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 Buyer's Market.
Key Takeaway
Rapid City is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Rapid City, MI
How much do homes in Rapid City, MI cost?
Median Sold Price
$415,000
$150/sqft
Based on all homes sold in May 2024.
Difference Since Last Month
Key Takeaway
Homes in Rapid City have sold for 70.4% less than they did a month ago.
Summary: The median home sold price in Rapid City was $415,000 in May 2024, down 70.4% from last month, and the median price per square foot was $150.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $275K | N/A |
| 2 Bedrooms | - | $417.5K | N/A |
| 3 Bedrooms | - | $295K | N/A |
| 4 Bedrooms | $270K | $650K | +140.7% |
| 5+ Bedrooms | $1.4M | - | N/A |
Summary: Rapid City housing prices by bedroom type for May 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 did not change, 4 bedroom homes increased by 140.7%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Helena Township | $1.1M | $595K | -45.9% |
| Clearwater Township | $680K | $350K | -48.5% |
| Rapid City | $1.4M | $415K | -70.4% |
Housing Supply in Rapid City, MI
How many homes are available in Rapid City, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 26 | 36 | +38.5% |
Summary: The Rapid City real estate market had 36 homes for sale in May 2024, a 38.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 5 | 7 | +40.0% |
| 3 Bedrooms | 11 | 17 | +54.5% |
| 4 Bedrooms | 5 | 6 | +20.0% |
| 5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The Rapid City housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 40%, 3 bedroom homes increased by 54.5%, 4 bedroom homes increased by 20%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 3 | 9 | +200.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Rapid City, you may be able to get a good deal. 75% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in Rapid City in May 2024, up by 200.0% month-over-month. Of the 8 sold homes, 75% were sold under asking, 13% were sold at asking, and 13% 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
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 41 Days | 50 Days | +21.0% |
Summary: Homes in Rapid City had an average of 50 days on market in May 2024, up by 21% compared to last month.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Rapid City has remained consistent over time.
Summary: During May 2024, 9 homes were sold in Rapid City; 33% of homes were sold within 30 days, 56% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
Disclaimer: The data relating to real estate on this web site comes in part from the IDX of Realcomp II Ltd. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.