![]() For house-hunters with an income between 80% and 120% of the median, or between $48,000 and $72,000, Leach said, a price between $240,000 and $320,000 would be considered affordable. That jump could affect many people who hope to own a home in Billings, where the median household income is just under $60,000, according to the most recent census data. “If this trend continues the way that it’s currently going, it’s just not sustainable for the average individual to be able to afford homeownership.” Billings real estate agent Bob Leach What else you need to know: Leach, Multiple Listing Service chair of the Billings Association of Realtors, said the average sale price for a single-family home in the Billings area jumped from approximately $294,000 in 2020 to $342,000 in 2021, an increase of more than 16%. In the summer of 2020, though, demand began to skyrocket, and prices followed. While the housing market in Montana’s largest city is not yet as hot as Missoula’s, Bozeman’s or Kalispell’s, the trendline points to a simmering question: Is Billings next in line for a housing crisis?įrom 2012 through 2017, Billings had a steady increase in housing prices of 2% to 3% annually, according to Leach. Montana’s natural amenities and wide-open spaces are drawing an increasing number of new residents, causing shortages of workforce housing in several areas of the state and making some places unaffordable for many. ![]() “We’re shutting out a whole host of people from being able to afford housing,” he said. Over the past several years, and accelerating since the start of the pandemic, Leach said, home prices are surging as demand rapidly outpaces supply in the Billings area. According to the article, Billings’ rank was boosted in part by its appeal to remote workers and the city’s low unemployment rate, which the Bureau of Labor Statistics pegged at 3% in May. “The index identifies the top metro areas for home buyers seeking an appreciating housing market and appealing lifestyle amenities,” housing reporter Nicole Friedman wrote. The rankings, published July 20, analyzed economic data and housing metrics. 1 emerging housing market in the United States. The Wall Street Journal recently named Billings as the No. Now Leach is living through another time of rapid change. He was there for the 2008 recession and remembers how the community was affected when home sales collapsed. He was there in the 1980s when interest rates hit an all-time high of nearly 19% on a 30-year mortgage. ![]() In addition, you’ll find a more detailed overview of the local market at the bottom of the search result page.In his 43 years selling real estate in Billings, Bob Leach has seen dramatic swings in the housing market. What type of information can I find on Point2? Point2 offers an abundance of information about Rimrock, Billings, MT real estate, including property descriptions and photos, as well as demographic stats. Then, save your search and receive daily or weekly emails with listings matching your preferences. You can also narrow your search by using specific keywords, as well as filter properties based on recent price drops. ![]() How do I search for homes for sale in Rimrock, Billings, MT? With Point2, you can sort the homes for sale in Rimrock, Billings, MT based on multiple criteria, such as price, property type, square footage, number of bedrooms and bathrooms, lot size or the year it was built. You can browse through multiple property types, from single-family homes for sale to townhouses, condos and even commercial real estate in Rimrock, Billings, MT. ![]() Frequently Asked Questions How many homes for sale are available in Rimrock, Billings, MT? On Point2, there are 96 homes for sale in Rimrock, Billings, MT to choose from, with prices ranging from $300,000 to $8,575,000. ![]()
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