Wessington Springs, SD—57382
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Wessington Springs, SD
As of Oct '25, the median home price in Wessington Springs, SD is $201,000, with a year-over-year change of -3.4%. This indicates that home prices in Wessington Springs, SD are decreasing. According to Zillow, the 1-year price projection is 0.8%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $201,000 | -3.4% |
| Single Family | $201,000 | -3.4% |
| 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 | N/A | N/A |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Wessington Springs, SD
Wessington Springs, SD lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | N/A | N/A |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Wessington Springs, SD
As of Oct '25, Realtor.com reports that the median days on market for a home in Wessington Springs, SD is 103. This is a increase of 127.0% 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 67.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $294,000 | 51.0% |
Listing Count | 6 | 143.0% |
| Listings as % of Homes | 0.3% | 143.0% |
Days on Market | 103 | 127.0% |
Demographics — Wessington Springs, SD
As of the latest ACS Survey released in 2023, Wessington Springs, SD has a population of 1,240, which has decreased by -10.0% over the past 5 years. Wessington Springs, SD is a moderately popular place for families, as children make up 19.6% of the population. The area has a moderately educated workforce, with 27.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 21.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 1,240 | -10.0% |
% Under 18 | 19.6% | 7.7% |
% Seniors | 35.5% | 25.9% |
% WFH | 21.2% | 259.3% |
% w/ College Degree | 27.3% | 17.7% |
As of the latest ACS Survey released in 2023, Wessington Springs, SD is a predominantly white area, with 92.4% of the population identifying as white. The white population has shrunk by 4.7% in the last 5 years. The second most common race or ethnicity in Wessington Springs, SD is hispanic, making up 1.7% of the population. Foreign-born residents account for 0.9% of the population in Wessington Springs, SD, and this percentage has decreased by 65.4% 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 | 92.4% | -4.7% |
% Black | 0.0% | N/A |
% Hispanic | 1.7% | 325.0% |
% Asian | 0.0% | N/A |
% Foreign Born | 0.9% | -65.4% |
Mortgage and Risk — Wessington Springs, SD
According to HUD data as of 2023, there were 15 mortgage originations in Wessington Springs, SD, of which 67.0% of loans were conventional mortgages. The average loan-to-value was 79.0%, with 40.0% above 90% LTV (very high). This implies large mortgage risk in Wessington Springs, SD. Investor activity is low, as 7.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 15 |
% Conventional Loans | 67.0% |
% Government Loans | 33.0% |
% Investor Loans | 7.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Wessington Springs, SD
Wessington Springs, SD lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 19 |
Total Units Section 8 | 0 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $690 |
| 2 Bedroom | N/A | N/A | $880 |
| 3 Bedroom | N/A | N/A | $1,160 |
| 4 Bedroom | N/A | N/A | $1,400 |
Affordability — Wessington Springs, SD
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.8 |
| Median Home Price | $201,000 |
| Median Household Income | $77,100 |