$5,046 Closing Credit*
$424,900
1,540 SqFt
3 Beds
•2 Full Baths
James Garrow, Listing Office: Bayside Real Estate
Is Rapid City, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, 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
$415,000
$257/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$20,000(+5.1%)
Key Takeaway
Homes in Rapid City have sold for 5.1% more than they did a year ago.
Summary: The median home sold price in Rapid City was $415,000 in October 2024, up 5.1% from last year, and the median price per square foot was $257.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $117K | $350K | +199.1% |
| 2 Bedrooms | $450.5K | $335.5K | -25.5% |
| 3 Bedrooms | $315K | $334K | +6.0% |
| 4 Bedrooms | $720K | $766K | +6.4% |
| 5+ Bedrooms | $1.8M | $1.4M | -22.7% |
Summary: Rapid City housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 199.1%, 2 bedroom homes decreased by 25.5%, 3 bedroom homes increased by 6%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes decreased by 22.7%.
Median Sold Price Compared To Nearby Cities
| Clearwater Township | $275K | $341K | +24.0% |
| Rapid City | $395K | $415K | +5.1% |
Housing Supply in Rapid City, MI
How many homes are available in Rapid City, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 30 | 30 | 0.0% |
Summary: The Rapid City real estate market had 30 homes for sale in October 2024, the same as September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 8 | 6 | -25.0% |
| 3 Bedrooms | 14 | 13 | -7.1% |
| 4 Bedrooms | 6 | 7 | +16.7% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Rapid City housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 25%, 3 bedroom homes decreased by 7.1%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 4 | 5 | +25.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were 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. 80% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in Rapid City in October 2024, up by 25.0% month-over-month. Of the 5 sold homes, 80% were sold under asking, 0% were sold at asking, and 20% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 67 Days | 148 Days | +120.1% |
Summary: Homes in Rapid City had an average of 148 days on market in Oct 2024, up by 120.1% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Rapid City has remained consistent over time.
Summary: During October 2024, 5 homes were sold in Rapid City; 20% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 40% of homes were sold over 90 days.
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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.