Rapid City, SD—57701
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Rapid City, SD
As of Oct '25, the median home price in Rapid City, SD is $296,000, with a year-over-year change of 2.3%. This indicates that home prices in Rapid City, SD are increasing. According to Zillow, the 1-year price projection is 2.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $296,000 | 2.3% |
| Single Family | $296,000 | 2.1% |
| Condos | $297,000 | 1.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $160,000 | -4.2% |
2 Bed | $238,000 | 1.7% |
3 Bed | $288,000 | 2.1% |
4 Bed | $350,000 | 1.7% |
| 5 Bed | $452,000 | 2.7% |
% of Housing Stock
Rental Trends — Rapid City, SD
As of July '25, Rentcast reports the average rent in Rapid City, SD is $1,310, with a year-over-year rent change of -4.4%. Per bedroom, the median rent as of July '25 in Rapid City, SD is studios: $1,100, 1-bedrooms: $960, 2-bedrooms: $1,180, 3-bedrooms: $1,560, 4-bedrooms: $2,040. The most common rental property sizes in Rapid City, SD are 2-bedroom and 1-bedroom, accounting for 38.7% and 28.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,200 | $1,310 |
| Studio Rent | $1,100 | $1,100 |
| 1 Bed Rent | $895 | $960 |
| 2 Bed Rent | $1,200 | $1,180 |
| 3 Bed Rent | $1,460 | $1,560 |
| 4 Bed Rent | $2,200 | $2,040 |
% of Rental Stock
Property Listings — Rapid City, SD
As of Oct '25, Realtor.com reports that the median days on market for a home in Rapid City, SD is 53. This is a increase of 12.0% 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 21.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $325,000 | 4.0% |
Listing Count | 243 | 43.0% |
| Listings as % of Homes | 0.4% | 43.0% |
Days on Market | 53 | 12.0% |
Demographics — Rapid City, SD
As of the latest ACS Survey released in 2023, Rapid City, SD has a population of 45,200, which has remained stable by -1.0% over the past 5 years. Rapid City, SD is a moderately popular place for families, as children make up 21.2% of the population. The area has a moderately educated workforce, with 28.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 45,200 | -1.0% |
% Under 18 | 21.2% | -10.9% |
% Seniors | 18.7% | 19.9% |
% WFH | 8.5% | 107.3% |
% w/ College Degree | 28.2% | 16.5% |
As of the latest ACS Survey released in 2023, Rapid City, SD is a predominantly white area, with 72.9% of the population identifying as white. The white population has grown by 2.0% in the last 5 years. The second most common race or ethnicity in Rapid City, SD is hispanic, making up 5.6% of the population. Foreign-born residents account for 1.7% of the population in Rapid City, SD, and this percentage has decreased by 41.4% 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 | 72.9% | 2.0% |
% Black | 1.7% | 6.2% |
% Hispanic | 5.6% | -3.4% |
% Asian | 1.0% | -41.2% |
% Foreign Born | 1.7% | -41.4% |
Mortgage and Risk — Rapid City, SD
According to HUD data as of 2023, there were 731 mortgage originations in Rapid City, SD, of which 67.0% of loans were conventional mortgages. The average loan-to-value was 69.0%, with 39.0% above 90% LTV (very high). This implies large mortgage risk in Rapid City, SD. Investor activity is low, as 3.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 731 |
% Conventional Loans | 67.0% |
% Government Loans | 33.0% |
% Investor Loans | 3.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Rapid City, SD
As of 2024, the percent of homes in Rapid City, SD under the Section 8 program is 23.8%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Rapid City, SD, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 2,175 |
Total Units Section 8 | 1,847 |
% Rentals under Section 8 | 23.8% |
% Occupied Section 8 | 93.6% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$95 | $895 | $800 |
| 2 Bedroom | -$150 | $1,200 | $1,050 |
| 3 Bedroom | -$20 | $1,460 | $1,440 |
| 4 Bedroom | -$430 | $2,200 | $1,770 |
Affordability — Rapid City, SD
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.2 |
| Median Home Price | $296,000 |
| Median Household Income | $52,700 |