Great Falls's housing market tells a story no other Montana city can match: the most affordable major metro in the state, combined with the largest inventory surge anywhere in Montana. Known as "The Electric City" for the hydroelectric dams on the Missouri River, Great Falls offers buyers a rare combination of genuine affordability, growing supply, and an economy backed by Malmstrom Air Force Base and Benefis Health System. Whether you're buying, renting, or investing, this guide covers current home values, rental rates, inventory trends, and market dynamics. For the broader cost picture, see our Great Falls cost of living guide, or visit the full Great Falls profile.
Market Snapshot
Data as of January 2026. Sources: Zillow ZHVI, U.S. Census ACS.
Home Values & Pricing
The Zillow Home Value Index puts Great Falls's typical home value at $327,514, while the median list price for currently active listings is $375,250. The gap between ZHVI and list price is notable here—it partly reflects the mix of older, more affordable housing stock and newer construction on the city's south and west sides that skews listing prices upward.
The Census Bureau's American Community Survey reports a median home value of $237,400, but this figure is based on a 5-year rolling average (2019–2023) and significantly lags the current market. Among Montana towns, Great Falls ranks in the 65th percentile for home values—placing it in the top 35% statewide. Crucially, Great Falls remains the most affordable of Montana's major cities—cheaper than Billings (~$340K), Helena (~$453K), Missoula (~$547K), and far below Bozeman (~$635K) and the Flathead Valley.
Inventory & Supply
Great Falls currently has 284 homes listed for sale. This represents a 31.5% increase compared to the same period last year—the largest inventory expansion of any Montana city and a massive shift toward buyer-friendly conditions. New listings are coming on at a pace of roughly 52 per month.
Several factors drive this inventory surge. Military personnel rotations at Malmstrom AFB create regular turnover as families PCS (Permanent Change of Station) in and out of the city. The 8.2% vacancy rate—the highest of any Montana hub—suggests some softening of demand, possibly linked to military drawdowns or retirees relocating to warmer climates. Unlike mountain-hemmed cities such as Missoula or Helena, Great Falls sits on the open plains of the Missouri River valley with ample room for development in every direction. The south and west sides of the city have seen the most new construction, while established neighborhoods closer to downtown and the base offer older homes at lower price points.
Rental Market
Median rent in Great Falls is $1,352 per month according to Zillow's Observed Rent Index. The Census ACS puts the median at $866, again reflecting the multi-year survey lag. Great Falls ranks in the 77th percentile for rents among Montana towns.
The rental market here is shaped heavily by Malmstrom Air Force Base. Military families on rotation often rent rather than buy, creating consistent demand for family-sized rentals near the base and in the south-side neighborhoods. Benefis Health System employees—including traveling nurses and new hires evaluating the area—add another steady renter demographic. Unlike Glacier-area or Yellowstone-area communities, Great Falls has negligible short-term rental conversion from tourism. The overwhelming majority of rental stock remains in the long-term pool, which keeps rents more moderate relative to home values than in places like Kalispell or Whitefish.
Housing Stock
Great Falls has 28,333 total housing units. The overall vacancy rate is 8.2%—the highest of any major Montana city, suggesting meaningful supply availability for both buyers and renters.
The housing stock reflects Great Falls's evolution from a frontier outpost to a 20th-century military and industrial city. Downtown and the near-north neighborhoods feature early 1900s bungalows and Craftsman homes with character—many well-maintained, some in need of renovation. Mid-century ranch-style homes dominate the neighborhoods built during Malmstrom's Cold War expansion in the 1960s. Newer subdivisions on the south and west sides offer modern construction with larger lots. Unlike resort towns where luxury spec homes dominate new building permits, Great Falls's development skews toward workforce and family housing priced for military and healthcare salaries rather than out-of-state wealth.
Buying vs. Renting
With an affordability ratio of 5.1 (median home value divided by median household income), buying in Great Falls is more attainable than in any other major Montana city. The ratio of 5.1 falls within the commonly cited national benchmark of 3.0 to 5.0—making Great Falls the only major Montana metro that approaches what economists consider a balanced housing market. Compare that to Billings (5.4), Helena (6.6), Missoula (7.9), and Bozeman (8.8).
The 31.5% year-over-year inventory increase further strengthens the buyer's position. With 284 active listings and 52 new homes hitting the market each month, buyers have selection that's virtually unmatched elsewhere in Montana. Renting remains reasonable at $1,352/mo, making it a practical option for military families on shorter rotations or newcomers evaluating the area—and Montana property taxes remain well below the national average for those who do buy. The absence of a state sales tax also reduces the overall cost burden for homeowners furnishing and maintaining a property.
Market Outlook
Great Falls's housing market is defined by two forces that set it apart from the rest of Montana: Malmstrom Air Force Base provides a federal demand floor that no state policy can replicate, while the +31.5% inventory surge—the largest of any Montana city—signals a market that is clearly tilting in favor of buyers. The 8.2% vacancy rate adds further evidence that supply is outpacing demand in the near term.
Key factors to watch include Malmstrom's force posture and any changes to the Minuteman III mission (the Sentinel ICBM replacement program could bring new construction and personnel), Benefis Health System's expansion plans, and whether buyers priced out of western Montana increasingly discover Great Falls as the most affordable alternative with genuine city infrastructure. The absence of resort-town speculation means Great Falls is unlikely to experience the dramatic price swings seen in the Flathead or Gallatin valleys—instead, expect steady, fundamentals-driven pricing anchored by military and healthcare employment, with the current inventory surplus giving buyers leverage that may not last as the broader Montana market continues to attract new residents.