Great Falls, Montana Housing Market Prices
Great Falls Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 3% below the Montana median$242,165
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Median rent 20% below the Montana median$866
Housing Market Overview
| Metric | Great Falls | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $242,165 | $249,140 | $248,835 |
| Price Trend (Annual %) | 10.4% | 3.8% | 7.5% |
| Median Gross Rent | $866 | $1,081 | $1,407 |
| Rent Trend (Annual %) | 4.0% | 5.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Great Falls is about 3% lower than in Montana. Rent is about 20% lower than the Montana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Great Falls, up about 10.4% and 4.0% a year respectively. Home prices are changing faster.
Median rent in Great Falls rose about 41.9% between 2015 and 2024, from $610 to $866. Over the same span, rent in Montana rose about 52.0%.
Affordability
On average, housing unit costs 4.0 yearly household incomes in Great Falls.
Buying the median-priced home in Great Falls costs roughly 23.3 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Great Falls. The price-to-rent ratio in Montana is about 19.2.
| Metric | Great Falls | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $242,165 | $249,140 | $248,835 |
| Median Household Income | $60,826 | $72,476 | $80,455 |
| Price-to-Income Ratio | 4.0 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Great Falls rose about 163.4%, while median household income rose about 51.4% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Great Falls | Montana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.3% | 60.1% | 58.5% |
| Rental Rate | 31.8% | 26.8% | 31.2% |
| Vacancy Rate | 7.9% | 13.2% | 10.2% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Great Falls has a homeownership rate of 60.3%, about the same as the Montana average of 60.1%. Its housing vacancy rate is 7.9%, compared with 13.2% in Montana.
Housing Stock
| Metric | Great Falls | Montana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.24 people | 2.37 people | 2.53 people |
| Median Structure Built Year | 1961 | 1981 | 1978 |
| Median Number of Rooms | 5.7 | 5.6 | 5.5 |
The typical housing unit in Great Falls was built around 1961. On average, 2.2 people live in a home with about 5.7 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Great Falls, Montana.
What is the median home price in Great Falls, Montana?
The median home price in Great Falls, Montana is $242,165, lower than the Montana average of $249,140.
What is the average home price in Great Falls, Montana?
The typical home price in Great Falls, Montana, reported as the median sale price, is $242,165. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Great Falls, Montana?
The median gross rent in Great Falls, Montana is $866 per month, lower than the Montana average of $1,081.
What was the median gross rent in Great Falls in 2020?
In 2020, the median gross rent in Great Falls, Montana was $727 per month.
What is the price-to-rent ratio in Great Falls, Montana?
The price-to-rent ratio in Great Falls, Montana is about 23.3, meaning it would take roughly 23.3 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Great Falls.
Are home prices or rent rising faster in Great Falls, Montana?
Both home prices and rent are rising in Great Falls, up about 10.4% and 4.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Great Falls, Montana?
60.3% of households in Great Falls, Montana own their home, about the same as the Montana average.
What is the vacancy rate in Great Falls, Montana?
The housing vacancy rate in Great Falls, Montana is 7.9%, lower than the Montana average of 13.2%.
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