Is Rapid City, SD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$354,000
$184/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Rapid City was $354,000 in March 2024, up 8.9% from last year, and the median price per square foot was $184.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $138K | $172.4K | +25.0% |
2 Bedrooms | $230K | $228K | -0.9% |
3 Bedrooms | $325.5K | $319.9K | -1.7% |
4 Bedrooms | $350K | $390K | +11.4% |
5+ Bedrooms | $440K | $672K | +52.7% |
Summary: Rapid City housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 25%, 2 bedroom homes decreased by 0.9%, 3 bedroom homes decreased by 1.7%, 4 bedroom homes increased by 11.4%, and 5+ bedroom homes increased by 52.7%.
Median Sold Price Compared To Nearby Cities
Rapid City | $325K | $354K | +8.9% |
Box Elder | $344K | $355K | +3.2% |
Housing Supply in Rapid City, SD
How many homes are available in Rapid City, SD?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
257 | 363 | +41.2% |
Summary: The Rapid City real estate market had 363 homes for sale in March 2024, a 41.2% 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 | 52 | 76 | +46.2% |
3 Bedrooms | 76 | 110 | +44.7% |
4 Bedrooms | 93 | 124 | +33.3% |
5+ Bedrooms | 35 | 52 | +48.6% |
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 increased by 46.2%, 3 bedroom homes increased by 44.7%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 48.6%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
23 | 30 | +30.4% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Summary: A total of 30 homes were sold or pending in Rapid City in March 2024, up by 30.4% month-over-month. Of the 29 sold homes, 55% were sold under asking, 14% were sold at asking, and 31% 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