Montana
Montana’s housing market experiences a summer cooldown
Warmer summer weather has brought cooler housing market conditions to Montana.
“The market right now just feels like it’s a bit lukewarm,” said Brian Huskey, a Billings, Montana-based ERA American Real Estate agent. “There is still moderated demand from buyers, but there are a lot of people just sitting on the sidelines right now because housing affordability and rates are playing a big role in people’s decisions.”
In Billings, the 90-day average Altos Research Market Action Index score as of July 19, 2024, was 38.77, down slightly from the 44.48 a year prior and the 51.72 recorded in July 2022. At the height of the pandemic market in June 2021, however, the Billings metro area reported a Market Action Index score of 75.42. Altos considers anything above a Market Action Index score of 30 to be a seller’s market.
While the market has cooled since then, Billings’ drop in Market Action Index score is fairly moderate compared to other pandemic housing hotspots like Austin, Texas, whose score has dropped from a max of 100 in June 2021 to 33 as of mid-July 2024.
Huskey attributes the relative stability of Billings’ housing market to the fact that it is more of a working class community with a stable job market.
“We’ve got a lot of stable jobs at the big refineries and in the medical field, and with that comes stability for the housing market,” Huskey said. “We don’t see the same size of market swings as they do out in the more luxury second home markets like Bozeman.”
Charlotte Durham, the leader of the Bozeman-based, Sotheby’s International Realty-brokered Charlotte Durham Team, wouldn’t necessarily say that her local housing market has experienced a massive swing, but she said it’s certainly cooled down.
“This was the slowest June we’ve seen in many years in our market,” Durham, a luxury-focused agent, said. “We saw things pick up a little after the Fourth of July, but it is still slower than we’ve seen in our market since probably pre-COVID.”
Overall, the Bozeman housing market’s Market Action Index score has dropped from a 90-day average of 32.38 in mid-July 2024 from 66.88 in early June 2021. In the upper quarter of the market, which Altos defines as homes priced between $1.38 million and $2.835 million, it has dropped to 37.93 from a high of 72.75 in Dec. 2021. For properties priced around $2.835 million, the Market Action Index score has dropped to 29.74 from 44.75 in Dec. 2021
This slowdown has been a boon for buyers who are still in the market.
“Especially in the $2 million to $5 million range, there is quite a bit of inventory now sitting on the market and it is great property,” Durham said. “So, I think we are going to have to see prices come down a little, especially in that price range.”
Compared to a year ago, the 90-day average median list price is down $300,000 to $1.2 million, according to Altos data. In the top segment of the market, which is anything above $2.835 million, list prices have fallen in recent weeks, dropping from $3.6 million in mid-April to $2.9 million in mid-July.
Agents say the lower list prices have been a hard bill for sellers to swallow.
“The market is definitely better than it was the summer of 2022, but it is still similar to the summer of 2022,” Austin Baumgartner, who leads the Keller Williams Northwest Montana-brokered team Hidden Homes Montana, said. “Prices had been going up and up and now they are starting to come back down. We are seeing more price reductions in the market, but some folks are freaking out a little and if a property is sitting for 90 days instead of 45 days like most were, they cut the price to get ahead of other properties.”
However, Baumgartner said the uptick in days on market doesn’t really bother him.
“It is a more normalized market,” he said. “Inventory is rising a little bit, it isn’t as high as in 2019, but it’s better than it has been and it’s still slightly a seller’s market, so we are just moving to a levelized market.”
Statewide, Altos data supports Baumgartner’s assertions. The 90-day Market Action Index score was at 33.66 in mid-July, a very slight seller’s market and 90-day average for active single-family listings has risen to 3,258 listings, its highest level since mid-March 2020 at the onset of the COVID-19 pandemic.
But while the uptick in inventory is good news for buyers, there is no hiding the fact that home prices in the state have risen drastically over the past five years. In the late summer of 2019, Altos data shows that the 90-day average median list price in Montana hovered around $390,000. As of mid-July 2024 it had risen to $725,000.
Statewide, agents attribute this massive jump in home prices to the pandemic homebuying boom and the rapid influx of out-of-state buyers who flocked to Montana. While the influx of out-of-state buyers certainly helped increase property values in the state, agents say it has made thing challenging for locals looking to buy a house.
“It is a more than controversial issue,” Baumgartner said. “It is bad. Montanans have a lot of pride in the state and in owning property here, but most people can’t buy houses right now. Inflation is too high and with the amount most people make for in state jobs, you’d have to have like three jobs to buy a house, unless you are in a higher paying industry.”
Robyn Erlenbush, an ERA Landmark Real Estate agent in Bozeman, has also witnessed the rapid home price appreciation take a toll on her local clients.
“When Bozeman was discovered again, if you will, there was a big influx of people with cash,” Erlenbush said. “So, you all of a sudden had more competition driving prices up and then you had interest rates go up and it was a perfect storm of ingredients that made it difficult for the local buyer. I know of people who ended up buying 90 miles away from their jobs here in Bozeman because they couldn’t afford to purchase anywhere closer.”
If interest rates were to fall in the next few months, local agents say some buyers may gain an advantage. But it might be short lived.
“It is an election year and people tend to get a little skittish because they don’t know what is going to happen. But if interest rates fall just a little bit, we are going to have a gangbusters fourth quarter, no matter what happens with the election,” Baumgartner said. “There are just going to be a ton of people who want to buy and sell. The stuff above $1 million might still be a bit slower, but the stuff below, I think we’ll see some multiple offer situations. It is going to be interesting to watch.”
The Montana Lottery offers multiple draw games for those aiming to win big.
Here’s a look at June 27, 2026, results for each game:
Winning Powerball numbers from June 27 drawing
03-16-28-30-59, Powerball: 11, Power Play: 2
Check Powerball payouts and previous drawings here.
Winning Lotto America numbers from June 27 drawing
03-08-18-22-39, Star Ball: 06, ASB: 02
Check Lotto America payouts and previous drawings here.
Winning Big Sky Bonus numbers from June 27 drawing
05-16-19-27, Bonus: 08
Check Big Sky Bonus payouts and previous drawings here.
Winning Powerball Double Play numbers from June 27 drawing
02-26-34-43-45, Powerball: 15
Check Powerball Double Play payouts and previous drawings here.
Winning Montana Cash numbers from June 27 drawing
05-09-10-15-35
Check Montana Cash payouts and previous drawings here.
Winning Millionaire for Life numbers from June 27 drawing
26-32-38-51-52, Bonus: 05
Check Millionaire for Life payouts and previous drawings here.
Feeling lucky? Explore the latest lottery news & results
When are the Montana Lottery drawings held?
- Powerball: 8:59 p.m. MT on Monday, Wednesday, and Saturday.
- Mega Millions: 9 p.m. MT on Tuesday and Friday.
- Lucky For Life: 8:38 p.m. MT daily.
- Lotto America: 9 p.m. MT on Monday, Wednesday and Saturday.
- Big Sky Bonus: 7:30 p.m. MT daily.
- Powerball Double Play: 8:59 p.m. MT on Monday, Wednesday, and Saturday.
- Montana Cash: 8 p.m. MT on Wednesday and Saturday.
- Millionaire for Life: 9:15 p.m. MT daily.
Missed a draw? Peek at the past week’s winning numbers.
This results page was generated automatically using information from TinBu and a template written and reviewed by a Great Falls Tribune editor. You can send feedback using this form.
Iron (MN) Cherry High School athlete Isaiah Asuma announced his commitment to Montana State on Monday, adding to an already impressive recruiting class for the reigning FCS national champions.
“I committed to Montana State because I love what the football program has been and has to offer,” Asuma said. “I love Bozeman, and I really fell in love with the coaching staff and what they had for future plans for me. I really think they can develop me for the next level.”
The 5-foot-11, 180-pounder, who is also a standout basketball player for the Tigers, received an offer from the Bobcats on April 17, after speaking with head coach Brent Vigen when he was in Bozeman for a Junior Day.
“My family and I had a conversation with Coach Vigen in his office, and he was just telling me that he really liked my game and really thought I could make an impact for them! That was when he offered me. Being around him a couple of times now, we have developed a good relationship, and I love who he is as a person and a coach. He’s always gonna shoot you straight, and he’s never gonna lie to you.”
Let’s do it, Cat Nation. 💙💛🤍#AGTG #COMMITTED pic.twitter.com/20f54Xvmrz
— isaiahasuma (@AsumaIsaiah) June 22, 2026
Asuma has yet to take his official visit with the Bobcats, but even after just a few visits to Bozeman, he saw enough and decided to announce his commitment.
“I have not taken my official visit yet, but I have been out there two times, and I love Bozeman. The first time I went out there, I fell in love with it. I come from a small town in Minnesota, so that’s like nothing I’ve ever seen before out there. It is pretty amazing!”
Last season, the Tigers finished 4-5, but Asuma had a great season, finishing with 1,233 passing yards, 13 touchdowns, 1,044 rushing yards, and 12 rushing touchdowns, while adding 58 tackles and four interceptions.
“Last season was solid, but we were a .500 team. I had a good individual year, and since I go to a smaller school, I played both quarterback and free safety.”
This season, he is hoping to lead the Tigers to a winning record, as well as have another big season, which could be a challenge as they will have a young squad.
“The offseason has been good. I just started summer practice and weights again with the team, in addition to training with my trainer, Dre Sherril, with explosive agility stuff and weightlifting. My goals for this upcoming season are to try to rush for 1,000 yards again and be a .500 team. Our team is super young this year, so I’m just hoping to have a solid year again.”
Asuma adds to a Bobcats recruiting class that includes three-star wide receiver Kase Betz, defensive lineman Dax Yeager, offensive lineman Kade Leibrand, EDGE Dominick Webb, defensive back Kei’Dryn Edmond, offensive lineman Maciah Keene, tight end Carter Zollar, running back DaKari Releford, among others.
‼️College coaches‼️ https://t.co/stoR6ZJROU
— isaiahasuma (@AsumaIsaiah) April 28, 2026
Follow FCS Football Central on social media for ongoing coverage of FCS football, including on X, Facebook, and YouTube.
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