Rapid City, SD
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Rapid City Neighborhoods Since 2000




Rapid City, SD 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 73,569, 28,721 total housing units (homes and apartments), and a median house value of $160,724, Rapid City real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Rapid City, accounting for 59.91% of the city's housing units. Other types of housing that are prevalent in Rapid City include large apartment complexes or high rise apartments ( 19.91%), duplexes, homes converted to apartments or other small apartment buildings ( 8.52%), and a few mobile homes or trailers ( 6.81%).

The most prevalent building size and type in Rapid City are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.20% owning and 42.80% renting.

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 ( 32.14%). A lesser amount of the housing stock also hails from between 2000 and later ( 17.80%). There's also some housing in Rapid City built before 1939 ( 7.19%).

Rapid City Home Appreciation Rates

In the last 10 years, Rapid City has experienced some of the highest home appreciation rates of any community in the nation. Rapid City real estate appreciated 21.48% over the last ten years, which is an average annual home appreciation rate of 1.97%, putting Rapid City in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Rapid City definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Rapid City's appreciation rate, at 3.99%, has been at or slightly above the national average. In the latest quarter, Rapid City's appreciation rate has been 1.82%, which annualizes to a rate of 7.50%.

Importantly, this makes Rapid City one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

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

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Rapid City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Rapid City - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Rapid City real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$160,724

Rapid City, SD HOME PRICES

Value Range
> $1,128,000 0.3
$846,001 - $1,128,000 0.1
$564,001 - $846,000 1.5
$451,001 - $564,000 2.4
$338,001 - $451,000 7.6
$226,001 - $338,000 17.2
$113,001 - $226,000 47.4
$56,001 - $113,000 12.3
$0 - $56,000 11.2

High for SD
Average for Nation

Value Relative to Nation Value Relative to State
45.376772530177 23.3333333333333

Number Of Homes And Apartments:
28,721

Rapid City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
SD*
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
64.71% 2.94% 3 8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$990 / per month

Homeownership Rate

Homeownership
Owners 57.20
Renters 42.80
Vacant 7.19

Housing Market Details

 

Age of Homes

AGE OF Rapid City HOMES
2000 or Newer 17.8
1970 - 1999 42.9
1940 - 1969 32.1
1939 or Older 7.2

Types of Homes

TYPE OF Rapid City HOMES
Single-Family 59.9
Townhomes 4.8
Small Apt. Buildings 8.5
Apt. Complexes 19.9
Mobile Homes 6.8
Other 0.0

Home Size

SIZE OF Rapid City HOMES
No Bedroom 1.96
1 Bedroom 11.16
2 Bedrooms 32.17
3 Bedrooms 32.29
4 Bedrooms 17.35
5 or more bedrooms 5.06