Billings, MT
House prices for this metro area, real and nominal, since FHFA's series begins.
FHFA all-transactions · 1985 Q2 to 2026 Q2 · real terms in 2024 dollars · built 2026-10-31
All metro areas · this area is billings on the rankings
The index
Real and nominal, first quarter of the series = 100; the shaded band is 2007 to 2012.
How this is measured
Real terms deflate each quarter by that year's US CPI, stated in 2024 dollars; the CPI runs to 2024, so later quarters sit at 2024 prices until the next print. All-transactions includes refinance appraisals as well as sales; FHFA publishes purchase-only for the 100 largest metro areas only, and this is not one of them.
One year
One year real +4.4%
nominal +4.4%
Five years
Five years real +21.7%
nominal +40.9%
Ten years
Ten years real +38.1%
nominal +80.5%
Twenty-five years
Twenty-five years real +87.7%
nominal +232.5%
Since 2000
Since 2000 real +95.3%
nominal +255.8%
2007 to 2012
crash, real −10.0%
2007Q4 to 2012Q1
Year by year
Fourth quarter of each year, nominal and real, newest first.
| Quarter | Nominal | Real (2024 $) | Real, year on year |
|---|---|---|---|
| 2026 Q2 | 418.0 | 418.0 | real year on year +2.5% |
| 2025 Q4 | 407.7 | 407.7 | real year on year +3.2% |
| 2024 Q4 | 395.2 | 395.2 | real year on year −1.6% |
| 2023 Q4 | 390.0 | 401.5 | real year on year −1.4% |
| 2022 Q4 | 379.8 | 407.1 | real year on year +5.5% |
| 2021 Q4 | 333.2 | 385.7 | real year on year +16.2% |
| 2020 Q4 | 273.9 | 332.0 | real year on year +5.1% |
| 2019 Q4 | 257.4 | 315.8 | real year on year +2.3% |
| 2018 Q4 | 247.0 | 308.6 | real year on year −0.0% |
| 2017 Q4 | 241.3 | 308.7 | real year on year +0.8% |
| 2016 Q4 | 234.4 | 306.4 | real year on year −0.2% |
| 2015 Q4 | 231.8 | 306.9 | real year on year +6.0% |
| 2014 Q4 | 218.4 | 289.4 | real year on year +2.5% |
| 2013 Q4 | 209.8 | 282.5 | real year on year +1.4% |
| 2012 Q4 | 203.8 | 278.5 | real year on year +2.0% |
| 2011 Q4 | 195.8 | 273.0 | real year on year −4.6% |
| 2010 Q4 | 198.9 | 286.2 | real year on year −0.7% |
| 2009 Q4 | 197.0 | 288.1 | real year on year −1.9% |
| 2008 Q4 | 201.6 | 293.7 | real year on year −1.5% |
| 2007 Q4 | 197.2 | 298.3 | real year on year +2.8% |
| 2006 Q4 | 186.4 | 290.1 | real year on year +2.7% |
| 2005 Q4 | 175.9 | 282.6 | real year on year +7.6% |
| 2004 Q4 | 158.1 | 262.6 | real year on year +5.2% |
| 2003 Q4 | 146.3 | 249.5 | real year on year +5.9% |
| 2002 Q4 | 135.1 | 235.5 | real year on year +4.9% |
| 2001 Q4 | 126.8 | 224.6 | real year on year +1.6% |
| 2000 Q4 | 121.3 | 220.9 | real year on year −0.1% |
| 1999 Q4 | 117.4 | 221.1 | real year on year +1.5% |
| 1998 Q4 | 113.2 | 217.8 | real year on year +1.1% |
| 1997 Q4 | 110.2 | 215.4 | real year on year −1.4% |
| 1996 Q4 | 109.3 | 218.5 | real year on year +2.1% |
| 1995 Q4 | 104.0 | 214.0 | real year on year +0.3% |
| 1994 Q4 | 100.8 | 213.4 | real year on year +4.7% |
| 1993 Q4 | 93.9 | 203.9 | real year on year +7.0% |
| 1992 Q4 | 85.2 | 190.5 | real year on year +5.5% |
| 1991 Q4 | 78.4 | 180.6 | real year on year +4.3% |
| 1990 Q4 | 72.2 | 173.2 | real year on year −1.2% |
| 1989 Q4 | 69.3 | 175.4 | real year on year −3.8% |
| 1988 Q4 | 68.7 | 182.3 | real year on year +5.4% |
| 1987 Q4 | 62.6 | 172.9 | real year on year −19.0% |
| 1986 Q4 | 74.6 | 213.5 | real year on year −4.8% |
| 1985 Q4 | 76.9 | 224.3 | — |
2026 Q2418 · real 418real year on year +2.5%
2025 Q4408 · real 408real year on year +3.2%
2024 Q4395 · real 395real year on year −1.6%
2023 Q4390 · real 402real year on year −1.4%
2022 Q4380 · real 407real year on year +5.5%
2021 Q4333 · real 386real year on year +16.2%
2020 Q4274 · real 332real year on year +5.1%
2019 Q4257 · real 316real year on year +2.3%
2018 Q4247 · real 309real year on year −0.0%
2017 Q4241 · real 309real year on year +0.8%
2016 Q4234 · real 306real year on year −0.2%
2015 Q4232 · real 307real year on year +6.0%
Source
FHFA House Price Index, all-transactions, quarterly, not seasonally adjusted, CBSA 13740. Real terms by the World Bank's US consumer price index, annual.