Is Rapid City, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Rapid City has remained a Seller's Market.
Key Takeaway
Rapid City is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Rapid City, MI
How much do homes in Rapid City, MI cost?
Median Sold Price
$306,000
$262/sqft
Based on all homes sold in March 2024.
Difference Since Last Month
Key Takeaway
Homes in Rapid City have sold for 24.9% more than they did a month ago.
Summary: The median home sold price in Rapid City was $306,000 in March 2024, up 24.9% from last month, and the median price per square foot was $262.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $330K | - | N/A |
| 3 Bedrooms | $160K | $306K | +91.3% |
| 4 Bedrooms | - | - | N/A |
| 5+ Bedrooms | $415K | - | N/A |
Summary: Rapid City housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 91.3%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Helena Township | $321K | $1.2M | +297.2% |
| Clearwater Township | $160K | $301.5K | +88.4% |
| Rapid City | $245K | $306K | +24.9% |
Housing Supply in Rapid City, MI
How many homes are available in Rapid City, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 20 | 23 | +15.0% |
Summary: The Rapid City real estate market had 23 homes for sale in March 2024, a 15.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 3 | 3 | 0.0% |
| 3 Bedrooms | 11 | 11 | 0.0% |
| 4 Bedrooms | 3 | 5 | +66.7% |
| 5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The Rapid City housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 66.7%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 4 | 4 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Rapid City, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in Rapid City in March 2024, the same as the previous month. Of the 4 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.
Days on Market for Rapid City, MI
How long does it take to sell a home in Rapid City, MI?
Average Sale Time
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 92 Days | 78 Days | -15.5% |
Summary: Homes in Rapid City had an average of 78 days on market in Mar 2024, down by 15.5% compared to last month.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Rapid City are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 4 homes were sold in Rapid City; 0% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
