Rapid City, SD—57703
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 $350,000, with a year-over-year change of 1.5%. 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 | $350,000 | 1.5% |
| Single Family | $351,000 | 1.4% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $307,000 | 1.0% |
3 Bed | $336,000 | 1.5% |
4 Bed | $367,000 | 0.8% |
| 5 Bed | $446,000 | 1.6% |
% of Housing Stock
Rental Trends — Rapid City, SD
As of July '25, Rentcast reports the average rent in Rapid City, SD is $1,720, with a year-over-year rent change of -1.7%. Per bedroom, the median rent as of July '25 in Rapid City, SD is studios: $963, 1-bedrooms: $1,140, 2-bedrooms: $1,220, 3-bedrooms: $2,130, 4-bedrooms: $2,250. The most common rental property sizes in Rapid City, SD are 2-bedroom and 3-bedroom, accounting for 54.5% and 29.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,750 | $1,720 |
| Studio Rent | $965 | $963 |
| 1 Bed Rent | $1,130 | $1,140 |
| 2 Bed Rent | $1,070 | $1,220 |
| 3 Bed Rent | $2,300 | $2,130 |
| 4 Bed Rent | $2,250 | $2,250 |
% 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 71. This is a increase of 31.0% 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 16.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $375,000 | -8.0% |
Listing Count | 146 | 71.0% |
| Listings as % of Homes | 1.0% | 71.0% |
Days on Market | 71 | 31.0% |
Demographics — Rapid City, SD
As of the latest ACS Survey released in 2023, Rapid City, SD has a population of 17,500, which has increased by 7.7% over the past 5 years. Rapid City, SD is a moderately popular place for families, as children make up 24.0% of the population. The area has a poorly educated workforce, with 21.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 17,500 | 7.7% |
% Under 18 | 24.0% | -4.0% |
% Seniors | 14.3% | 28.8% |
% WFH | 9.9% | 280.8% |
% w/ College Degree | 21.1% | -1.4% |
As of the latest ACS Survey released in 2023, Rapid City, SD is a predominantly white area, with 76.7% of the population identifying as white. The white population has shrunk by 10.4% in the last 5 years. The second most common race or ethnicity in Rapid City, SD is hispanic, making up 6.0% of the population. Foreign-born residents account for 2.0% of the population in Rapid City, SD, and this percentage has decreased by 28.6% 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 | 76.7% | -10.4% |
% Black | 1.0% | -9.1% |
% Hispanic | 6.0% | 20.0% |
% Asian | 1.5% | -28.6% |
% Foreign Born | 2.0% | -28.6% |
Mortgage and Risk — Rapid City, SD
According to HUD data as of 2023, there were 480 mortgage originations in Rapid City, SD, of which 71.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 35.0% above 90% LTV (very high). This implies large mortgage risk in Rapid City, SD. Investor activity is low, as 1.0% 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 | 480 |
% Conventional Loans | 71.0% |
% Government Loans | 29.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% 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 12.7%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 2-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Rapid City, SD, because HUD payments exceed market rent, while 1-bedroom and 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 134 |
Total Units Section 8 | 133 |
% Rentals under Section 8 | 12.7% |
% Occupied Section 8 | 100.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$40 | $1,130 | $1,090 |
| 2 Bedroom | $360 | $1,070 | $1,430 |
| 3 Bedroom | -$400 | $2,300 | $1,900 |
| 4 Bedroom | $20 | $2,250 | $2,270 |
Affordability — Rapid City, SD
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.9 |
| Median Home Price | $350,000 |
| Median Household Income | $84,500 |