Report on the Residential Real Estate Market in Rapid City, South Dakota

Driven by both local and out-of-state buyers, the residential real estate market in Rapid City, South Dakota, has experienced strong activity in recent months. It is believed that one of the factors contributing to this trend is the city’s prized location, its tranquil lifestyle, and its major nearby attractions such as the Black Hills National Forest, Mount Rushmore, and Sylvan Lake.

But beyond the location and its natural beauty, the city of Rapid City and the Black Hills area offer an affordable cost of living and a solid job market, reasons that have led to a strong increase in housing prices in recent years, in line with the national trend of rising demand and limited housing supply.

Despite new housing constructions of all types being initiated in Rapid City, the inventory remains relatively low, making it a competitive market for all buyers wishing to purchase a home in this beautiful city in South Dakota and its surroundings.

With a good mix of single-family homes, a decent number of rental properties, and growing interest in suburban and rural areas outside the city, the residential real estate market in Rapid City is expected to remain active in the coming months, especially driven by new residents seeking job opportunities and a quiet and safe place to live.

According to some MLS statistics and considering that the current year’s statistics are incomplete, we can highlight the following data:

The year-over-year change in the median sale price is 2%.

The total sales volume in 2023 was $773,278,397, compared to the total sales volume in 2022, which was $916,768,663.

The number of residential sales in 2024 amounts to 1,239 units.

The number of sales in 2023 was 1,993 units.

The median days a home is on the market have ranged between 5 and 9 days.

As for the number of foreclosures, these have been gradually decreasing as mortgage interest rates have stabilized.

Available foreclosures:

Rapid City: 15 homes available

Black Hills Area: 8 homes available

By Elías DaSilva | 19 de Noviembre de 2024.