Market Overview
Home Prices in Shepherd, MT
The median home value in Shepherd, MT is $475,418 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 3.4% compared to a year ago and up 2.1% from two years prior.
Compared to the U.S. national median of $410,000, homes in Shepherd are priced16% above average. Shepherd is part of the Billings, MT metro area.
Over the past five years, Shepherd home values have risen by approximately33.2%, reflecting strong long-term appreciation in this market.
Price History
Shepherd Home Price Trend
City Comparison
Shepherd vs. National Median
At $475,418, homes in Shepherd cost 16% above the national median of $410,000. Buyers in Shepherd should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Shepherd?
20% Down Payment
$95,084
on $475,418
Monthly P&I
$2,479/mo
30-yr @ 6.8%
Total Monthly Est.
~$3,148/mo
incl. taxes & insurance
Income Needed
$125,920
gross annual (30% rule)
10% Down Option
$47,542
+ PMI applies
Loan Amount (20% dn)
$380,334
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Shepherd, MT?
The median home value in Shepherd is $475,418 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 3.4% year-over-year.
How much have home prices changed in Shepherd?
Over the past year, home values in Shepherd have increased by 3.4%. Over five years, prices have risen approximately 33.2%.
How much do I need to earn to buy a home in Shepherd?
To comfortably afford the median home price of $475,418 with a 20% down payment ($95,084) at today's rates (6.8%), you'd need a gross annual income of approximately $125,920. This assumes keeping total housing costs at or below 30% of gross income.
How does Shepherd compare to the national average home price?
The national median home value is approximately $410,000. At $475,418, homes in Shepherd are 16% above the national average.
What metro area is Shepherd part of?
Shepherd is part of the Billings, MT metropolitan area. Home prices and market conditions can vary across the broader metro region.