Pennington County, South Dakota Housing Market Prices
Pennington County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 160% above the South Dakota median More expensive than 88% of counties in South Dakota$239,422
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Median rent 18% above the South Dakota median Among the 3 most expensive counties in South Dakota$1,119
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Pennington County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $239,422 | $92,142 | $248,835 |
| Price Trend (Annual %) | 8.7% | -1.1% | 7.5% |
| Median Gross Rent | $1,119 | $946 | $1,407 |
| Rent Trend (Annual %) | 4.7% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Pennington County is about 160% higher than in South Dakota. Rent is about 18% higher than the South Dakota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Pennington County, up about 8.7% and 4.7% a year respectively. Home prices are changing faster.
Median rent in Pennington County rose about 44.4% between 2015 and 2024, from $775 to $1,119. Over the same span, rent in South Dakota rose about 44.4%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Pennington County.
Buying the median-priced home in Pennington County costs roughly 17.8 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 8.1.
| Metric | Pennington County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $239,422 | $92,142 | $248,835 |
| Median Household Income | $74,480 | $75,087 | $80,455 |
| Price-to-Income Ratio | 3.2 | 1.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Pennington County rose about 59.0%, while median household income rose about 51.8% between 2009 and 2025 — 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 | 62.2% | 61.3% | 58.5% |
| Rental Rate | 27.6% | 28.1% | 31.2% |
| Vacancy Rate | 10.3% | 10.5% | 10.2% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Pennington County has a homeownership rate of 62.2%, higher than the South Dakota average of 61.3%. Its housing vacancy rate is 10.3%, compared with 10.5% in South Dakota.
Housing Stock
| Metric | Pennington County | South Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.37 people | 2.40 people | 2.53 people |
| Median Structure Built Year | 1986 | 1980 | 1978 |
| Median Number of Rooms | 5.8 | 5.9 | 5.5 |
The typical housing unit in Pennington County was built around 1986. On average, 2.4 people live in a home with about 5.8 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 $239,422, higher than the South Dakota average of $92,142.
What is the average home price in Pennington County, South Dakota?
The typical home price in Pennington County, South Dakota, reported as the median sale price, is $239,422. 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 $1,119 per month, higher than the South Dakota average of $946.
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 17.8, meaning it would take roughly 17.8 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 8.7% and 4.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Pennington County, South Dakota?
62.2% of households in Pennington County, South Dakota own their home, higher than the South Dakota average of 61.3%.
What is the vacancy rate in Pennington County, South Dakota?
The housing vacancy rate in Pennington County, South Dakota is 10.3%, lower than the South Dakota average of 10.5%.
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