Rapid City, SD metro area Housing Market
Cold MarketComprehensive housing market data for the Rapid City, SD metro area metro area. Track home prices, inventory, days on market, and competition — updated monthly for real estate investors.
Data period: January 2026
Median Sale Price
$356K
↓ 1.1% YoY
Days on Market
92 days
↑ 12.2% YoY
Active Inventory
590
↓ 3.6% YoY
Homes Sold
109
– 0.0% YoY
Cold Market
Inventory is high and homes are sitting longer — a buyer's market.
Rapid City, SD metro area Market Summary
The Rapid City, SD metro area housing market is cooling down. As of January 2026, the median home sale price is $356K, down 1.1% year-over-year. Homes are spending a median of 92 days on the market, 12.2% longer than a year ago.
There are 590 homes for sale — 3.6% fewer than last year. With 5.4 months of supply, this is a balanced market. 185 new listings were added during this period, up 13.5% year-over-year.
Homes are selling for 98.1% of their list price on average, suggesting room for negotiation. 16.5% of homes sell above their asking price. 13.2% of listings have had a price drop.
Market Opportunity Score
Based on current market conditions
70
Contributing Factors
How This Market Compares
vs. National Median
vs. South Dakota Median
Investor Takeaway
The cooling market may present buying opportunities with less competition and more negotiating leverage. High inventory relative to sales pace means buyers have options and sellers may be flexible on price. Prices are 16% below the national median, which could indicate stronger cash flow potential.
Rapid City, SD metro area Market Trends
Median Sale Price
Median Days on Market
Active Inventory
Homes Sold
Price per Square Foot
Sale-to-List Ratio
New Listings
Listings with Price Drops
Detailed Market Metrics
Median List Price
$369K
Price per Sq Ft
$198
Sale-to-List Ratio
98.1%
Months of Supply
5.4
Sold Above List
16.5%
Price Drops
13.2%
New Listings
185
↑ 13.5% YoY
Pending Sales
178
Off Market in 2 Weeks
23.0%
Other Markets in South Dakota
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$165K · 72d on market
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$485K · 165d on market
Yankton, SD metro area
$258K · 39d on market
Watertown, SD metro area
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Mitchell, SD metro area
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Huron, SD metro area
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Pierre, SD metro area
$342K · 95d on market
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Try It FreeHousing market data provided by Redfin, a national real estate brokerage. Not financial advice. Always consult a qualified professional before making investment decisions.