Market Reports

State of the Rapid City Real Estate Market in 2011


The Rapid City Real Estate Market Report for the year 2011.


Yes. I know. It’s February. We done gave up on New Years stuff, the awesome and notable happenings for the year, and probably most of our resolutions already. But I wanted to get the report out there on how the Rapid City Real Estate Market fared in 2011.


The biggest thing I want to get across here is that real estate is LOCAL.  Things are pretty darn tootin’ good here in South Dakota.


Here are the facts:

Average sold price (residential stuff)UP 2% from last year.  That puts us just about 3.5% under from barn-burner before the housing thing year 2007.

Rapid City real estate market report - average sold price



Sold residential listings – 26 more sold in 2011 than 2010.  I know – doesn’t sound like alot, and that number is down even from ’08 and ’09.  But fewer home sales yet the average sold price went up?  I didn’t major in economics but that sounds like a good thing.

Rapid City real estate market - 2011 solds



End of Year Sold Days on Market – up 6 days from last year, and 8 from the year before.  Not too bad, but yeah – it’s taking a little bit longer to get those homes sold.

The key seems to be is having a home that is in the right price range, (post on that coming up soon – which hopefully won’t mean November…) and be move in ready.  Buyers aren’t looking to fix things up, and with lending requirements lately, things needing repair are becoming issues with financing.  Get it done now.  <<steps off soapbox>>

Rapid City Real Estate Market - 2011 days on market



End of Year Actives Homes on the Market (chart shows number of active listings as of the 31st of December of that year):  Dude.  Way low.

Soapbox number 2:  Numbers normally drop in the winter and then get thrown on in the Spring, but with this low of inventory, if you got a nice home to sell and are ready to move on…competition is low and you might get a quick sale.  And did I mention sale prices are up?

Rapid City real estate market - 2011 actives


I feel fortunate to be here in this community.  It’s been a good ride.  While the winter was slow for me personally, some agents were setting records.  I’ve seen an influx of activity and word on the street is 2012 is going to be a great year here in Rapid City.

I hope it will be for you as well.


All the best,

– Tristan