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 | Lyman County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,249,999 | $98,153 | $242,182 |
| Price Trend (Annual %) | 296.7% | -0.4% | 8.2% |
| Median Gross Rent | $603 | $912 | $1,342 |
| Rent Trend (Annual %) | 2.4% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lyman County is about 1174% higher than in South Dakota. Rent is about 34% lower than the South Dakota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Lyman County, up about 296.7% and 2.4% a year respectively. Home prices are changing faster.
Median rent in Lyman County rose about 17.7% between 2015 and 2023, from $512 to $603. Over the same span, rent in South Dakota rose about 39.2%.
Affordability
On average, housing unit costs 20.4 yearly household incomes in Lyman County.
Buying the median-priced home in Lyman County costs roughly 172.7 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Lyman County. The price-to-rent ratio in South Dakota is about 9.0.
| Metric | Lyman County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,249,999 | $98,153 | $242,182 |
| Median Household Income | $61,343 | $72,558 | $78,145 |
| Price-to-Income Ratio | 20.4 | 1.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lyman County rose about 4829.6%, while median household income rose about 80.1% 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 | Lyman County | South Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.8% | 61.2% | 58.2% |
| Rental Rate | 21.1% | 27.9% | 31.3% |
| Vacancy Rate | 24.1% | 10.9% | 10.6% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Lyman County has a homeownership rate of 54.8%, lower than the South Dakota average of 61.2%. Its housing vacancy rate is 24.1%, compared with 10.9% in South Dakota.
Housing Stock
| Metric | Lyman County | South Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.07 people | 2.42 people | 2.54 people |
| Median Structure Built Year | 1974 | 1978 | 1978 |
| Median Number of Rooms | 5.7 | 5.9 | 5.5 |
The typical housing unit in Lyman County was built around 1974. On average, 3.1 people live in a home with about 5.7 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lyman County, South Dakota.
What is the median home price in Lyman County, South Dakota?
The median home price in Lyman County, South Dakota is $1,249,999, higher than the South Dakota average of $98,153.
What is the average home price in Lyman 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 Lyman County, South Dakota?
The median gross rent in Lyman County, South Dakota is $603 per month, lower than the South Dakota average of $912.
What was the median gross rent in Lyman County in 2020?
In 2020, the median gross rent in Lyman County, South Dakota was $532 per month.
What is the price-to-rent ratio in Lyman County, South Dakota?
The price-to-rent ratio in Lyman County, South Dakota is about 172.7, meaning it would take roughly 172.7 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Lyman County.
Are home prices or rent rising faster in Lyman County, South Dakota?
Both home prices and rent are rising in Lyman County, up about 296.7% and 2.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lyman County, South Dakota?
54.8% of households in Lyman County, South Dakota own their home, lower than the South Dakota average of 61.2%.
What is the vacancy rate in Lyman County, South Dakota?
The housing vacancy rate in Lyman County, South Dakota is 24.1%, higher than the South Dakota average of 10.9%.