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.
Key Takeaway
Rapid City is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
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
Key Takeaway
Homes in Rapid City have sold for 6.8% more than they did a year ago.
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
Key Takeaway
If you're buying a home in Rapid City, you may be able to get a good deal. 60.6% of homes here sold below asking price last month.
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
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (IDX) program of Black Hills Association of REALTORS®. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information Deemed Reliable But Not Guaranteed. Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. 
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of the REALTOR® Association of the Sioux Empire, Inc., Multiple Listing Service. Real estate listings held by other brokerage firms are marked with the Internet Data Exchange™ logo or the Internet Data Exchange thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Information is provided exclusively for consumers' personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The broker(s) providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision. Information provided is thought to be reliable but is not guaranteed to be accurate; you are advised to verify facts that are important to you. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. The REALTOR® Association of the Sioux Empire, Inc. does not create, control or review the property data displayed herein and take no responsibility for the content of such records. Federal law prohibits discrimination on the basis of race, color, religion, sex, handicap, familial status or national origin in the sale, rental or financing of housing.