HPI (2025)FHFA
354
State Series · West Region
Home Price History in Montana
FHFA all-transactions House Price Index for the state of Montana — annual data, 1975 through 2025, rebased to 100 in the year 2000. Compare 1-, 5- and 10-year appreciation, historical drawdowns and local metro markets below.
YoY changeFHFA
+2.3%
5-yr changeFHFA
+62%
Since 2000FHFA
+254%
Are home prices falling in Montana?
Montana's FHFA house price index changed +2.3% from 2024 to 2025. The latest annual reading is at its highest annual reading in this series. These annual observations run through 2025; they do not describe this month's listings or sales. Annual averages can hide changes within a year.
Montana home appreciation over 1, 5 and 10 years
| Period | Total appreciation | Annualized appreciation |
|---|---|---|
| 1 year(s), 2024–2025 | +2.3% | +2.3% |
| 5 year(s), 2020–2025 | +61.8% | +10.1% |
| 10 year(s), 2015–2025 | +105.0% | +7.4% |
Annualized appreciation is the compound annual growth rate, not a simple average. These figures exclude inflation, rent, financing, taxes, insurance, maintenance and transaction costs. They do not measure an investor's net return.
Montana housing drawdown and recovery
Montana's largest observed annual peak-to-trough decline was 10.4%, from 2008 to 2011. The index first regained that peak in 2015, 7 years after the peak. This measures nominal index recovery, not an investor's break-even date after costs or inflation.
The calculation uses the available 1975–2025 annual series. Annual observations can understate losses within a year; longer histories cover more market cycles.
Montana appreciation by holding period
How much did the entry year matter? This table compares every complete five- and ten-year interval in the available annual series, including periods that ended below their starting value.
| Holding period | Lowest change | Highest change | Negative periods |
|---|---|---|---|
| 5 years | -8.3% 2007–2012 | +78.9% 1975–1980 | 4 of 46 |
| 10 years | +12.1% 2007–2017 | +107.2% 2014–2024 | 0 of 41 |
Periods overlap: adjacent rows in the underlying calculation share most of their years. Counts describe this history, not independent trials or the probability of a future loss. These are price changes before inflation, financing, ownership costs or rental income.
Compare local markets with Montana
State averages can hide differences between local markets. The metro pages below compare metro and state appreciation over identical start and end years.
No metros in the current 100-market selection are assigned to this state.
This directory groups our selected metros by their primary state. Some metro areas cross state borders; this is not a complete list of metropolitan areas within Montana. Use the 100-metro appreciation comparison to compare markets across state lines, or browse all 50 states and Washington, DC.
Does the index show the median home price in Montana?
No. An index value of 354.35 tracks price changes relative to a base year; it is not a dollar price. This dataset does not measure rents, cap rates or rental yields. See average versus median home prices and the national median price history for context. Past appreciation does not predict future returns.
Annual data — Montana
FHFA House Price Index, 2000=100. Annual data; not seasonally adjusted. Source: U.S. Federal Housing Finance Agency.
| Year | HPI (2000=100) | YoY change |
|---|---|---|
| 2025 | 354.35 | +2.31% |
| 2024 | 346.34 | +5.22% |
| 2023 | 329.17 | +6.90% |
| 2022 | 307.93 | +20.74% |
| 2021 | 255.04 | +16.46% |
| 2020 | 219.00 | +4.42% |
| 2019 | 209.73 | +4.97% |
| 2018 | 199.80 | +5.98% |
| 2017 | 188.53 | +5.37% |
| 2016 | 178.92 | +3.52% |
| 2015 | 172.83 | +3.39% |
| 2014 | 167.16 | +4.92% |
| 2013 | 159.32 | +3.37% |
| 2012 | 154.12 | +0.91% |
| 2011 | 152.73 | -3.01% |
| 2010 | 157.47 | -4.82% |
| 2009 | 165.45 | -2.93% |
| 2008 | 170.45 | +1.38% |
| 2007 | 168.13 | +6.47% |
| 2006 | 157.92 | +11.64% |
| 2005 | 141.45 | +12.94% |
| 2004 | 125.24 | +9.16% |
| 2003 | 114.73 | +4.58% |
| 2002 | 109.71 | +4.86% |
| 2001 | 104.63 | +4.63% |
| 2000 | 100.00 | +4.60% |
| 1999 | 95.60 | +2.31% |
| 1998 | 93.44 | +2.40% |
| 1997 | 91.25 | +3.05% |
| 1996 | 88.55 | +4.14% |
| 1995 | 85.03 | +8.08% |
| 1994 | 78.67 | +8.69% |
| 1993 | 72.38 | +9.62% |
| 1992 | 66.03 | +8.02% |
| 1991 | 61.13 | +5.83% |
| 1990 | 57.76 | +4.45% |
| 1989 | 55.30 | +2.62% |
| 1988 | 53.89 | +1.70% |
| 1987 | 52.99 | -4.92% |
| 1986 | 55.73 | -1.28% |
| 1985 | 56.45 | -2.37% |
| 1984 | 57.82 | +13.48% |
| 1983 | 50.95 | -1.03% |
| 1982 | 51.48 | +5.54% |
| 1981 | 48.78 | -0.41% |
| 1980 | 48.98 | +3.44% |
| 1979 | 47.35 | +10.01% |
| 1978 | 43.04 | +23.01% |
| 1977 | 34.99 | +15.75% |
| 1976 | 30.23 | +10.41% |
| 1975 | 27.38 | — |
Other states in the West region
FHFA House Price Index data for every other West state, sorted alphabetically. Same-region states share federal-reserve district policy, broader labor-market weather, and migration flows — but state-level housing cycles diverge on tax structure, supply elasticity, and local economic mix.
Methodology
The FHFA House Price Index is a weighted, repeat-sales index that measures average price changes in repeat sales or refinancings on the same single-family properties. The all-transactions index incorporates both purchase mortgages and refinance appraisals; we rebase the published state series to 100 in the year 2000. Rebasing changes the index scale, not percentage appreciation. Source: FHFA House Price Index.