Rapid City Market Reports

State of the Market Report – Rapid City, SD – in graphs, even!

So what happened in 2008?  How was the market here in Rapid City?

We here in South Dakota have been really blessed this year to see a continuation of normal real estate activities – still working for actual sellers (not just banks and corporations) and buyers.  The last year showed a decrease in the actual number of units sold, but the average sold price did increase from year 2007.

Rapid City homes market report - December 2008 total residential

The total number of active listings is up, sales were down this year compared to last, but the average days on market remained relatively stable.

Rapid City homes market report - December 2008 single family

Rapid City homes market report - December 2008 single family averages

The single family home sales mirrored the total residential – less sold in 2008 with the average active price being lower, but the average sales price of single family homes did INCREASE from year 2007 to 2008.

New construction homes information was similar as well.  There were 276 sales in 2008 (down from 345 in 2007) and days on market remained at 118.  The average sold prices on new construction homes also increased from $209,058 to $225,320.

{This information was supplied by the Black Hills Association of REALTORS(R).  It shows the activity on the MLS in Rapid City and surrounding areas.}

It’s been a great year in 2008 and we are all looking forward to an active 2009 as well!  

– Tristan

Tristan Emond
Prudential Kahler REALTORS