$3,028 Closing Credit*
$255,000
1,248 SqFt
3 Beds
•2 Full Baths
#82464, Listing Office: Oak & Key Realty, LLC
Is Rapid City, SD 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 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
$369,000
$188/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$18,000(+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 $369,000 in October 2024, up 5.1% from last year, and the median price per square foot was $188.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $169.9K | $165K | -2.9% |
| 2 Bedrooms | $234.9K | $298K | +26.9% |
| 3 Bedrooms | $326K | $330K | +1.2% |
| 4 Bedrooms | $385K | $405K | +5.2% |
| 5+ Bedrooms | $516.8K | $542.5K | +5.0% |
Summary: Rapid City housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.9%, 2 bedroom homes increased by 26.9%, 3 bedroom homes increased by 1.2%, 4 bedroom homes increased by 5.2%, and 5+ bedroom homes increased by 5%.
Median Sold Price Compared To Nearby Cities
| Rapid City | $351K | $369K | +5.1% |
| Box Elder | $354.9K | $350K | -1.4% |
Housing Supply in Rapid City, SD
How many homes are available in Rapid City, SD?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 372 | 442 | +18.8% |
Summary: The Rapid City real estate market had 442 homes for sale in October 2024, a 18.8% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 61 | 74 | +21.3% |
| 3 Bedrooms | 117 | 143 | +22.2% |
| 4 Bedrooms | 133 | 151 | +13.5% |
| 5+ Bedrooms | 59 | 71 | +20.3% |
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 50%, 2 bedroom homes increased by 21.3%, 3 bedroom homes increased by 22.2%, 4 bedroom homes increased by 13.5%, and 5+ bedroom homes increased by 20.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 39 | 34 | -12.8% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
7 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. 61.3% of homes here sold below asking price last month.
Summary: A total of 34 homes were sold or pending in Rapid City in October 2024, down by 12.8% month-over-month. Of the 31 sold homes, 61% were sold under asking, 16% were sold at asking, and 23% 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.