Tea, 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

Tea, SD Housing Market Trends

With a population of 6,031, 1,659 total housing units (homes and apartments), and a median house value of $237,919, Tea real estate is some of the most expensive in South Dakota, although Tea home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Tea, accounting for 65.45% of the city's housing units. Other types of housing that are prevalent in Tea include large apartment complexes or high rise apartments ( 16.78%), duplexes, homes converted to apartments or other small apartment buildings ( 9.86%), and a few row houses and other attached homes ( 7.38%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Tea. Owner-occupied housing accounts for 66.43% of Tea's homes, and 71.41% have either three or four bedrooms, which is average sized relative to America.

Tea homes and real estate are some of the newest in America. 56.35% of Tea's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Tea real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 41.35%), and between 1940-1969 ( 1.54%).

Tea Home Appreciation Rates

Appreciation rates for homes in Tea have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 39.28%, which ranks in the top 50% nationwide. This equates to an annual average Tea house appreciation rate of 3.37%.

Over the last year, Tea appreciation rates have trailed the rest of the nation. In the last twelve months, Tea's appreciation rate has been 3.34%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Tea were at 1.34%, which equates to an annual appreciation rate of 5.48%.

Relative to South Dakota, our data show that Tea's latest annual appreciation rate is lower than 90% of the other cities and towns in South Dakota.

Average Home Values

 

Median Home Value:
$237,919

Tea, SD HOME PRICES

> $1,148,000
0.0%
0.0%
$861,001 - $1,148,000
0.0%
0.0%
$574,001 - $861,000
1.4%
1.4%
$459,001 - $574,000
1.5%
1.5%
$344,001 - $459,000
12.4%
12.4%
$230,001 - $344,000
36.8%
36.8%
$115,001 - $230,000
43.9%
43.9%
$57,001 - $115,000
2.5%
2.5%
$0 - $57,000
1.6%
1.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for SD

Value Relative To Nation

Number Of Homes And Apartments:
1,659

Tea 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
79.87% 2.80%
2
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,177 / per month

Homeownership Rate

Owners
66.4%
66.4%
Renters
33.6%
33.6%
Vacant
2.0%
2.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
56.3%
56.3%
1970 - 1999
41.3%
41.3%
1940 - 1969
1.5%
1.5%
1939 or Older
0.8%
0.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
65.4%
65.4%
Townhomes
7.4%
7.4%
Small Apt. Buildings
9.9%
9.9%
Apt. Complexes
16.8%
16.8%
Mobile Homes
0.5%
0.5%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.0%
0.0%
1 Bedroom
1.5%
1.5%
2 Bedrooms
18.5%
18.5%
3 Bedrooms
38.2%
38.2%
4 Bedrooms
33.3%
33.3%
5 or more bedrooms
8.5%
8.5%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in Tea

Zip Codes in Tea, SD