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 | Hand County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $72,143 | $98,153 | $242,182 |
| Price Trend (Annual %) | -6.6% | -0.4% | 8.2% |
| Median Gross Rent | $553 | $912 | $1,342 |
| Rent Trend (Annual %) | 1.7% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hand County is about 26% lower than in South Dakota. Rent is about 39% lower than the South Dakota average.
Median Home and Rent Price Trends
Median Home Prices, 2017-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Hand County: home prices fell about 6.6% a year while rent rose about 1.7% a year. That is an unusual pattern worth watching.
Median rent in Hand County rose about 16.8% between 2015 and 2023, from $473 to $553. Over the same span, rent in South Dakota rose about 39.2%.
Affordability
On average, housing unit costs 1.0 yearly household incomes in Hand County.
Buying the median-priced home in Hand County costs roughly 10.9 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 Hand County. The price-to-rent ratio in South Dakota is about 9.0.
| Metric | Hand County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $72,143 | $98,153 | $242,182 |
| Median Household Income | $71,768 | $72,558 | $78,145 |
| Price-to-Income Ratio | 1.0 | 1.4 | 3.1 |
Home Prices vs Income Over Time
Between 2017 and 2023, the median home price in Hand County fell about 71.6%, while median household income rose about 58.6% 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 | Hand County | South Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.9% | 61.2% | 58.2% |
| Rental Rate | 29.0% | 27.9% | 31.3% |
| Vacancy Rate | 19.1% | 10.9% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Hand County has a homeownership rate of 51.9%, lower than the South Dakota average of 61.2%. Its housing vacancy rate is 19.1%, compared with 10.9% in South Dakota.
Housing Stock
| Metric | Hand County | South Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.16 people | 2.42 people | 2.54 people |
| Median Structure Built Year | 1963 | 1978 | 1978 |
| Median Number of Rooms | 6.7 | 5.9 | 5.5 |
The typical housing unit in Hand County was built around 1963. On average, 2.2 people live in a home with about 6.7 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hand County, South Dakota.
What is the median home price in Hand County, South Dakota?
The median home price in Hand County, South Dakota is $72,143, lower than the South Dakota average of $98,153.
What is the average home price in Hand 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 Hand County, South Dakota?
The median gross rent in Hand County, South Dakota is $553 per month, lower than the South Dakota average of $912.
What was the median gross rent in Hand County in 2020?
In 2020, the median gross rent in Hand County, South Dakota was $491 per month.
What is the price-to-rent ratio in Hand County, South Dakota?
The price-to-rent ratio in Hand County, South Dakota is about 10.9, meaning it would take roughly 10.9 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 Hand County.
Are home prices or rent rising faster in Hand County, South Dakota?
Home prices and rent are moving in opposite directions in Hand County: home prices fell about 6.6% a year while rent rose about 1.7% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Hand County, South Dakota?
51.9% of households in Hand County, South Dakota own their home, lower than the South Dakota average of 61.2%.
What is the vacancy rate in Hand County, South Dakota?
The housing vacancy rate in Hand County, South Dakota is 19.1%, higher than the South Dakota average of 10.9%.