Rapid City, SD Metro Area Housing Market Analysis - November 2024
The housing market in the Rapid City, SD metro area presents a complex landscape as of November 2024, characterized by both growth and contraction in various metrics. The Median Sales Price has increased to $375,525, marking a 2.9% rise year-over-year (YoY), indicating a steady appreciation in home values. However, the Median List Price has decreased by 5.2% YoY to $349,700, suggesting a potential shift in seller expectations or market dynamics.
In terms of Price Per Square Foot, the market shows significant growth. The median Price Per Square Foot has surged by 12.4% YoY to $212.90, while the Median List Price per square foot has seen an even more substantial increase of 19.9% YoY, reaching $252.06. This disparity between sales and list prices per square foot could reflect a competitive market where buyers are willing to pay more for specific property features or locations.
The volume of Homes Sold has risen by 11.1% YoY, with 140 Homes Sold in November 2024. Pending Sales have also increased by 10.0% YoY, totaling 154, indicating a robust demand for housing in the area. New Listings have seen a modest increase of 1.4% YoY, with 142 new properties entering the market, while inventory has expanded significantly by 21.6% YoY to 636 homes. This increase in inventory, coupled with a 30.0% YoY rise in Months of Supply to 4.5 months, suggests a shift towards a more balanced market, potentially easing the pressure on buyers.
The Median Days on Market have increased by 24.0% YoY to 86 days, indicating that homes are taking longer to sell compared to the previous year. This could be a result of the increased inventory or changing buyer preferences. The average sale to list ratio has slightly decreased by 0.7% YoY to 98.0%, and the percentage of Homes Sold above list price has dropped by 7.5% YoY to 17.9%, suggesting that buyers may have more negotiating power than in previous months.
Price Drops have decreased by 1.6% YoY to 17.0%, indicating that sellers may be adjusting their pricing strategies to align more closely with market conditions. Meanwhile, the percentage of homes going off the market within two weeks has seen a slight increase of 0.6% YoY to 22.7%, reflecting continued interest and activity in the market despite the longer overall time on market.
Overall, the Rapid City housing market in November 2024 exhibits a mix of rising home values and increased inventory, with signs of a more balanced market emerging. Buyers and sellers alike should remain attentive to these trends as they navigate the evolving real estate landscape.
