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: Counties in South Dakota
Housing Market Overview
| Metric | South Dakota | US Average |
|---|---|---|
| Median Home Price | $98,153 | $242,182 |
| Price Trend (Annual %) | -0.4% | 8.2% |
| Median Gross Rent | $912 | $1,342 |
| Rent Trend (Annual %) | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in South Dakota is about 59% lower than in US. Rent is about 32% lower than the US average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in South Dakota: home prices fell about 0.4% a year while rent rose about 4.4% a year. That is an unusual pattern worth watching.
Median rent in South Dakota rose about 39.2% between 2015 and 2023, from $655 to $912. Over the same span, rent in US rose about 45.1%.
Affordability
On average, housing unit costs 1.4 yearly household incomes in South Dakota.
Buying the median-priced home in South Dakota costs roughly 9.0 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 South Dakota. The price-to-rent ratio in US is about 15.0.
| Metric | South Dakota | US Average |
|---|---|---|
| Median Home Price | $98,153 | $242,182 |
| Median Household Income | $72,558 | $78,145 |
| Price-to-Income Ratio | 1.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in South Dakota fell about 8.6%, while median household income rose about 61.8% 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 | South Dakota | US Average |
|---|---|---|
| Homeownership Rate | 61.2% | 58.2% |
| Rental Rate | 27.9% | 31.3% |
| Vacancy Rate | 10.9% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 |
South Dakota has a homeownership rate of 61.2%, higher than the US average of 58.2%. Its housing vacancy rate is 10.9%, compared with 10.6% in US.
Housing Stock
| Metric | South Dakota | US Average |
|---|---|---|
| Average Household Size | 2.42 people | 2.54 people |
| Median Structure Built Year | 1978 | 1978 |
| Median Number of Rooms | 5.9 | 5.5 |
The typical housing unit in South Dakota was built around 1978. On average, 2.4 people live in a home with about 5.9 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in South Dakota.
What is the median home price in South Dakota?
The median home price in South Dakota is $98,153, lower than the US average of $242,182.
What is the average home price in 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 South Dakota?
The median gross rent in South Dakota is $912 per month, lower than the US average of $1,342.
What was the median gross rent in South Dakota in 2020?
In 2020, the median gross rent in South Dakota was $761 per month.
What is the price-to-rent ratio in South Dakota?
The price-to-rent ratio in South Dakota is about 9.0, meaning it would take roughly 9.0 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 South Dakota.
Are home prices or rent rising faster in South Dakota?
Home prices and rent are moving in opposite directions in South Dakota: home prices fell about 0.4% a year while rent rose about 4.4% a year. That is an unusual pattern worth watching.
What is the homeownership rate in South Dakota?
61.2% of households in South Dakota own their home, higher than the US average of 58.2%.
What is the vacancy rate in South Dakota?
The housing vacancy rate in South Dakota is 10.9%, higher than the US average of 10.6%.