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 | Pennington County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $240,195 | $98,153 | $242,182 |
| Price Trend (Annual %) | 10.0% | -0.4% | 8.2% |
| Median Gross Rent | $1,066 | $912 | $1,342 |
| Rent Trend (Annual %) | 4.6% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Pennington County is about 145% higher than in South Dakota. Rent is about 17% 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 Pennington County, up about 10.0% and 4.6% a year respectively. Home prices are changing faster.
Median rent in Pennington County rose about 37.5% between 2015 and 2023, from $775 to $1,066. Over the same span, rent in South Dakota rose about 39.2%.
Affordability
On average, housing unit costs 3.4 yearly household incomes in Pennington County.
Buying the median-priced home in Pennington County costs roughly 18.8 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Pennington County. The price-to-rent ratio in South Dakota is about 9.0.
| Metric | Pennington County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $240,195 | $98,153 | $242,182 |
| Median Household Income | $70,559 | $72,558 | $78,145 |
| Price-to-Income Ratio | 3.4 | 1.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Pennington County rose about 59.5%, while median household income rose about 52.4% 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 | Pennington County | South Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.3% | 61.2% | 58.2% |
| Rental Rate | 27.9% | 27.9% | 31.3% |
| Vacancy Rate | 9.8% | 10.9% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Pennington County has a homeownership rate of 62.3%, higher than the South Dakota average of 61.2%. Its housing vacancy rate is 9.8%, compared with 10.9% in South Dakota.
Housing Stock
| Metric | Pennington County | South Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.37 people | 2.42 people | 2.54 people |
| Median Structure Built Year | 1985 | 1978 | 1978 |
| Median Number of Rooms | 5.7 | 5.9 | 5.5 |
The typical housing unit in Pennington County was built around 1985. On average, 2.4 people live in a home with about 5.7 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Pennington County, South Dakota.
What is the median home price in Pennington County, South Dakota?
The median home price in Pennington County, South Dakota is $240,195, higher than the South Dakota average of $98,153.
What is the average home price in Pennington 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 Pennington County, South Dakota?
The median gross rent in Pennington County, South Dakota is $1,066 per month, higher than the South Dakota average of $912.
What was the median gross rent in Pennington County in 2020?
In 2020, the median gross rent in Pennington County, South Dakota was $858 per month.
What is the price-to-rent ratio in Pennington County, South Dakota?
The price-to-rent ratio in Pennington County, South Dakota is about 18.8, meaning it would take roughly 18.8 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Pennington County.
Are home prices or rent rising faster in Pennington County, South Dakota?
Both home prices and rent are rising in Pennington County, up about 10.0% and 4.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Pennington County, South Dakota?
62.3% of households in Pennington County, South Dakota own their home, higher than the South Dakota average of 61.2%.
What is the vacancy rate in Pennington County, South Dakota?
The housing vacancy rate in Pennington County, South Dakota is 9.8%, lower than the South Dakota average of 10.9%.