Livingston's housing market is one of the tightest in Montana—a small-town market under big-town pressure. With just 4,220 total housing units serving a population of 8,040, a vacancy rate of 3.2%, and only 55 active listings at any given time, this is a market where supply constraints dominate every conversation. Second-home buyers, vacation-rental operators, Paradise Valley ranch seekers, and Bozeman spillover all compete for a housing stock that barely turns over. Whether you're buying, renting, or investing, this guide covers current values, inventory dynamics, and what makes Livingston's market uniquely constrained. For the broader cost picture, see our Livingston cost of living guide, or visit the full Livingston profile.
Market Snapshot
Data as of January 2026. Sources: Zillow ZHVI, U.S. Census ACS.
Home Values & Pricing
The Zillow Home Value Index puts Livingston's typical home value at $510,282, while the median list price for currently active listings is $524,967. The $15K gap between ZHVI and list price is modest, suggesting sellers here price closer to market reality than in speculative resort markets—likely because the buyer pool, while motivated, is small enough that overpriced listings simply sit.
The Census Bureau's American Community Survey reports a median home value of $348,700, but this figure is based on a 5-year rolling average (2019–2023) and significantly lags the current market. Among Montana towns, Livingston ranks in the 86th percentile for home values—placing it in the top 14% statewide. For a town of 8,040 people, these are exceptional numbers. Livingston is more expensive than Helena (~$411K) and Kalispell (~$509K)—cities several times its size—and only modestly below Bozeman (~$635K), 25 miles west. The Yellowstone gateway premium, Paradise Valley's ranch-country cachet, and the arts-community draw all inflate values well beyond what local wages alone would support.
Inventory & Supply
Livingston currently has 55 homes listed for sale—one of the smallest active inventories of any town in our analysis. This represents a 8.3% decrease compared to the same period last year, meaning the already-tight market is getting even tighter. New listings trickle in at just 8 per month—a pace so slow that a single week of strong buyer activity can meaningfully shift market dynamics.
The supply constraint is structural, not cyclical. Livingston is geographically pinched between the Absaroka Range to the south and east, the Crazy Mountains to the northeast, and the Bangtail Range to the north. Buildable land within city limits is largely built out, and new development faces the same infrastructure limitations (water, sewer) that constrain many small Montana towns. Paradise Valley to the south offers acreage and ranch properties, but these are premium holdings—often $1M+ and rarely subdivided for workforce housing. Unlike Helena or Kalispell, which have valley floors that allow suburban expansion, Livingston's geography limits the pipeline of new supply.
Rental Market
Median rent in Livingston is $1,839 per month according to Zillow's Observed Rent Index. The Census ACS puts the median at $987, again reflecting the multi-year survey lag. Livingston ranks in the 90th percentile for rents among Montana towns—one of the highest in the state.
The rental market is under acute pressure from vacation rentals. Livingston's proximity to Yellowstone (44 miles to the North Entrance) and its position at the head of Paradise Valley make it a natural base for park visitors, and property owners can earn substantially more from nightly rentals during the June–September Yellowstone season than from year-round tenants. The result is a 3.2% vacancy rate and a long-term rental pool that is genuinely difficult to access. Service-industry workers, teachers, and healthcare staff—the people who keep the town running—face the sharpest squeeze, competing for a shrinking pool of year-round units while earning wages well below the median household income.
Housing Stock
Livingston has 4,220 total housing units. The overall vacancy rate of 3.2% is among the lowest in our analysis—well below the 5–7% range that housing economists consider healthy for a functioning market.
The housing stock tells the story of Livingston's layered history. The historic downtown along Park Street and the surrounding neighborhoods feature late-19th and early-20th century homes from Livingston's railroad era—the Northern Pacific Railway established the town in 1882 as the original gateway to Yellowstone. Many of these structures are beautifully preserved, with Queen Anne and Craftsman styles well represented. The railroad depot itself, now a museum, anchors the historic district. Moving outward, mid-century ranch homes fill the residential streets, while the handful of newer developments cluster on the town's edges. South of town, Paradise Valley transitions to ranch properties—large-acreage holdings along the Yellowstone River corridor that attract high-net-worth buyers seeking trophy ranches with park access and blue-ribbon trout water.
Buying vs. Renting
With an affordability ratio of 7.8 (median home value divided by median household income), buying in Livingston is a stretch for most local earners. The ratio of 7.8 is better than Whitefish (11.7) or Bozeman (8.8) but worse than Helena (6.6), Missoula (7.9 but in a much larger job market), or Great Falls (3.7). A dual-income professional household can make it work; a single-income service or tourism worker likely cannot without significant savings or outside equity.
The market's tiny size—55 active listings, 8 new per month—means buying is as much about patience and timing as it is about budget. Desirable properties near downtown or along the river can receive multiple offers despite the small buyer pool. Renting at $1,839/mo consumes a significant share of a median-income budget, but it does buy time to learn the market and wait for the right property in a town where inventory is measured in dozens, not hundreds. Montana's low property taxes and absence of a state sales tax reduce the ongoing ownership burden for those who do buy.
Market Outlook
Livingston's housing market is defined by structural scarcity. The combination of geographic constraints, limited buildable land, vacation-rental conversion, and second-home demand creates a floor under prices that is unlikely to soften meaningfully. The 8.3% year-over-year decline in inventory signals continued tightening—the opposite of what buyers in an already-constrained market want to see.
Key factors to watch include Yellowstone visitation trends (which directly affect vacation-rental economics), Bozeman's continued growth (which pushes more spillover buyers east on I-90), and any local regulatory action on short-term rentals that could return units to the long-term pool. Remote work has been a tailwind for Livingston—its literary and artistic reputation, Yellowstone access, and small-town character appeal strongly to location-independent professionals. As long as that trend holds, expect continued pressure on a market that has very little room to absorb new demand.Livingston's fundamental appeal—Yellowstone gateway, Paradise Valley, Yellowstone River through downtown, a nationally recognized arts community, and Bozeman-area recreation at a lower price point—ensures sustained interest from buyers well beyond Park County.