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: March 2026
Median Sale Price
$346K
↓ 5.3% YoY
Days on Market
95 days
↓ 2.1% YoY
Active Inventory
665
↑ 1.5% YoY
Homes Sold
143
↓ 2.1% 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 March 2026, the median home sale price is $346K, down 5.3% year-over-year. Homes are spending a median of 95 days on the market, 2.1% shorter than a year ago.
There are 665 homes for sale — 1.5% more than last year. With 4.7 months of supply, this is a balanced market. 255 new listings were added during this period, up 19.7% year-over-year.
Homes are selling for 97.9% of their list price on average, suggesting room for negotiation. 17.5% of homes sell above their asking price. 13.7% 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. Prices are 21% below the national median, which could indicate stronger cash flow potential.
Rapid City, SD metro area Market Trends
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Detailed Market Metrics
Median List Price
$389K
Price per Sq Ft
$210
Sale-to-List Ratio
97.9%
Months of Supply
4.7
Sold Above List
17.5%
Price Drops
13.7%
New Listings
255
↑ 19.7% YoY
Pending Sales
227
Off Market in 2 Weeks
37.9%
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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.