South Dakota Real Estate Market in 2022: Forecasts + Trends

Clever Real Estate

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Clever Real Estate

September 1st, 2022
Updated September 1st, 2022

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South Dakota real estate trends

Real estate trends in South Dakota | Sellers | Buyers | Investors | The best and worst of South Dakota | South Dakota resources

South Dakota real estate trends (May 2022)

How is the real estate market in South Dakota?
🏠 Average home value: $295,770
📈 0.74% home value increase month over month
💰 Median listing price: $355,000
⏳ 41 days on the market
🔑 Homes on the market: 2,297
📆 3.4 months of housing inventory
🏦 30-year mortgage rate: 5.60000%
💵 Average income: 59896
State of the market: B+
Home values in South Dakota are increasing, and turnaround for sales is getting faster, which is a sign that the market is heating up. However, with the large inventory throughout the state, it’s only a matter of time before things slow down once again.
*Data last updated May 2022

In recent years, South Dakota has been named among the best states to find a job, the least stressed, and the best for overall well-being — so it's no wonder the state has attracted an impressive wave of new residents.

The Mount Rushmore State's sprawling prairies aren't densely populated, leaving plenty of wide open spaces for residents and visitors alike to roam. Notable cities include Sioux Falls, Rapid City, and Pierre, though much of the land is rural.

Today, the land also remains home to nine American Indian tribes that trace their lineage to an alliance between the Santee, Yankton and Teton.

If you're thinking of buying or selling in South Dakota, these South Dakota housing predictions and stats can help you make an informed decision.

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Selling a home in South Dakota

South Dakota real estate market forecast for sellers
⏰ Homes are selling 5 days faster than the annual average
💰 Homes are selling for $40,229 more than the annual average
💸 Average listing commission: 2.960%
💸 Average buyer's commission: 2.70%

How to sell a home in South Dakota

Cost to sell a home in South Dakota

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Buying a home in South Dakota

How much home you can buy with $300,000 in...
🏠 Sioux Falls: 1,622 sq ft
🏡 Aberdeen: 1,083 sq ft
🏡 Rapid City: 1,382 sq ft
🏠 Brookings: 1,282 sq ft

Investing in South Dakota real estate

Best of South Dakota

Each month, we compare locations in South Dakota based on different criteria. This month, we're looking at levels of happiness and ranking the best counties in the state.

Happiest Counties in South Dakota
1. Campbell County
2. Clark County
3. Sully County
4. Meade County
5. Minnehaha County

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Worst of South Dakota

Each month, we compare locations in South Dakota based on a different criteria. This month we're looking at levels of happiness data. These are the counties that ranked the worst in the state.

Least Happy Counties in South Dakota
1. Todd County
2. Mellette County
3. Corson County
4. Ziebach County
5. Buffalo County

South Dakota resources

👋 Next Steps: Talk to an expert!

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Give us a call at 1-833-2-CLEVER or enter your info below. Our concierge team will be in touch shortly to help.

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Frequently asked questions about South Dakota real estate

South Dakota can be a good state to invest in real estate, especially in cities like Sioux Falls and Rapid City, where there's a higher demand for housing. Still, you’ll need to find the best neighborhoods to buy in and create a plan for how you're going to manage the properties. Learn more in our guide to real estate investing.

For most home buyers, it might not be the best time to purchase a house in South Dakota. Properties are more expensive than usual, and mortgage rates are also rising. However, since many homes are starting to sit on the market, you may be able to negotiate a better price if you work with the right real estate agent.

Methodology

Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, Bankrate, the U.S. Census, and Clever surveys. Our team of over 20 real estate analysts from across the country research local markets and data to compile our "Best" and "Worst" rankings.

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