Rapid City, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Rapid City, MI Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Rapid City Housing Market Information

With a population of 1,372, 620 total housing units (homes and apartments), and a median house value of $125,311, house prices in Rapid City are solidly below the national average.

Single-family detached homes are the single most common housing type in Rapid City, accounting for 89.16% of the town's housing units. Other types of housing that are prevalent in Rapid City include mobile homes or trailers ( 9.07%), large apartment complexes or high rise apartments ( 1.77%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Rapid City. Owner-occupied housing accounts for 81.94% of Rapid City's homes, and 62.39% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Rapid City built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Rapid City built between 1940-1969 ( 31.19%). A lesser amount of the housing stock also hails from before 1939 ( 13.72%). There's also some housing in Rapid City built between 2000 and later ( 7.96%).

A decent proportion of the Rapid City housing stock is seasonally occupied. That is, homes and condos in Rapid City are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Rapid City housing market speaks to its popularity as a vacation location of choice.

Rapid City Home Appreciation Rates

Real estate appreciation rates in Rapid City's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.58% during the period.

NeighborhoodScout's data show that during the latest twelve months, Rapid City's appreciation rate, at 4.18%, has been at or slightly above the national average. In the latest quarter, Rapid City's appreciation rate has been 0.00%, which annualizes to a rate of 0.00%.

Relative to Michigan, our data show that Rapid City's latest annual appreciation rate is lower than 60% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$125,311

Rapid City, MI HOME PRICES

Value Range
> $1,158,000 0.3
$869,001 - $1,158,000 0.6
$579,001 - $869,000 1.3
$463,001 - $579,000 0.5
$347,001 - $463,000 4.0
$232,001 - $347,000 4.2
$116,001 - $232,000 41.7
$58,001 - $116,000 25.5
$0 - $58,000 22.0

Average for MI
Low for Nation

Value Relative to Nation Value Relative to State
62.3989218328841 54.4871794871795

Number Of Homes And Apartments:
620

Rapid City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
16.69% 0.90% 7 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$909 / per month

Homeownership Rate

Homeownership
Owners 81.94
Renters 18.06
Vacant 31.42

Housing Market Details

 

Age of Homes

AGE OF Rapid City HOMES
2000 or Newer 8.0
1970 - 1999 47.1
1940 - 1969 31.2
1939 or Older 13.7

Types of Homes

TYPE OF Rapid City HOMES
Single-Family 89.2
Townhomes 0.0
Small Apt. Buildings 0.0
Apt. Complexes 1.8
Mobile Homes 9.1
Other 0.0

Home Size

SIZE OF Rapid City HOMES
No Bedroom 1.88
1 Bedroom 9.62
2 Bedrooms 25.22
3 Bedrooms 53.43
4 Bedrooms 8.96
5 or more bedrooms 0.88

Popular Neighborhoods in Rapid City

Zip Codes in Rapid City, MI