19
$59,000
2224 Highway 87 E # 227
Lockwood, MT 59101
3 bd2 ba1,216 sqft$49/ft²
Mobile home
Hannah Reno · Keller Williams Yellowstone Properties
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Lockwood, MT Housing Market
Seller's market-5.1% YoY
Redfin, through May 2026 · No longer updatingFreddie Mac via FRED, September 2026 · Refreshes weekly
The last median sale price Redfin published was $350,000, -5.1% year over year (through May 2026). With 2.0 months of supply and homes going under contract in about 45 days, Lockwood is a seller's market. At today's 7.03% 30-year fixed rate, 20% down on a $350,000 home is about $1,868/mo in principal and interest.
Key numbers for Lockwood, MT
Median sale price
$350,000
-5.1% year over year
Redfin, through May 2026
Days on market
45
Average pace
Redfin, through May 2026
Active listings
14
2.0 months of supply
Redfin, through May 2026
30-yr fixed rate
7.03%
Freddie Mac weekly average
Freddie Mac via FRED, September 2026
Median household income
$74,451
Home costs 4.7x income
U.S. Census ACS, 2023
Zillow figures refresh monthly. Redfin figures are through May 2026 — Redfin stopped publishing its public market trackers in June 2026, so those numbers are final, not current. Mortgage rates come from Freddie Mac via FRED and update weekly.
Is Lockwood a buyer's or seller's market?
Seller's market2.0 months of supply45 days on market
Lockwood, MT is a seller's market, based on 2.0 months of supply and homes selling in about 45 days. Under 4 months of supply tilts the market toward sellers: homes clear faster than they are replaced, so concessions are scarce.
Inputs are Redfin's final published period (May 2026). How we classify markets · Where the data comes from
What does the Lockwood housing market data show?
Every row below is Redfin's final published month for Lockwood, MT. Redfin, through May 2026
| Metric | Value |
|---|---|
| Median sale price | $350,000 |
| Median list price | $477,000 |
| Year-over-year price change | -5.1% |
| Median price per sq ft | $176/sq ft |
| Median days on market | 45 days |
| Active inventory | 14 listings |
| Months of supply | 2.0 months |
| Homes sold (that month) | 7 |
| New listings (that month) | 4 |
| Listings with a price cut | 35.7% |
| Market condition | Seller's market |
How to read these numbers
- Median sale price
- Half the homes that closed sold for more than this, half for less. It moves with what kind of home sold that month, so a quiet month with two big sales can swing it. Redfin's figure for Lockwood is frozen at May 2026.
- Typical home value (ZHVI)
- Zillow's estimate of what a mid-market home in Lockwood is worth right now, whether or not it sold. It is smoother than the median sale price and it still refreshes monthly, which is why this page leads with it.
- Months of supply
- How long it would take to sell every active listing at the current pace. Under 3 favors sellers, over 6 favors buyers, and 3 to 6 is the balanced band.
- Days on market
- Median time from listing to accepted offer. Short means you should have financing ready before you tour; long means there is room to negotiate on price and repairs.
- Sale-to-list ratio
- Sale price divided by the last asking price. Above 100% means bidding above asking is normal here; below 100% means the typical buyer got a discount.
- Price per square foot
- The size-adjusted price. Use it to compare a 1,400 sq ft house to a 2,600 sq ft house, not to value your own home — lot, condition and age move it a lot.
- Listings with a price cut
- Share of active listings that dropped their asking price in the month. A high share is the earliest visible sign that sellers are ahead of what buyers will pay.
- Typical asking rent (ZORI)
- Zillow's repeat-rent index for asking rents on new leases. Paired with the home value it gives the price-to-rent ratio in the rent-vs-buy section below.
How have Lockwood home prices moved?
Over the last three years the median sale price in Lockwood, MT fell 10.2%, from $389,950 to $350,000. 35.7% of Lockwood listings cut their asking price in the final Redfin month — a high share, and the clearest sign that list prices were running ahead of what buyers would pay.
Redfin, through May 2026 — the chart ends at Redfin's final published month.
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What does it cost to buy a home in Lockwood?
Priced off the median sale price of $350,000 at the current 7.03% 30-year fixed rate. These are principal and interest only — property taxes, homeowner's insurance, HOA dues and mortgage insurance are on top, and they vary enough by property that we will not guess them for you.
| Down payment | Cash at close | Loan amount | Monthly P&I |
|---|---|---|---|
| 20% | $70,000 | $280,000 | $1,868/mo |
| 5% | $17,500 | $332,500 | $2,219/mo |
Redfin, through May 2026 for the price · Freddie Mac via FRED, September 2026 for the rate
What income do you need?
Lenders generally want housing costs under 28% of gross income. On the 20%-down payment of $1,868, that implies roughly $80,078 a year before you add taxes and insurance. The median household in Lockwood earns $74,451, about $5,627 short of that threshold — the typical local household needs a larger down payment, a co-borrower, or a home below the median sale price to fit the 28% rule. That puts the price-to-income ratio at 4.7x — above the historical 3x norm but in line with much of the country in 2026.
Run it with your own numbers: affordability calculator · mortgage calculator
Buying in Lockwood in the next 12 months?
Tell us your timeline. We send the Lockwood market brief: the price ranges that actually clear, how long homes sit, and what to fix on your credit before you apply.
Is it cheaper to rent or buy in Lockwood?
Zillow does not publish a rent index (ZORI) for Lockwood, MT, so we cannot compute a price-to-rent ratio here without borrowing a nearby market's rents and calling them local — which we will not do. The rent vs. buy calculator works with a rent figure you supply.
Is inventory rising or falling in Lockwood?
Active listings in Lockwood, MT went from 25 in May 2025 to 14 in May 2026, a -44.0% change. Falling inventory tightens competition. When supply drops while demand holds, sale-to-list ratios rise before the median sale price does.
| Month | Active listings | New listings |
|---|---|---|
| June 2025 | 23 | 3 |
| July 2025 | 14 | 2 |
| August 2025 | 13 | 4 |
| September 2025 | 18 | 7 |
| October 2025 | 15 | 1 |
| November 2025 | 15 | 2 |
| December 2025 | 13 | 5 |
| January 2026 | 10 | not published |
| February 2026 | 11 | 5 |
| March 2026 | 15 | 6 |
| April 2026 | 19 | 7 |
| May 2026 | 14 | 4 |
Redfin, through May 2026
How does Lockwood compare to Montana and the U.S.?
Lockwood homes sell for $350,000 — 34% below the Montana median of $528,600. Against the national median of $410,700, Lockwood runs 15% lower. Year-over-year, Lockwood moved -5.1% against Montana's +1.5% — a bigger swing than the state as a whole.
| Market | Median sale price | YoY | Days on market |
|---|---|---|---|
| Lockwood, MT | $350,000 | -5.1% | 45 days |
| Montana statewide | $528,600 | +1.5% | 69 days |
| United States | $410,700 | not published | not published |
City and state rows: Redfin, through May 2026 · U.S. row: Freddie Mac via FRED, April 2026 (MSPUS, quarterly)
What to do next in Lockwood
What buyers should watch
- Months of supply, currently 2.0. It turns before price does — when it climbs past 6, sellers start taking offers they would have rejected a quarter earlier.
- The share of listings cutting price, currently 35.7%. A listing that has already cut once is the one most likely to accept below asking.
- The gap between 5% and 20% down here is $350 a month in principal and interest alone, before mortgage insurance. That gap, not the price, is usually what decides your timeline.
- Rate moves. At 7.03%, every full point of rate change moves the payment on a $350,000 home more than a 5% price change does.
- Your credit tier before you shop, not after — it sets the rate you are quoted. Run your numbers first.
What sellers should know
- The median Lockwood listing goes under contract in 45 days. If yours passes that mark, the market is telling you the price is wrong — not that you need more showings.
- In the last published month Lockwood added 4 new listings against 7 sales — more clearing than arriving, which is the better window to list.
- Comparable ZIP-level pricing inside Lockwood varies more than the citywide median suggests — check the ZIP pages below before you set a number.
Homes for sale in Lockwood
There are currently 14 homes listed for sale in Lockwood, Montana. The median listing price is $477K. Featured listings range from $59,000 to $679,000.
11
$69,000
3808 Dylan Dr Lot 44
Lockwood, MT 59101
Land25,909 sqft lot
Kim Edinger · Meridian Real Estate LLC
View photos & details
Price Drop −$3K
20
$71,900
2224 US Highway 87 E Trlr 177
Lockwood, MT 59101
3 bd2 ba1,216 sqft$59/ft²
Mobile home
Danny Hawbaker · eXp Realty, LLC - Billings
View photos & details
31
$87,000
2224 US Highway 87 E Trlr 165
Lockwood, MT 59101
3 bd2 ba1,560 sqft$56/ft²
Mobile home
Shay Grinsell · Keller Williams Yellowstone Properties
View photos & details
36
$319,900
3440 Tigard Ave
Lockwood, MT 59101
3 bd2 ba1,416 sqft$226/ft²
Mobile home13,508 sqft lot
Shelly Harris · 406 Realty Group, LLC
View photos & details
22
$339,900
3531 Kingswood Dr
Lockwood, MT 59101
3 bd1 ba2,016 sqft$169/ft²
House10,376 sqft lot
Kim Gottwals · Berkshire Hathaway HS Floberg
View photos & details
23
$350,000
919 Rochester Dr
Lockwood, MT 59101
4 bd2 ba1,888 sqft$185/ft²
House19,994 sqft lot
Amber Uhren · Realty Billings
View photos & details
33
$375,000
4560 N Pine Hills Rd
Lockwood, MT 59101
3 bd2 ba2,400 sqft$156/ft²
House10.00 acres
Tiffanie Jones · Keller Williams Yellowstone Properties
View photos & details
34
$539,000
3335 San Marino Dr
Lockwood, MT 59101
6 bd3 ba2,896 sqft$186/ft²
House23,457 sqft lot
Brian Huskey · ERA American Real Estate
View photos & details
New Listing
36
$549,000
1240 Maxer Dr
Lockwood, MT 59101
4 bd4 ba2,236 sqft$246/ft²
House20,909 sqft lot
Tammie Hoelle · Epique, Inc., DBA Epique Realty
View photos & details
New Build
36
$649,900
465 Sunlight Cir
Lockwood, MT 59101
3 bd2 ba3,952 sqft$164/ft²
House22,695 sqft lot
Laura Scheetz · Real Estate Hub LLLP
View photos & details
New Listing
33
$679,000
3824 Dylan Dr
Lockwood, MT 59101
5 bd4 ba3,288 sqft$207/ft²
House21,828 sqft lot
Kim Edinger · Meridian Real Estate LLC
View photos & details
Looking to buy in Lockwood?
Get connected with a local real estate expert — free, no obligation.
Active listings
14
Homes on market
Median list price
$477K
Avg. days on market
45
Days until sale
New this week
4
Newly listed
Price drops:35.7%of listings
How much do homes cost in Lockwood by property type?
How the Lockwood, MT market breaks down across single-family homes, condos and townhouses. Redfin, through May 2026
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $350,000 | $176/sq ft | 7 | 45 days |
Who lives in Lockwood?
American Community Survey estimates for Lockwood. U.S. Census ACS, 2023
Population
7,474
Households
2,741
Median income
$74,451/yr
Median age
36.1 years
Owner-occupied
78.7%
Median home value
$250,900
Median gross rent
$995/mo
Mean commute
22.1 min
78.7% of occupied homes in Lockwood are owner-occupied, and the rest are rented — which is the share that decides how much of the local housing stock ever reaches the for-sale market.
Which public schools serve Lockwood?
4 schools tracked · 1,683 students
The largest public schools serving Lockwood, MT by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
Lockwood High School
Grades 9-12 · 556 students
Lockwood Middle School
Grades 6-8 · 401 students
Lockwood Primary
Grades PK-2 · 387 students
Lockwood Intermediate
Grades 3-5 · 339 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Lockwood, MT?
Ordered by distance from Lockwood, not by size. Compare Lockwood side by side with any of them.
Which ZIP codes are in Lockwood?
These are the ZIP codes we see on active Lockwood listings. Redfin did not publish a matching ZIP-level sale row for the same period, so we are not ranking them by price here — each ZIP page shows exactly what we hold for it.
Lockwood housing market FAQ
Is Lockwood a buyer's or seller's market?
Lockwood, MT is currently a seller's market. That read comes from 2.0 months of supply, homes going under contract in about 45 days in the last month Redfin published (May 2026).
How much do homes cost in Lockwood?
The median sale price in the last month Redfin published was $350,000, about $176 per square foot.
Is Lockwood cheaper than the rest of Montana?
Lockwood's median sale price of $350,000 is 34% lower than the Montana statewide median of $528,600, and 15% below the U.S. median of $410,700. Both figures are for the same period.
How long do homes take to sell in Lockwood?
Homes in Lockwood, MT spent a median of 45 days on market before going under contract, versus 69 days statewide. That is a normal pace: enough time to see a home twice, not enough to wait a month. (Redfin, through May 2026.)
What income do you need to buy a home in Lockwood?
At the current 30-year fixed rate of 7.03%, 20% down on a $350,000 home is about $1,868 a month in principal and interest. Lenders typically want that under 28% of gross income, which works out to roughly $80,078 a year before taxes, insurance, HOA dues or mortgage insurance. The local median household income is $74,451.
Are home prices rising in Lockwood?
Redfin's last published year-over-year change for Lockwood, MT was -5.1%, measured through May 2026. That series is frozen; treat it as a historical reading rather than a current trend.
What are the cheapest ZIP codes in Lockwood?
Lockwood ZIP-level sale prices are not all published for the same period, so ranking them would compare different months. The ZIP pages listed on this page show what we hold for each one individually.
Is now a good time to buy in Lockwood?
That depends on your timeline, not on a headline. What the data says today: Lockwood, MT is a seller's market with 2.0 months of supply, the 30-year fixed rate is 7.03%. Properties Incorporated publishes the data; it does not give financial advice.
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