Helena’s housing market is the sweet spot for Montanans who want mountain-town lifestyle without the resort-town premium. The median sale price ended 2023 at $380,000, up 4.2% year-over-year—modest compared with Bozeman’s 11% spike—because steady state-government wages moderate price swings. Active listings hover around 85 homes at any given time, translating to a 2.1-month supply; anything under three months favors sellers, so pre-approval is essential. Entry-level buyers should focus on East Helena (average DOM 18 days) and parts of Montana City where new construction keeps inventory fresher. Move-up buyers looking for South Hills views should budget 5–10% over list and be ready to waive inspection contingencies up to $5,000—something NMHL’s pre-inspection program can help you navigate without added risk.

• Median list-to-close ratio: 98.6%
• Share of cash offers: 19% (down from 26% in 2022)
• Conventional-loan share: 62%
• FHA/VA share: 27%—well above the national 18%

If you’re relocating from out of state, note that Montana is a non-disclosure state; actual sale prices aren’t public, so rely on your NMHL loan officer’s access to the local MLS for accurate comps rather than third-party sites that often lag by 30–45 days.

Last Chance Gulch/Downtown: Walkable brick storefronts, craft breweries, and the walking mall. Prices start around $310,000 for 900-sq-ft condos and top out near $550,000 for restored Victorians. Special assessment rules can complicate financing, but NMHL’s condo team keeps an approved-building list so you’re not surprised by a last-minute review.

East Helena: Once a smelter town, now a family-oriented suburb 10 minutes from the Capitol. Expect 1,400-sq-ft three-bed ranches on quarter-acre lots for $295,000–$330,000. The elementary school scores are solid, and the 8,000-ft Mount Helena backdrop gives you bragging-rights views without South Hills price tags.

Montana City: Technically a CDP five miles south, but with Helena mailing addresses. New construction dominates, and builders like Andrich-Wright and Jackson Contracting partner with NMHL on rate-buy-down incentives—often a 2–1 temporary buy-down that cuts your first-year payment by $200.

South Hills: The prestige area winding up into the ponderosa pines. Entry point is $400,000 for a 1970s split-level, but $600,000 buys you a 3,200-sq-ft modern lodge with city-light views. Snow-load roofs and septic vs. city sewer can affect appraisals, so we order Helena-specific inspectors who know the slope-stability addendum.

Broadwater: Clustered around the hot-springs resort, this area attracts buyers who want a vacation vibe year-round. Prices are volatile because short-term rentals skew comps; NMHL removes STR income from qualification calculations to keep your DTI safe.

Montana is one of the few states where you can layer local, state, and lender-specific assistance, often covering all but 1% of the purchase price. Here’s how the math works on a $300,000 Helena starter home:

• Montana Housing 80% Combined: First mortgage at $240,000 (80% LTV) plus a silent-second at $60,000 (0% interest, no payment, due on sale/refi). You avoid PMI and save $180/month.
• Lewis & Clark County Workforce Program: $10,000 forgivable after five years; must earn ≤80% AMI ($59,600 for a two-person household).
• NMHL 1% Down Advantage: We contribute a 2% grant, so you bring $3,000 instead of $9,000.

Stacking all three leaves $2,000–$3,000 in closing costs, which sellers can pay via a $3,000 seller credit—common in East Helena new-build contracts. Veterans can swap the 80% Combined for a 100% VA loan and use the county assistance to cover the funding fee, achieving literal zero cash-to-close.

Self-employed borrowers who report low net income can still qualify for the Score Loan, which uses 12 months of business bank statements and allows a 50% expense ratio. The assistance is a 3% grant, so on a $350,000 South Hills purchase you’d bring $10,500 instead of $17,500.

Property taxes here are calculated on 1.35% of assessed market value, then multiplied by local mill levies that total roughly 608 mills for city residents. On a $380,000 assessed home the formula looks like: $380,000 × 1.35% × 0.608 = $3,120 annually, or $260/month. The homeowner exemption shaves $28,000 off the assessed value, saving about $230 per year.

Tax bills arrive in early October; the first half is due November 30 and the second half by May 31. Because lenders escrow 1/12 year-round, you’ll see a line item labeled “County Taxes” on your mortgage statement. If you buy late in the year—say November—you’ll receive a credit from the seller for the days they owned the home, and your escrow account will start building for the next cycle.

Appealing your assessment: Comparable sales must be submitted to the County Appraisal Office by the second Monday in June. If you buy in March, NMHL monitors recent sales and emails you comps; successful appeals lower the taxable value starting the next tax year and we’ll recast your escrow so the savings show up immediately rather than waiting for the annual analysis.

Montana Housing MBOH First-Time Homebuyer: 30-year fixed at 0.5–1% below market; income limit for Lewis & Clark County is $91,600 for a two-person household. Can be paired with 3%, 5%, or 10% down-payment assistance grant that never has to be repaid.

FHA Edge: 580 minimum score, 3.5% down, and Montana Housing will gift the 3.5% as a grant if your household income is ≤60% AMI. That’s $44,700 for two people—perfect for entry-level state workers.

Score Loan: Designed for borrowers with thin credit or past medical collections. Uses alternative trade lines (utility bills, rent) and still delivers a 30-year fixed at market rate with only 1% down from you.

USDA Rural for Montana City: Technically outside Helena city limits, but still a 59602 ZIP. Zero down, 100% financing, and the guarantee fee can be rolled into the loan.

VA No-NO: If you’re National Guard stationed at Fort Harrison, you can buy with zero down and we’ll roll the 1.25% funding fee into the rate via a lender credit, so you bring literally nothing to closing.

NMHL Community Hero: Teachers, EMTs, and state employees receive a 0.25% rate reduction and $750 toward appraisal. On a $325,000 mortgage that saves $21/month and $7,560 over the life of the loan.

Helena has one of the highest per-capita veteran populations in the Mountain West, thanks to Fort Harrison and the VA hospital. Local listing agents know that a VA buyer using an out-of-state internet lender often hits snags—appraisers unfamiliar with Helena’s well-water requirements, or underwriters who balk at a 1,900-sq-ft home on 1.3 acres labeled “rural.” NMHL’s VA team orders roster appraisers who have done at least 50 Helena-area assignments in the past two years, so they know how to adjust for mountain-view premiums and septic vs. sewer.

We also offer VA IRRRL (streamline) refinances that close in 10 days, helping veterans drop their rate without re-qualifying. If you’re currently at 5.75% on a $350,000 mortgage, today’s market can move you down to the low-5s, saving $140/month with zero appraisal and almost no paperwork.

Surviving spouses can use VA entitlement even if the veteran passed; we walk you through the COE process and waive the 0.5% funding fee. And because Montana is a community-property state, we can exclude a spouse’s debt from the DTI calculation if they’re not on the loan, a nuance many national call-center lenders miss.