Rapid City, South Dakota Housing Market Prices
Rapid City 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 125% above the South Dakota median$207,683
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Median rent 12% above the South Dakota median$1,058
Housing Market Overview
| Metric | Rapid City | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $207,683 | $92,142 | $248,835 |
| Price Trend (Annual %) | 18.6% | -1.1% | 7.5% |
| Median Gross Rent | $1,058 | $946 | $1,407 |
| Rent Trend (Annual %) | 4.4% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Rapid City is about 125% higher than in South Dakota. Rent is about 12% 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 Rapid City, up about 18.6% and 4.4% a year respectively. Home prices are changing faster.
Median rent in Rapid City rose about 42.1% between 2015 and 2024, from $744 to $1,058. Over the same span, rent in South Dakota rose about 44.4%.
Affordability
On average, housing unit costs 3.1 yearly household incomes in Rapid City.
Buying the median-priced home in Rapid City costs roughly 16.4 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 Rapid City. The price-to-rent ratio in South Dakota is about 8.1.
| Metric | Rapid City | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $207,683 | $92,142 | $248,835 |
| Median Household Income | $66,082 | $75,087 | $80,455 |
| Price-to-Income Ratio | 3.1 | 1.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Rapid City rose about 50.4%, while median household income rose about 46.7% 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 | Rapid City | South Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.7% | 61.3% | 58.5% |
| Rental Rate | 32.3% | 28.1% | 31.2% |
| Vacancy Rate | 9.0% | 10.5% | 10.2% |
| Median Tenure (years) | 11.0 | 15.0 | 15.0 |
| Median Year Moved In | 2015 | 2011 | 2011 |
Rapid City has a homeownership rate of 58.7%, lower than the South Dakota average of 61.3%. Its housing vacancy rate is 9.0%, compared with 10.5% in South Dakota.
Housing Stock
| Metric | Rapid City | South Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.23 people | 2.40 people | 2.53 people |
| Median Structure Built Year | 1979 | 1980 | 1978 |
| Median Number of Rooms | 5.5 | 5.9 | 5.5 |
The typical housing unit in Rapid City was built around 1979. On average, 2.2 people live in a home with about 5.5 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Rapid City, South Dakota.
What is the median home price in Rapid City, South Dakota?
The median home price in Rapid City, South Dakota is $207,683, higher than the South Dakota average of $92,142.
What is the average home price in Rapid City, South Dakota?
The typical home price in Rapid City, South Dakota, reported as the median sale price, is $207,683. 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 Rapid City, South Dakota?
The median gross rent in Rapid City, South Dakota is $1,058 per month, higher than the South Dakota average of $946.
What was the median gross rent in Rapid City in 2020?
In 2020, the median gross rent in Rapid City, South Dakota was $840 per month.
What is the price-to-rent ratio in Rapid City, South Dakota?
The price-to-rent ratio in Rapid City, South Dakota is about 16.4, meaning it would take roughly 16.4 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 Rapid City.
Are home prices or rent rising faster in Rapid City, South Dakota?
Both home prices and rent are rising in Rapid City, up about 18.6% and 4.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Rapid City, South Dakota?
58.7% of households in Rapid City, South Dakota own their home, lower than the South Dakota average of 61.3%.
What is the vacancy rate in Rapid City, South Dakota?
The housing vacancy rate in Rapid City, South Dakota is 9.0%, lower than the South Dakota average of 10.5%.
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