South Dakota real estate trends (May 2022)
How is the real estate market in South Dakota?
🏠 Average home value: $286,160
📈 1.28% home value increase month over month
💰 Median listing price: $324,900
⏳ 43 days on the market
🔑 Homes on the market: 1,475
📆 2.7 months of housing inventory
🏦 30-year mortgage rate: 3.19%
💵 Average income: $53,199
State of the market: B+
Listing prices are skyrocketing in South Dakota in response to strong buyer demand. However, there's no shortage of homes on the market and demand will start to decrease in the coming months.
*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.
Want to save money when you buy or sell your home? With Clever, you'll only pay 1% or $3K in listing fees. Eligible buyers get 0.5% cash back after closing. Find out how much you can save with Clever today!
Selling a home in South Dakota
South Dakota real estate market forecast for sellers
⏰ Homes are selling 7 days faster than the annual average
💰 Homes are selling for $38,612 more than the annual average
💸 Average listing commission: 2.50%
💸 Average buyer's commission: 2.50%
How to sell a home in South Dakota
- The Best Low Commission Real Estate Brokers
- Top Real Estate Agents in South Dakota (June 2021 Rankings)
- 8 Steps to Selling a House in South Dakota
- How to Sell a House By Owner in South Dakota (2021 Update)
- 5 Best South Dakota Flat-Fee MLS Companies | Clever Real Estate
- We Buy Houses for Cash Companies in South Dakota (2021 Rankings)
Cost to sell a home in South Dakota
Buying a home in South Dakota
How much home you can buy with $300,000 in...
🏠 Sioux Falls: 1,667 sq ft
🏡 Aberdeen: 962 sq ft
🏡 Rapid City: 1,395 sq ft
🏠 Brookings: 1,310 sq ft
- How to Save with a Home Buyer Rebate
- 8 Definitive Steps to Buying a House in South Dakota
- The Best Time to Buy a House in South Dakota
Investing in South Dakota real estate
- Top 5 Best Real Estate Investment Markets in South Dakota
- A Beginner's Guide to Buying an Apartment Building
Best of South Dakota
Each month, we compare cities in South Dakota based on different criteria. This month, we're looking at affordability and ranking the best cities in the state.
Most Affordable Cities in South Dakota
Worst of South Dakota
Each month, we compare cities in South Dakota based on a different criteria. This month we're looking at affordability data. These are the cities that ranked the worst in the state.
Least Affordable Cities in South Dakota
1. Rapid City
2. Sioux Falls
South Dakota resources
- South Dakota Department of Labor and Regulation - South Dakota Real Estate Commission
- South Dakota's real estate license verification
- South Dakota's real estate agent code of conduct
- South Dakota's disclosure forms
- Transfer taxes in South Dakota
- Home buying assistance programs in South Dakota
Frequently asked questions about South Dakota real estate
Currently, it is a seller’s market in South Dakota, but the market might cool off soon. Although homes are selling for more than their listing prices, a high large number of houses on the market might cause the trends to shift. Regardless, each city and town is different, so it’s still better to consult a local real estate agent to figure out what's going on in your area.
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.
Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, S&P Global, 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.