-family2+ unit buildings
Housing units authorised in Montana by year, 1995–2025single-family2+ unit buildings
Single-family share of the latest 12 months: 50% (63% nationally). Since 1995: 122,861 units.
Year by year
Each year's index change and permits, with every county's figures for that year.
| Year | Montana index | US index | Units permitted | Single-family |
|---|---|---|---|---|
| 2025 | +2.3% | +2.8% | 5,258 | 2,675 |
| 2024 | +5.2% | +4.9% | 5,367 | 3,036 |
| 2023 | +6.9% | +5.7% | 4,307 | 2,274 |
| 2022 | +20.7% | +15.5% | 6,460 | 3,190 |
| 2021 | +16.5% | +11.6% | 7,272 | 3,169 |
| 2020 | +4.4% | +3.0% | 5,980 | 3,318 |
| 2019 | +5.0% | +4.2% | 4,776 | 3,014 |
| 2018 | +6.0% | +5.7% | 5,099 | 3,213 |
| 2017 | +5.4% | +5.4% | 4,932 | 3,161 |
| 2016 | +3.5% | +5.3% | 4,781 | 3,113 |
| 2015 | +3.4% | +4.4% | 4,826 | 2,992 |
| 2014 | +4.9% | +6.2% | 3,884 | 2,044 |
| 2013 | +3.4% | +3.4% | 4,854 | 2,620 |
| 2012 | +0.9% | −1.8% | 2,736 | 1,734 |
| 2011 | −3.0% | −4.4% | 1,914 | 1,208 |
| 2010 | −4.8% | −5.1% | 2,022 | 1,322 |
| 2009 | −2.9% | −7.5% | 1,686 | 1,363 |
| 2008 | +1.4% | −4.5% | 2,376 | 1,909 |
| 2007 | +6.5% | +0.6% | 4,153 | 3,035 |
| 2006 | +11.6% | +6.6% | 4,542 | 3,405 |
| 2005 | +12.9% | +12.4% | 4,803 | 3,459 |
| 2004 | +9.2% | +9.2% | 4,975 | 3,425 |
| 2003 | +4.6% | +4.5% | 3,767 | 2,340 |
| 2002 | +4.9% | +5.4% | 3,574 | 2,050 |
| 2001 | +4.6% | +6.7% | 2,604 | 1,790 |
| 2000 | +4.6% | +8.3% | 2,572 | 1,565 |
| 1999 | +2.3% | +4.3% | 2,566 | 1,607 |
| 1998 | +2.4% | +3.7% | 2,561 | 1,485 |
| 1997 | +3.1% | +3.8% | 2,472 | 1,501 |
| 1996 | +4.1% | +3.2% | 2,678 | 1,494 |
| 1995 | +8.1% | +3.7% | 3,064 | 1,708 |
Cities issuing the most permits
Housing units authorised in the 12 months to August 2026; every place is listed on its county page.
- Bozeman 874
- Kalispell 625
- Billings 560
- Helena 495
- Gallatin County Unincorporated Area 451
- Yellowstone County Unincorporated Area 427
- Missoula County Unincorporated Area 419
- Missoula 412
- Whitefish 165
- Great Falls 148
- Belgrade 145
- Butte-Silver Bow 116
- Cascade County Unincorporated Area 106
- Columbia Falls 68
- Deer Lodge 55
- Powell County Unincorporated Area 40
- Dillon 34
- Ronan 33
- Red Lodge 30
- Hamilton 29
- East Helena 27
- Polson 27
- Anaconda-Deer Lodge County 20
- Livingston 20
- Libby 17
- Chouteau County Unincorporated Area 13
- Laurel 12
- Manhattan town 12
Questions and answers
How much have home values in Montana risen over 10 years?
The FHFA index rose +105.0% between 2015 and 2025, +7.4% a year; over 20 years +150.5% and since 2000 +254.4%. Nationally: +85.0%, +79.1% and +158.3%.
Which Montana counties rose most over 10 years?
Meagher County (+163.4%), Park County (+154.6%) and Deer Lodge County (+154.2%), by FHFA's annual county index to 2025.
What happened to Montana home prices in 2008?
The state index peaked in 2008, fell −10.4% to 2011 and regained its peak in 2015.
How many homes are being built in Montana?
5,457 units were authorised in the 12 months to August 2026: 2,709 single-family and 2,748 in multi-unit buildings, 4.8 per 1,000 residents.
Where does this data come from?
FHFA's quarterly all-transactions state index (through 2026 Q2) and annual state index (updated March 31, 2026); the Census Bureau's Building Permits Survey state and county files through August 2026; vintage 2025 population estimates.
Provenance
Index: Federal Housing Finance Agency, quarterly all-transactions and purchase-only state indexes through 2026 Q2 and annual state index (updated March 31, 2026). Permits: Census Bureau Building Permits Survey state, county and place files through August 2026. Population: Census Bureau vintage 2025 estimates. Public domain. Corrections · FHFA HPI datasets.