Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Valley County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $168,381 | $242,768 | $242,182 |
| Price Trend (Annual %) | 29.4% | 4.0% | 8.2% |
| Median Gross Rent | $769 | $1,031 | $1,342 |
| Rent Trend (Annual %) | 5.8% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Valley County is about 31% lower than in Montana. Rent is about 25% lower than the Montana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Valley County, up about 29.4% and 5.8% a year respectively. Home prices are changing faster.
Median rent in Valley County rose about 44.6% between 2015 and 2023, from $532 to $769. Over the same span, rent in Montana rose about 45.0%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in Valley County.
Buying the median-priced home in Valley County costs roughly 18.3 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Valley County. The price-to-rent ratio in Montana is about 19.6.
| Metric | Valley County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $168,381 | $242,768 | $242,182 |
| Median Household Income | $65,738 | $69,624 | $78,145 |
| Price-to-Income Ratio | 2.6 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Valley County rose about 50.6%, while median household income rose about 69.6% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Valley County | Montana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.0% | 60.1% | 58.2% |
| Rental Rate | 15.5% | 26.5% | 31.3% |
| Vacancy Rate | 30.4% | 13.4% | 10.6% |
| Median Tenure (years) | 20.0 | 15.0 | 15.0 |
| Median Year Moved In | 2006 | 2011 | 2011 |
Valley County has a homeownership rate of 54.0%, lower than the Montana average of 60.1%. Its housing vacancy rate is 30.4%, compared with 13.4% in Montana.
Housing Stock
| Metric | Valley County | Montana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.50 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1965 | 1980 | 1978 |
| Median Number of Rooms | 6.0 | 5.6 | 5.5 |
The typical housing unit in Valley County was built around 1965. On average, 2.5 people live in a home with about 6.0 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Valley County, Montana.
What is the median home price in Valley County, Montana?
The median home price in Valley County, Montana is $168,381, lower than the Montana average of $242,768.
What is the average home price in Valley County, Montana?
The typical home price in %s, reported as the median sale price, is %s. 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 Valley County, Montana?
The median gross rent in Valley County, Montana is $769 per month, lower than the Montana average of $1,031.
What was the median gross rent in Valley County in 2020?
In 2020, the median gross rent in Valley County, Montana was $585 per month.
What is the price-to-rent ratio in Valley County, Montana?
The price-to-rent ratio in Valley County, Montana is about 18.3, meaning it would take roughly 18.3 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Valley County.
Are home prices or rent rising faster in Valley County, Montana?
Both home prices and rent are rising in Valley County, up about 29.4% and 5.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Valley County, Montana?
54.0% of households in Valley County, Montana own their home, lower than the Montana average of 60.1%.
What is the vacancy rate in Valley County, Montana?
The housing vacancy rate in Valley County, Montana is 30.4%, higher than the Montana average of 13.4%.