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 | Hyde County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $102,778 | $98,153 | $242,182 |
| Price Trend (Annual %) | 4.2% | -0.4% | 8.2% |
| Median Gross Rent | $921 | $912 | $1,342 |
| Rent Trend (Annual %) | 6.3% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hyde County is about 5% higher than in South Dakota. Rent is about 1% higher than the South Dakota average.
Median Home and Rent Price Trends
Median Home Prices, 2016-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Hyde County, up about 4.2% and 6.3% a year respectively. Rent is changing faster.
Median rent in Hyde County rose about 65.6% between 2015 and 2023, from $556 to $921. Over the same span, rent in South Dakota rose about 39.2%.
Affordability
On average, housing unit costs 1.4 yearly household incomes in Hyde County.
Buying the median-priced home in Hyde County costs roughly 9.3 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 Hyde County. The price-to-rent ratio in South Dakota is about 9.0.
| Metric | Hyde County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $102,778 | $98,153 | $242,182 |
| Median Household Income | $72,990 | $72,558 | $78,145 |
| Price-to-Income Ratio | 1.4 | 1.4 | 3.1 |
Home Prices vs Income Over Time
Between 2016 and 2023, the median home price in Hyde County rose about 30.3%, while median household income rose about 95.8% 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 | Hyde County | South Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 69.6% | 61.2% | 58.2% |
| Rental Rate | 15.0% | 27.9% | 31.3% |
| Vacancy Rate | 15.3% | 10.9% | 10.6% |
| Median Tenure (years) | 20.0 | 15.0 | 15.0 |
| Median Year Moved In | 2006 | 2011 | 2011 |
Hyde County has a homeownership rate of 69.6%, higher than the South Dakota average of 61.2%. Its housing vacancy rate is 15.3%, compared with 10.9% in South Dakota.
Housing Stock
| Metric | Hyde County | South Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.35 people | 2.42 people | 2.54 people |
| Median Structure Built Year | 1962 | 1978 | 1978 |
| Median Number of Rooms | 6.4 | 5.9 | 5.5 |
The typical housing unit in Hyde County was built around 1962. On average, 2.4 people live in a home with about 6.4 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hyde County, South Dakota.
What is the median home price in Hyde County, South Dakota?
The median home price in Hyde County, South Dakota is $102,778, higher than the South Dakota average of $98,153.
What is the average home price in Hyde 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 Hyde County, South Dakota?
The median gross rent in Hyde County, South Dakota is $921 per month, higher than the South Dakota average of $912.
What was the median gross rent in Hyde County in 2020?
In 2020, the median gross rent in Hyde County, South Dakota was $607 per month.
What is the price-to-rent ratio in Hyde County, South Dakota?
The price-to-rent ratio in Hyde County, South Dakota is about 9.3, meaning it would take roughly 9.3 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 Hyde County.
Are home prices or rent rising faster in Hyde County, South Dakota?
Both home prices and rent are rising in Hyde County, up about 4.2% and 6.3% a year respectively. Rent is changing faster.
What is the homeownership rate in Hyde County, South Dakota?
69.6% of households in Hyde County, South Dakota own their home, higher than the South Dakota average of 61.2%.
What is the vacancy rate in Hyde County, South Dakota?
The housing vacancy rate in Hyde County, South Dakota is 15.3%, higher than the South Dakota average of 10.9%.