Home price trends in Billings, Mont.

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City-by-city price comps
Billings, Mont.

Billings has fared better than most parts of the United States and has avoided much of the investor boom that hit other parts of Montana and the West. Still, a slight drop in home prices is expected this year. That and more are needed to bridge the 24-percent difference between actual home prices and equilibrium, according to Local Market Monitor. The pace of construction is less than in 2007, with a 14-percent decline in single-family permits from December 2007 to December 2008.

Median price end of 2008: $169,450
Median price end of 2007: $175,000
Percent change: -3.2%
Projected change through Q3 2009: -2.4%
Affordability rating: 0.0
Foreclosures in 2008:
(1 for every 329 households)
Foreclosures in 2007:
(1 for every 245 households)
Change in foreclosures: -25.1%
Expected to hit bottom: Q3 2009
Percent drop needed to reach bottom: -2.8%
Note: Median price data from the Billings Association of Realtors.
Current rate comparison
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Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $174,000
Q2 2008 local median price: $179,900
Q3 2008 local median price: $180,250
Q4 2008 local median price: $169,450

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