Data through September 2026 · updated 2026-11-08 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$370,125+2.1% YoY · prices are rising
Market right nowBalanced, leaning sellersFewer homes for sale than last year, 15% have cut their price
Income needed to buy, per year$80,235About 1.0× the local median income ($78,822): a stretch for a typical household
Days on market61 daysAbout the same pace as a year ago
Next 12 months+3.7%Zillow expects prices to rise slightly
The typical home in Rapid City, SD is worth $370,125, up 2.1% from a year ago. That is well above what local incomes have historically supported: fair value is about $335,957, so the area is 10.2% overvalued. It is a balanced market, leaning toward sellers: homes take about 61 days to sell, listings are down 3% from a year ago, 15% of listings have had a price cut. Zillow expects prices to rise about 3.7% over the next year. A household needs about $80,235 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $78,822. Typical rent is $1,457 a month, or $1,980 for a house. In the latest IRS figures, 1,003 more people moved in than out.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$370,125
Change in 1 year
+2.1%
Overvalued %
+10.2%
Show 7 more
Fair home value
$335,957
Change in 5 years
+26.0%
Zillow forecast, next 12 months
+3.7%
Home value to income
4.7×
Monthly mortgage payment (20% down)
$2,006
Income needed to afford it
$80,235
Property tax rate
1.04%
Rent and investing
Typical rent
$1,457
Typical rent for houses
$1,980
Price-to-rent ratio
21.2×
Show 3 more
HUD Fair Market Rent, 2 bedrooms
$1,404
Gross rental yield
4.73%
Cap rate (estimate)
3.07%
Market activity
Listings vs a year ago
−2.6%
Days on market
61
Listings with a price cut
15.4%
Show 3 more
Homes for sale
700
Pending sales per 100 listings
31
Asking price per sq ft
$249
People and jobs
Median household income
$78,822
Population change (1 year)
+0.3%
Unemployment rate
3.1%
Show 4 more
Population
156,934
Income adjusted for cost of living
$88,365
Net moves in (IRS)
+1,003
Cost of living (US = 100)
89.2
Schools, risk and environment
School rating (1 to 10)
5.4
FEMA hazard risk score (0 to 100)
69.2
Unhealthy air days a year
1
Show 4 more
Flood risk score
67.6
Wildfire risk score
96.8
Walkability (1 to 20)
7.0
Road, rail and air noise
54 dB
Questions people ask
Is Rapid City, SD overvalued?
Home prices in Rapid City, SD are well above what local incomes have historically supported: fair value is about $335,957, so the area is 10.2% overvalued.
Is Rapid City, SD a buyer's or seller's market?
Rapid City, SD is a balanced market, leaning toward sellers: homes take about 61 days to sell, listings are down 3% from a year ago, 15% of listings have had a price cut.
Are home prices going down in Rapid City, SD?
Home values in Rapid City, SD are up 2.1% over the last year. Zillow's forecast for the next 12 months is +3.7%.
How much do you need to earn to buy a home in Rapid City, SD?
A household needs about $80,235 a year to afford the typical home in Rapid City, SD at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $78,822.