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.
YoY changeFHFA
+2.3%
5-yr changeFHFA
+62%
Since 2000FHFA
+254%
Montana's FHFA all-transactions House Price Index runs from 1975 through 2025. The state-level HPI, rebased to 100 in 2000, stood at 354.4 at the latest reading. Cumulative nominal appreciation since 2000: +254.4%.
The 2007–2011 housing crisis cut the Montana HPI by 10.4% peak-to-trough — from 170.4 in 2008 to 152.7 in 2011. The U.S. national HPI fell roughly 21% over the same window, so Montana's drawdown was milder than the national average.
The pandemic-era surge brought Montana's HPI from 209.7 in 2019 to 354.4 in 2025 — a +69.0% cumulative gain in 6 years, running above the national pace.
Montana sits in the West census region of the United States. Long-run state-level home-price appreciation reflects regional employment patterns, in-migration flows, and supply constraints. State-level FHFA series can mask significant intra-state divergence — see the linked metro pages below for sub-state breakdowns where available.
Montana's metropolitan areas are not yet individually covered by the Housing Almanac. Metro-level FHFA data does exist for many smaller MSAs in this state — see the full metro index.
For the U.S. national context, see the national median price history or browse all 50 states.
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 | — |
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; the index is calibrated to the West census region and rebased to 100 in the year 2000.