Elk Point, SD—57025
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Elk Point, SD
As of Oct '25, the median home price in Elk Point, SD is $293,000, with a year-over-year change of 5.0%. This indicates that home prices in Elk Point, SD are increasing. According to Zillow, the 1-year price projection is 2.0%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $293,000 | 5.0% |
| Single Family | $293,000 | 5.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $274,000 | 3.8% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Elk Point, SD
As of July '25, Rentcast reports the average rent in Elk Point, SD is $722, with a year-over-year rent change of 11.9%. Per bedroom, the median rent as of July '25 in Elk Point, SD is 1-bedrooms: $700, 2-bedrooms: $745. The most common rental property sizes in Elk Point, SD are 2-bedroom and studio, accounting for 59.6% and 10.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $700 | $722 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $700 | $700 |
| 2 Bed Rent | $745 | $745 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Elk Point, SD
As of Oct '25, Realtor.com reports that the median days on market for a home in Elk Point, SD is 93. This is a increase of 10.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 44.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $325,000 | -1.0% |
Listing Count | 9 | 29.0% |
| Listings as % of Homes | 0.5% | 29.0% |
Days on Market | 93 | 10.0% |
Demographics — Elk Point, SD
As of the latest ACS Survey released in 2023, Elk Point, SD has a population of 3,160, which has increased by 6.0% over the past 5 years. Elk Point, SD is a popular place for families, as children make up 26.5% of the population. The area has a moderately educated workforce, with 32.3% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 3,160 | 6.0% |
% Under 18 | 26.5% | -2.6% |
% Seniors | 16.5% | -3.5% |
% WFH | 5.7% | 11.8% |
% w/ College Degree | 32.3% | 22.3% |
As of the latest ACS Survey released in 2023, Elk Point, SD is a predominantly white area, with 94.1% of the population identifying as white. The white population has shrunk by 0.8% in the last 5 years. The second most common race or ethnicity in Elk Point, SD is hispanic, making up 2.8% of the population. Foreign-born residents account for 0.1% of the population in Elk Point, SD, and this percentage has decreased by 50.0% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 94.1% | -0.8% |
% Black | 0.5% | -68.8% |
% Hispanic | 2.8% | 460.0% |
% Asian | 0.1% | ∞% |
% Foreign Born | 0.1% | -50.0% |
Mortgage and Risk — Elk Point, SD
According to HUD data as of 2023, there were 54 mortgage originations in Elk Point, SD, of which 85.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 30.0% above 90% LTV (very high). This implies large mortgage risk in Elk Point, SD. Investor activity is low, as 2.0% of loans were by investors. 19.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 54 |
% Conventional Loans | 85.0% |
% Government Loans | 15.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 19.0% |
Loan Activity
Rentals and Section 8 — Elk Point, SD
Elk Point, SD lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 20 |
Total Units Section 8 | 20 |
% Rentals under Section 8 | 7.2% |
% Occupied Section 8 | 81.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $10 | $700 | $710 |
| 2 Bedroom | $165 | $745 | $910 |
| 3 Bedroom | N/A | N/A | $1,110 |
| 4 Bedroom | N/A | N/A | $1,220 |
Affordability — Elk Point, SD
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $293,000 |
| Median Household Income | $88,500 |