Is Pennington County, SD a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Pennington County is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Pennington County was a Neutral Market.

Key Takeaway

Pennington County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Pennington County, SD

How much do homes in Pennington County, SD cost?

Median Sold Price

$355,000

$185/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$800(-0.2%)

Key Takeaway

The sold price of homes in Pennington County has remained the same since last year.

Summary: The median home sold price in Pennington County was $355,000 in February 2024, down 0.2% from last year, and the median price per square foot was $185.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $140K$175K
+25.0%
2 $299.9K$235K
-21.6%
3 $341.5K$325K
-4.8%
4 $362.5K$390K
+7.6%
5+ $440K$558K
+26.8%

Summary: Pennington County housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 25%, 2 bedroom homes decreased by 21.6%, 3 bedroom homes decreased by 4.8%, 4 bedroom homes increased by 7.6%, and 5+ bedroom homes increased by 26.8%.

Median Sold Price Compared To Nearby Counties

Meade County
+15.2%
Pennington County
-0.2%
Custer County
-13.9%

Housing Supply in Pennington County, SD

How many homes are available in Pennington County, SD?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
315435+38.1%

Summary: The Pennington County real estate market had 435 homes for sale in February 2024, a 38.1% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 36
+100.0%
2 5275
+44.2%
3 112150
+33.9%
4 113155
+37.2%
5+ 3549
+40.0%

Summary: The Pennington County housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 44.2%, 3 bedroom homes increased by 33.9%, 4 bedroom homes increased by 37.2%, and 5+ bedroom homes increased by 40%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
2024+20.0%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Pennington County, you may be able to get a good deal. 69.6% of homes here sold below asking price last month.

Summary: A total of 24 homes were sold or pending in Pennington County in February 2024, up by 20.0% month-over-month. Of the 23 sold homes, 70% were sold under asking, 9% were sold at asking, and 22% were sold over asking.

Days on Market for Pennington County, SD

We’re sorry, we don't have information for this market at the moment

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 28 Days Ago

Newest Listings in Pennington County, SD

Nearby Markets to Pennington County, SD

What housing markets are near Pennington County, SD?