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 | Meade County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $434,210 | $98,153 | $242,182 |
| Price Trend (Annual %) | 37.5% | -0.4% | 8.2% |
| Median Gross Rent | $1,149 | $912 | $1,342 |
| Rent Trend (Annual %) | 5.5% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Meade County is about 342% higher than in South Dakota. Rent is about 26% higher 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 Meade County, up about 37.5% and 5.5% a year respectively. Home prices are changing faster.
Median rent in Meade County rose about 49.0% between 2015 and 2023, from $772 to $1,149. Over the same span, rent in South Dakota rose about 39.2%.
Affordability
On average, housing unit costs 5.8 yearly household incomes in Meade County.
Buying the median-priced home in Meade County costs roughly 31.5 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 Meade County. The price-to-rent ratio in South Dakota is about 9.0.
| Metric | Meade County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $434,210 | $98,153 | $242,182 |
| Median Household Income | $74,589 | $72,558 | $78,145 |
| Price-to-Income Ratio | 5.8 | 1.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Meade County rose about 536.6%, while median household income rose about 76.3% 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 | Meade County | South Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.8% | 61.2% | 58.2% |
| Rental Rate | 25.5% | 27.9% | 31.3% |
| Vacancy Rate | 6.7% | 10.9% | 10.6% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Meade County has a homeownership rate of 67.8%, higher than the South Dakota average of 61.2%. Its housing vacancy rate is 6.7%, compared with 10.9% in South Dakota.
Housing Stock
| Metric | Meade County | South Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.48 people | 2.42 people | 2.54 people |
| Median Structure Built Year | 1982 | 1978 | 1978 |
| Median Number of Rooms | 5.9 | 5.9 | 5.5 |
The typical housing unit in Meade County was built around 1982. On average, 2.5 people live in a home with about 5.9 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Meade County, South Dakota.
What is the median home price in Meade County, South Dakota?
The median home price in Meade County, South Dakota is $434,210, higher than the South Dakota average of $98,153.
What is the average home price in Meade 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 Meade County, South Dakota?
The median gross rent in Meade County, South Dakota is $1,149 per month, higher than the South Dakota average of $912.
What was the median gross rent in Meade County in 2020?
In 2020, the median gross rent in Meade County, South Dakota was $951 per month.
What is the price-to-rent ratio in Meade County, South Dakota?
The price-to-rent ratio in Meade County, South Dakota is about 31.5, meaning it would take roughly 31.5 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 Meade County.
Are home prices or rent rising faster in Meade County, South Dakota?
Both home prices and rent are rising in Meade County, up about 37.5% and 5.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Meade County, South Dakota?
67.8% of households in Meade County, South Dakota own their home, higher than the South Dakota average of 61.2%.
What is the vacancy rate in Meade County, South Dakota?
The housing vacancy rate in Meade County, South Dakota is 6.7%, lower than the South Dakota average of 10.9%.