$6,293 Closing Credit*
$529,900
1,440 SqFt
3 Beds
•2 Full Baths
Dewayne Kirkman, Listing Office: REO-TCRandolph-233022
Is Rapid City, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, Rapid City has remained a Seller'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
$418,750
$227/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$23,750(+6.0%)
Key Takeaway
Homes in Rapid City have sold for 6% more than they did a year ago.
Summary: The median home sold price in Rapid City was $418,750 in November 2024, up 6% from last year, and the median price per square foot was $227.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $295K | $332.5K | +12.7% |
| 2 Bedrooms | $395K | $292.5K | -25.9% |
| 3 Bedrooms | $325K | $345K | +6.2% |
| 4 Bedrooms | $720K | $723K | 0.4% |
| 5+ Bedrooms | $1.8M | $1.4M | -22.7% |
Summary: Rapid City housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.7%, 2 bedroom homes decreased by 25.9%, 3 bedroom homes increased by 6.2%, 4 bedroom homes increased by 0.4%, and 5+ bedroom homes decreased by 22.7%.
Median Sold Price Compared To Nearby Cities
| Clearwater Township | $300K | $330K | +10.0% |
| Rapid City | $395K | $418.7K | +6.0% |
Housing Supply in Rapid City, MI
How many homes are available in Rapid City, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 28 | 24 | -14.3% |
Summary: The Rapid City real estate market had 24 homes for sale in November 2024, a 14.3% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 6 | 4 | -33.3% |
| 3 Bedrooms | 12 | 10 | -16.7% |
| 4 Bedrooms | 6 | 6 | 0.0% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Rapid City housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 33.3%, 3 bedroom homes decreased by 16.7%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 5 | 6 | +20.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 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. 100% of homes here sold below asking price last month.
Summary: A total of 6 homes were sold or pending in Rapid City in November 2024, up by 20.0% month-over-month. Of the 6 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 116 Days | 122 Days | +5.1% |
Summary: Homes in Rapid City had an average of 122 days on market in Nov 2024, up by 5.1% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Rapid City are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During November 2024, 6 homes were sold in Rapid City; 0% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 67% of homes were sold over 90 days.
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