Rapid City, SD Real Estate Market

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 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Rapid City, SD Housing Market Trends

With a population of 77,503, 30,578 total housing units (homes and apartments), and a median house value of $198,359, 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 59.23% of the city's housing units. Other types of housing that are prevalent in Rapid City include large apartment complexes or high rise apartments ( 20.01%), duplexes, homes converted to apartments or other small apartment buildings ( 7.73%), and a few row houses and other attached homes ( 6.62%).

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 58.81% owning and 41.19% 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 ( 28.01%). A lesser amount of the housing stock also hails from between 2000 and later ( 22.56%). There's also some housing in Rapid City built before 1939 ( 6.72%).

Rapid City Home Appreciation Rates

Appreciation rates for homes in Rapid City have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 44.15%, which ranks in the top 40% nationwide. This equates to an annual average Rapid City house appreciation rate of 3.72%.

NeighborhoodScout's data show that during the latest twelve months, Rapid City's appreciation rate, at 6.73%, has been at or slightly above the national average. In the latest quarter, Rapid City's appreciation rate has been 3.20%, which annualizes to a rate of 13.42%.

Importantly, NeighborhoodScout’s exclusive research found that Rapid City's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which 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 higher than 90% 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:
$198,359

Rapid City, SD HOME PRICES

> $1,213,000
0.8%
0.8%
$910,001 - $1,213,000
0.4%
0.4%
$607,001 - $910,000
2.1%
2.1%
$485,001 - $607,000
4.2%
4.2%
$364,001 - $485,000
9.8%
9.8%
$243,001 - $364,000
18.7%
18.7%
$121,001 - $243,000
46.5%
46.5%
$61,001 - $121,000
7.3%
7.3%
$0 - $61,000
10.1%
10.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

High for SD

Value Relative To Nation

Number Of Homes And Apartments:
30,578

Rapid City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
SD*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
103.47% 3.40%
4
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,204 / per month

Homeownership Rate

Owners
58.8%
58.8%
Renters
41.2%
41.2%
Vacant
7.0%
7.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
22.6%
22.6%
1970 - 1999
42.7%
42.7%
1940 - 1969
28.0%
28.0%
1939 or Older
6.7%
6.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
59.2%
59.2%
Townhomes
6.6%
6.6%
Small Apt. Buildings
7.7%
7.7%
Apt. Complexes
20.0%
20.0%
Mobile Homes
6.4%
6.4%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.1%
2.1%
1 Bedroom
10.1%
10.1%
2 Bedrooms
31.6%
31.6%
3 Bedrooms
30.7%
30.7%
4 Bedrooms
19.6%
19.6%
5 or more bedrooms
5.9%
5.9%
0.0% 100.0%
% OF HOMES