Red Lodge, MT housing market
The typical Red Lodge home is worth about $527,000, up 3.1% in a year, 12% above the Montana typical home.
Home values, sales, trends and how Red Lodge compares with the towns next door — updated as new data is published.
Red Lodge at a glance
Only 3 sales in May 2026: in a market this size, monthly medians swing a lot, so the typical value above is the steadier guide.
Typical home value, 2016–2026
Show as a table
| January | Red Lodge | Montana |
|---|---|---|
| 2017 | $214,000 | $233,000 |
| 2018 | $249,000 | $248,000 |
| 2019 | $269,000 | $262,000 |
| 2020 | $285,000 | $277,000 |
| 2021 | $320,000 | $318,000 |
| 2022 | $400,000 | $406,000 |
| 2023 | $446,000 | $434,000 |
| 2024 | $480,000 | $447,000 |
| 2025 | $497,000 | $464,000 |
| 2026 | $522,000 | $468,000 |
| August 2026 | $527,000 | $472,000 |
23 new homes permitted in 2025
Builders were permitted 23 new homes in Red Lodge in 2025: 15 single-family houses and 8 in buildings with two or more homes, worth about $12.3 million to build. That's 9.2 per 1,000 residents, faster than across Montana (7.3). Over the past 10 years, Red Lodge has permitted 308 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Red Lodge gained 132 residents while 70 new homes were permitted: about 1.9 new residents per new home. Building and growth moved roughly in step. Across Montana: 2.4 new residents per new home.
Residents: U.S. Census Bureau, 2010 and 2020 censuses. New homes: permits issued 2010–2019.
Show as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 19 | 19 | 0 | $10.3 million |
| 2025 | 23 | 15 | 8 | $12.3 million |
| 2024 | 48 | 42 | 6 | $15.8 million |
| 2023 | 55 | 53 | 2 | $18.9 million |
| 2022 | 48 | 46 | 2 | $17.5 million |
| 2021 | 60 | 58 | 2 | $20.6 million |
| 2020 | 36 | 36 | 0 | $8.4 million |
| 2019 | 14 | 14 | 0 | $3.1 million |
| 2018 | 9 | 9 | 0 | $2.8 million |
| 2017 | 7 | 7 | 0 | $1.1 million |
| 2016 | 8 | 8 | 0 | $1.4 million |
| 2015 | 4 | 4 | 0 | $812,000 |
| 2014 | 9 | 9 | 0 | $1.6 million |
| 2013 | 4 | 4 | 0 | $728,000 |
| 2012 | 3 | 3 | 0 | $500,000 |
| 2011 | 6 | 6 | 0 | $1.2 million |
| 2010 | 6 | 6 | 0 | $1.3 million |
| 2009 | 10 | 10 | 0 | $2 million |
| 2008 | 21 | 21 | 0 | $4.1 million |
| 2007 | 21 | 17 | 4 | $4 million |
| 2006 | 40 | 40 | 0 | $6.5 million |
| 2005 | 53 | 51 | 2 | $8.5 million |
| 2004 | 52 | 50 | 2 | $8.4 million |
| 2003 | 42 | 20 | 22 | $3.5 million |
| 2002 | 14 | 14 | 0 | $1.6 million |
| 2001 | 21 | 21 | 0 | $2.6 million |
| 2000 | 22 | 22 | 0 | $2.8 million |
How Red Lodge ranks on new homes being built →
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
9.4 years of income
The typical Red Lodge home costs about 9.4 years of the town's median household income, more than across Montana (6.5 years).
How Red Lodge ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $1,240
HUD's Fair Market Rent for a two-bedroom in Red Lodge is $1,240 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Red Lodge pay a median of $717, so moving in tends to cost more than staying put. A two-bedroom takes about 27% of the town's median household income.
Studio $920 · 4 bedrooms $1,920
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (59007, 59068; Billings, MT HUD Metro FMR Area), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Recent listings in Red Lodge
Home values: Zillow Home Value Index (ZHVI), Zillow Research, August 2026. Sales, days on market and supply: Redfin Data Center, May 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.