Montana housing market
The typical home in Montana is worth $467,275, up 2.0% from a year ago.
Builders got permits for 3,835 homes from January to August 2026, up 9.4% on the same months of 2025.
Montana gained a net 6,348 residents from elsewhere in the U.S. in the year to July 2025.
The FHFA HPI® (all-transactions) for Montana is up 2.7% over the year to Q2 2026. Unemployment was 2.5% in September 2026, down 0.6 points from a year earlier. Employers had 526K payroll jobs in September 2026, down 0.7% from a year earlier.
State · Sep 2026
The latest numbers
Typical home value
$467,275
up 2.0% past 12 mo
Median sale price
$500,667
As of Aug 2026
Typical rent
—
Not published for this level
Homes for sale
7,705
Active listings
Days to pending
36
Median, listing to contract
Permits YTD
3,835
up 9.4% vs same months last year
Population growth
+0.6%
Past year · pop. 1.1M
Net domestic migration
+6,348
Past year, net moves from elsewhere in the US
FHFA home prices
+2.7%
Past year · Q2 2026
FHFA, past 5 years
+47.5%
Q2 2021 to Q2 2026
Unemployment rate
2.5%
down 0.6 pts vs Sep 2025
Job growth
−0.7%
Past year · 526K jobs in Sep 2026
Typical home value, 24 months
up 2.7%Typical home value went from $455,174 in Oct 2024 to $467,275 in Sep 2026, a change of +2.7%.
Source: Data Provided by Zillow Group; U.S. Census Bureau, Building Permits Survey; U.S. Census Bureau, Population Estimates · As of Sep 2026
Source: FHFA House Price Index® (All-Transactions, not seasonally adjusted); U.S. Bureau of Labor Statistics, Local Area Unemployment Statistics; U.S. Bureau of Labor Statistics, Current Employment Statistics
BLS figures are not seasonally adjusted; retrieved from BLS.gov Oct 27, 2026. This product uses FHFA data but is neither endorsed nor certified by FHFA. BLS.gov cannot vouch for the data or analyses derived from these data after the data have been retrieved from BLS.gov.
State · Yearly figures
Renters and movers
Fair Market Rent, 2BR
—
HUD sets these for metro areas and counties, not states
Rental vacancy rate
4.9%
No significant change vs 2023 (+0.6 pts, within the margin of error)
2024 survey · ±1.2 pts
Net movers
+5,332
People on tax returns filed 2022–23
Income moving in
+$500M
Movers' 2022 adjusted gross income, net
- Rental vacancy.
- Rentals that are empty and for rent, as a share of all rentals, from the Census Bureau's 2024 American Community Survey. A survey estimate, shown with its 90% margin of error; a change smaller than the combined margins is marked not significant.
- Movers.
- People on tax returns (filers and dependents) who moved in minus those who moved out between the 2022 and 2023 filing seasons, moves within the U.S. only. Income is the movers' adjusted gross income for 2022, from returns filed in 2023. The Census estimate of net domestic migration above covers a different, more recent year.
Source: U.S. Census Bureau, "Tenure" (B25003) and "Vacancy Status" (B25004), American Community Survey 1-Year Estimates; IRS Statistics of Income, U.S. Population Migration Data
Census files accessed Oct 27, 2026. Rental vacancy rates, their margins of error, year-over-year changes and significance tests, and per-resident figures are calculated by Fidelis First from Census Bureau data; the Census Bureau is the source of the original data only. Fidelis First is not affiliated with or endorsed by the Internal Revenue Service.
How Montana ranks
Each measure next to the national figure, and where Montana places among the 51 states and DC.
| Measure | Montana | U.S. | Rank among the 51 states and DC |
|---|---|---|---|
| Typical home valueZillow ZHVI | $467,275 | $366,157 | 14th of 51 |
| Home value changePast 12 months | +2.0% | +1.2% | 28th of 51 |
| Rental vacancy rateCensus ACS; tightest ranks first | 4.9% | 5.7% | 23rd of 51 |
| Days to pendingMedian; fastest ranks first | 36 days | 27 days | 40th of 51 |
| Permits per 1,000 residentsHomes authorized, year to date | 3.4 | 2.8 | 16th of 51 |
| Permit changeSame months a year earlier | +9.4% | +0.1% | 13th of 51 |
| Population growthPast year | +0.6% | +0.5% | 16th of 51 |
| Net domestic migrationPer 1,000 residents, past year | +5.5 | — | 6th of 51 |
| Income moving inNet per resident; Fidelis First calculation from IRS and Census data | +$437 | — (Not applicable to the U.S.) | 7th of 51 |
| FHFA home price changePast year, FHFA HPI® | +2.7% | +3.0% | 35th of 51 |
| FHFA, past 5 yearsFive-year change, FHFA HPI® | +47.5% | +41.3% | 14th of 51 |
| Unemployment rateNot seasonally adjusted; lowest ranks first | 2.5% | 4.0% | 4th of 51 |
| Job growthNonfarm payroll jobs, past 12 months | −0.7% | +0.3% | 50th of 51 |
Source: Data Provided by Zillow Group; U.S. Census Bureau, Building Permits Survey; U.S. Census Bureau, Population Estimates · As of Sep 2026
Source: FHFA House Price Index® (All-Transactions, not seasonally adjusted); U.S. Bureau of Labor Statistics, Local Area Unemployment Statistics; U.S. Bureau of Labor Statistics, Current Population Survey; U.S. Bureau of Labor Statistics, Current Employment Statistics
FHFA figures are for Q2 2026. BLS unemployment is for Sep 2026 and jobs for Sep 2026, not seasonally adjusted; the U.S. figures beside them are for the same months. BLS data retrieved from BLS.gov Oct 27, 2026. This product uses FHFA data but is neither endorsed nor certified by FHFA. BLS.gov cannot vouch for the data or analyses derived from these data after the data have been retrieved from BLS.gov.
Source: U.S. Census Bureau, "Tenure" (B25003) and "Vacancy Status" (B25004), American Community Survey 1-Year Estimates; IRS Statistics of Income, U.S. Population Migration Data
Rental vacancy is from the 2024 American Community Survey. Income moving in is movers' net adjusted gross income for 2022 (IRS returns filed in 2023), divided by the latest Census population estimate (July 1, 2025); a Fidelis First calculation. Rental vacancy rates, their margins of error, year-over-year changes and significance tests, and per-resident figures are calculated by Fidelis First from Census Bureau data; the Census Bureau is the source of the original data only. Fidelis First is not affiliated with or endorsed by the Internal Revenue Service.
Large metro areas in Montana
None of the 100 largest U.S. metro areas reaches into Montana. The state figures above cover all of it.
Who's raising money in Montana
Real estate offerings filed with the SEC on Form D by issuers based in Montana, Sep 27 – Oct 26, 2026.
No real estate Form D filings from issuers based in Montana in this period.
Source: SEC EDGAR, Form D
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