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  1. Home
  2. /Browse ZIP Codes
  3. /South Dakota
  4. /Rapid City, SD - 57703

Rapid City, SD—57703

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$364,000
2.3% YoY Growth
Household Income
$84,500
47.4% YoY Growth
Days on Market
42
5.0% Shorter YoY
Home Price Forecast
1.7%
Median Rent
$1,750
1.7% YoY Growth
1-Bed Rent
$1,130
5.6% YoY Growth
2-Bed Rent
$1,070
3.2% YoY Growth
3-Bed Rent
$2,300
29.1% YoY Growth

Other Zip Codes in Rapid City, SD

5770257701
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Rapid City, SD

As of May '26, the median home price in Rapid City, SD is $364,000, 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 1.7%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$364,0002.3%
Single Family $365,0002.5%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$315,0001.3%
    3 Bed
    		$352,0002.6%
    4 Bed
    		$380,0002.2%
    5 Bed $452,3361.9%
    Loading chart...

    % of Housing Stock

    Studio
    0.1%
    1 Bedroom
    2.5%
    2 Bedrooms
    24.2%
    3 Bedrooms
    41.5%
    4 Bedrooms
    25.4%
    5+ Bedrooms
    6.3%

    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.

    TypeMedian RentAverage 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
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    % of Rental Stock

    1 Bedroom
    8.9%
    2 Bedrooms
    54.5%
    3 Bedrooms
    29.9%
    4 Bedrooms
    6.1%
    5+ Bedrooms
    0.6%

    Property Listings — Rapid City, SD

    As of May '26, Realtor.com reports that the median days on market for a home in Rapid City, SD is 42. This is a decrease of -5.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 7.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$383,000-8.0%
    Listing Count
    		16231.0%
    Listings as % of Homes1.0%31.0%
    Days on Market
    		42-5.0%
    Loading chart...

    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.

    MetricLatest CensusYoY % Change
    Population
    		17,5007.7%
    % Under 18
    		24.0%-4.0%
    % Seniors
    		14.3%28.8%
    % WFH
    		9.9%280.8%
    % w/ College Degree
    		21.1%-1.4%
    Loading chart...

    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

    MetricLatest Census5-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%
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    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

    MetricZip 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%
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    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 SizeHUD PremiumMarket RentMax 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

    MetricZip Code Average
    Home Price to Income Ratio4
    Median Home Price$364,000
    Median Household Income$84,500

    Rapid City, SD — ZIP Code Boundary Map

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    Nearby ZIP Codes

    Ellsworth Air Force Base, SD

    57706

    Rapid City, SD

    57701

    Hermosa, SD

    57744

    Box Elder, SD

    57719

    Farmingdale, SD

    57725

    Frequently Asked Questions