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
Last month, Rapid City was a Seller's Market.
Key Takeaway
Rapid City is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Rapid City, MI
How much do homes in Rapid City, MI cost?
Median Sold Price
$853,750
$268/sqft
Based on all homes sold in April 2024.
Difference Since Last Month
Key Takeaway
Homes in Rapid City have sold for 179% more than they did a month ago.
Summary: The median home sold price in Rapid City was $853,750 in April 2024, up 179% from last month, and the median price per square foot was $268.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | - | N/A |
| 3 Bedrooms | $306K | $307.5K | 0.5% |
| 4 Bedrooms | - | $270K | N/A |
| 5+ Bedrooms | - | $1.4M | N/A |
Summary: Rapid City housing prices by bedroom type for April 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 0.5%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Rapid City | $306K | $853.7K | +179.0% |
| Clearwater Township | $301.5K | $493.7K | +63.8% |
| Milton Township | $362K | $270K | -25.4% |
Housing Supply in Rapid City, MI
How many homes are available in Rapid City, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 21 | 26 | +23.8% |
Summary: The Rapid City real estate market had 26 homes for sale in April 2024, a 23.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 2 | 5 | +150.0% |
| 3 Bedrooms | 10 | 11 | +10.0% |
| 4 Bedrooms | 5 | 5 | 0.0% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
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 150%, 3 bedroom homes increased by 10%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 4 | 4 | 0.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Rapid City, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 4 homes were sold or pending in Rapid City in April 2024, the same as the previous month. Of the 4 sold homes, 25% were sold under asking, 50% were sold at asking, and 25% 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
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 78 Days | 67 Days | -13.6% |
Summary: Homes in Rapid City had an average of 67 days on market in Apr 2024, down by 13.6% compared to last month.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Rapid City are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 4 homes were sold in Rapid City; 25% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
