Is Rapid City, SD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Rapid City was a Seller's Market.
Housing Prices in Rapid City, SD
How much do homes in Rapid City, SD cost?
Median Sold Price
$349,780
$187/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Rapid City was $349,780 in April 2024, up 6.8% from last year, and the median price per square foot was $187.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $138K | $172.4K | +25.0% |
2 Bedrooms | $220K | $246K | +11.8% |
3 Bedrooms | $330K | $315K | -4.5% |
4 Bedrooms | $352.5K | $395.5K | +12.2% |
5+ Bedrooms | $425K | $612K | +44.0% |
Summary: Rapid City housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 11.8%, 3 bedroom homes decreased by 4.5%, 4 bedroom homes increased by 12.2%, and 5+ bedroom homes increased by 44%.
Housing Supply in Rapid City, SD
How many homes are available in Rapid City, SD?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
284 | 390 | +37.3% |
Summary: The Rapid City real estate market had 390 homes for sale in April 2024, a 37.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 61 | 78 | +27.9% |
3 Bedrooms | 82 | 123 | +50.0% |
4 Bedrooms | 99 | 134 | +35.4% |
5+ Bedrooms | 42 | 55 | +31.0% |
Summary: The Rapid City housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 27.9%, 3 bedroom homes increased by 50%, 4 bedroom homes increased by 35.4%, and 5+ bedroom homes increased by 31%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
30 | 35 | +16.7% |
Asking Price vs. Sold Price
20 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Summary: A total of 35 homes were sold or pending in Rapid City in April 2024, up by 16.7% month-over-month. Of the 33 sold homes, 61% were sold under asking, 30% were sold at asking, and 9% were sold over asking.
Days on Market for Rapid City, SD
We’re sorry, we don't have information for this market at the moment