Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Brookings County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $118,181 | $98,153 | $242,182 |
| Price Trend (Annual %) | 2.4% | -0.4% | 8.2% |
| Median Gross Rent | $873 | $912 | $1,342 |
| Rent Trend (Annual %) | 3.9% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Brookings County is about 20% higher than in South Dakota. Rent is about 4% lower than the South Dakota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2022
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Brookings County, up about 2.4% and 3.9% a year respectively. Rent is changing faster.
Median rent in Brookings County rose about 32.8% between 2015 and 2023, from $658 to $873. Over the same span, rent in South Dakota rose about 39.2%.
Affordability
On average, housing unit costs 1.7 yearly household incomes in Brookings County.
Buying the median-priced home in Brookings County costs roughly 11.3 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Brookings County. The price-to-rent ratio in South Dakota is about 9.0.
| Metric | Brookings County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $118,181 | $98,153 | $242,182 |
| Median Household Income | $68,569 | $72,558 | $78,145 |
| Price-to-Income Ratio | 1.7 | 1.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2022, the median home price in Brookings County rose about 67.8%, while median household income rose about 66.0% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Brookings County | South Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 52.9% | 61.2% | 58.2% |
| Rental Rate | 36.9% | 27.9% | 31.3% |
| Vacancy Rate | 10.2% | 10.9% | 10.6% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Brookings County has a homeownership rate of 52.9%, lower than the South Dakota average of 61.2%. Its housing vacancy rate is 10.2%, compared with 10.9% in South Dakota.
Housing Stock
| Metric | Brookings County | South Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.35 people | 2.42 people | 2.54 people |
| Median Structure Built Year | 1981 | 1978 | 1978 |
| Median Number of Rooms | 5.9 | 5.9 | 5.5 |
The typical housing unit in Brookings County was built around 1981. On average, 2.3 people live in a home with about 5.9 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Brookings County, South Dakota.
What is the median home price in Brookings County, South Dakota?
The median home price in Brookings County, South Dakota is $118,181, higher than the South Dakota average of $98,153.
What is the average home price in Brookings County, South Dakota?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Brookings County, South Dakota?
The median gross rent in Brookings County, South Dakota is $873 per month, lower than the South Dakota average of $912.
What was the median gross rent in Brookings County in 2020?
In 2020, the median gross rent in Brookings County, South Dakota was $759 per month.
What is the price-to-rent ratio in Brookings County, South Dakota?
The price-to-rent ratio in Brookings County, South Dakota is about 11.3, meaning it would take roughly 11.3 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Brookings County.
Are home prices or rent rising faster in Brookings County, South Dakota?
Both home prices and rent are rising in Brookings County, up about 2.4% and 3.9% a year respectively. Rent is changing faster.
What is the homeownership rate in Brookings County, South Dakota?
52.9% of households in Brookings County, South Dakota own their home, lower than the South Dakota average of 61.2%.
What is the vacancy rate in Brookings County, South Dakota?
The housing vacancy rate in Brookings County, South Dakota is 10.2%, lower than the South Dakota average of 10.9%.