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 | Grant County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $45,000 | $98,153 | $242,182 |
| Price Trend (Annual %) | 81.2% | -0.4% | 8.2% |
| Median Gross Rent | $668 | $912 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Grant County is about 54% lower than in South Dakota. Rent is about 27% 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 Grant County, up about 81.2% and 3.7% a year respectively. Home prices are changing faster.
Median rent in Grant County rose about 26.4% between 2015 and 2023, from $528 to $668. Over the same span, rent in South Dakota rose about 39.2%.
Affordability
On average, housing unit costs 0.6 yearly household incomes in Grant County.
Buying the median-priced home in Grant County costs roughly 5.6 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 Grant County. The price-to-rent ratio in South Dakota is about 9.0.
| Metric | Grant County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $45,000 | $98,153 | $242,182 |
| Median Household Income | $73,313 | $72,558 | $78,145 |
| Price-to-Income Ratio | 0.6 | 1.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2022, the median home price in Grant County rose about 34.6%, while median household income rose about 82.0% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Grant County | South Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.9% | 61.2% | 58.2% |
| Rental Rate | 16.0% | 27.9% | 31.3% |
| Vacancy Rate | 13.1% | 10.9% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Grant County has a homeownership rate of 70.9%, higher than the South Dakota average of 61.2%. Its housing vacancy rate is 13.1%, compared with 10.9% in South Dakota.
Housing Stock
| Metric | Grant County | South Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.43 people | 2.42 people | 2.54 people |
| Median Structure Built Year | 1972 | 1978 | 1978 |
| Median Number of Rooms | 6.3 | 5.9 | 5.5 |
The typical housing unit in Grant County was built around 1972. On average, 2.4 people live in a home with about 6.3 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Grant County, South Dakota.
What is the median home price in Grant County, South Dakota?
The median home price in Grant County, South Dakota is $45,000, lower than the South Dakota average of $98,153.
What is the average home price in Grant 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 Grant County, South Dakota?
The median gross rent in Grant County, South Dakota is $668 per month, lower than the South Dakota average of $912.
What was the median gross rent in Grant County in 2020?
In 2020, the median gross rent in Grant County, South Dakota was $549 per month.
What is the price-to-rent ratio in Grant County, South Dakota?
The price-to-rent ratio in Grant County, South Dakota is about 5.6, meaning it would take roughly 5.6 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 Grant County.
Are home prices or rent rising faster in Grant County, South Dakota?
Both home prices and rent are rising in Grant County, up about 81.2% and 3.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Grant County, South Dakota?
70.9% of households in Grant County, South Dakota own their home, higher than the South Dakota average of 61.2%.
What is the vacancy rate in Grant County, South Dakota?
The housing vacancy rate in Grant County, South Dakota is 13.1%, higher than the South Dakota average of 10.9%.