Housing continues to be a hotly discussed topic here in Montana. Speaking with local realtors, housing affordability is still a concern in Helena for many clients.
“Covid changed pricing across Montana, because there was such a limited amount of houses for sale during that time and so many buyers, that it really elevated things, so that is why were still seeing those prices,” said Engel & Volkers supervising broker Molly Holahan.
(WATCH: Prices still a concern, looking at the 2026 Montana housing market)
Holahan says there's plenty of inventory, with over 200 houses on the market in Lewis and Clark County, but the average housing cost, around 525 thousand as of December 2025, is still higher than many prefer.
The Montana housing market has experienced a significant spike in recent years, with the average home value seeing a 66% increase between the beginning of the pandemic and 2025, according to the state's Department of Revenue.
Addressing housing has been a priority for state lawmakers and leaders. In 2022, the Gianforte administration launched a housing task force, which was later extended through June 2025, focusing on increasing supply and allowing more trade employees on building projects.
“Homeownership is an integral part of the American dream, and we want housing to be affordable,” said Governor Greg Gianforte.
Gianforte says they're going to continue working on the issue, but change takes time.
“We made these changes in 2022; we’re just now starting to get that increased workforce that we need to build these homes,” Gianforte said. “Again theres no instant on button, will take a little time to get the workforce spun up.”
Realtors say another factor was that during the pandemic, interest rates were much lower, near 3%, giving people more buying power, instead of around 5-6% that we see today.
Rates are changing, though, and predicted to go down this year.
“So we are definitely seeing a shift more towards a buyer's market where there are a lot more options for buyers to choose from, making us have longer days on market for sellers,” Holahan said.
