Rapid City Housing Market Report December 2024•Pennington County, South Dakota

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Housing Prices in Rapid City, SD

How much do homes in Rapid City, SD cost?

Housing Market Conditions

Is Rapid City, SD a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

Rapid City is a Buyer's Market

Difference Since December 2023

At the same time last year, Rapid City was a Seller's Market.

Insight

Rapid City is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$371,000$189/SqFt
+$17,000
+4.8%

Based on all homes sold in the last 12 months

Insight

Homes in Rapid City have sold for 4.8% more than they did a year ago.

Summary: The median home sold price in Rapid City was $371,000 in December 2024, up 4.8% from last year, and the median price per square foot was $189.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
Rapid City
+4.8%
Box Elder
-2.6%
Box Elder
-9.0%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsDec 2023Dec 2024Change YoY
1$172.4K$262.5K
+52.2%
5$672K$514K
-23.5%
2$225.5K$287.5K
+27.5%
3$325K$338.7K
+4.2%
4$390K$403.5K
+3.5%

Summary: Rapid City housing price by bedroom type for December 2024, compared to the previous year. The home price for 1 bedroom homes increased by +52.2%. The home price for 5 bedroom homes decreased by -23.5%. The home price for 2 bedroom homes increased by +27.5%. The home price for 3 bedroom homes increased by +4.2%. The home price for 4 bedroom homes increased by +3.5%.

Housing supply in Rapid City, SD

How many homes are available in Rapid City, SD?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
347Last MonthDec 2024
3372 months agoNov 2024
+3.0 %
Change MoMNov – Dec

Summary: The Rapid City real estate market had 347 homes for sale in Dec 2024, a 3.0 % increase compared to Nov 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
34Last MonthDec 2024
382 months agoNov 2024
-10.5 %
Change MoMNov – Dec

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsNov 2024Dec 2024Change MoM
135
+66.7%
56160
-1.6%
25861
+5.2%
3114111
-2.6%
4101110
+8.9%

Summary: Rapid City housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes increased by +66.7%. The inventory for 5 bedroom homes decreased by -1.6%. The inventory for 2 bedroom homes increased by +5.2%. The inventory for 3 bedroom homes decreased by -2.6%. The inventory for 4 bedroom homes increased by +8.9%.

Asking Price vs. Sold Price

How much do homes in Rapid City, SD cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price8 Homes

At Asking Price8 Homes

Under Asking Price17 Homes

Insight

If you're buying a home in Rapid City, you may be able to get a good deal. 51.5% of homes here sold below asking price last month.

Summary: A total of 34 homes were sold or pending in Rapid City in December 2024, down by 10.5% month-over-month. Of the 33 sold homes, 52% were sold under asking, 24% were sold at asking, and and 24% were sold over asking.

Days on Market for Rapid City, SD

We’re sorry, we don't have information for this market at the moment.

Home sale times aren’t available for this area.

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Newest Listings in Rapid City, SD

What homes are available in Rapid City, SD?

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MLS Disclaimers and Copyright

Based on information from Black Hills Association of REALTORS® MLS, Mount Rushmore MLS, and Sioux Empire MLS for the period 01/01/2023 - 01/01/2025

IDXThe data relating to real estate for sale on this web site comes in part from the Internet Data exchange (IDX) program of Black Hills Association of REALTORS®. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information Deemed Reliable But Not Guaranteed. Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability.

Copyright © 2025 by Black Hills Association of REALTORS®. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/29/2025, 3:20:53 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Mount Rushmore Area Association of REALTORS® Multiple Listing Service. Real estate listings held by other brokerage firms are marked with the Broker Reciprocity™ logo and detailed information about them includes the name of the listing brokers. Information Deemed Reliable But Not Guaranteed. The broker(s) providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision. Copyright 2025 Mount Rushmore Area Association of REALTORS®., Inc. Multiple Listing Service. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/29/2025, 3:20:55 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDXThe data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of the REALTOR® Association of the Sioux Empire, Inc., Multiple Listing Service. Real estate listings held by other brokerage firms are marked with the Internet Data Exchange™ logo or the Internet Data Exchange thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Information is provided exclusively for consumers' personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The broker(s) providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision. Information provided is thought to be reliable but is not guaranteed to be accurate; you are advised to verify facts that are important to you. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. The REALTOR® Association of the Sioux Empire, Inc. does not create, control or review the property data displayed herein and take no responsibility for the content of such records. Federal law prohibits discrimination on the basis of race, color, religion, sex, handicap, familial status or national origin in the sale, rental or financing of housing.
Broker Reciprocity
©2025 REALTOR® Association of the Sioux Empire, Inc. Multiple Listing Service. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/29/2025, 3:20:52 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.