Rapid City housing market
Typical home value
$370K
▲ 2.1% 1 yr
Typical rent
$1,457/mo
▲ 4.1% 1 yr
12-month forecast
+3.7%
#69 of 546 metros
Gross rent yield
4.7%
#439 of 546 · U.S. 6.3%
Days to pending
57 days
▲ +2 days 1 yr
Listings with a price cut
28%
▼ −1.8 pts 1 yr
Key takeaways
- 1The typical home is worth $370,125, up 2.1% in a year and up 26% over five years.
- 2Zillow forecasts home values rising 3.7% over the next 12 months (U.S.: +1.1%).
- 3Typical rent is $1,457/mo (+4.1% YoY), a 4.7% gross yield, below the U.S. 6.3%.
- 4At 7.32% with 20% down, the typical home costs $2,034/mo in principal and interest, $577 more than renting.
- 5Homes go under contract in 57 days (+2 days vs last year); 28% of listings have had a price cut.
Market temperature
Buyer's market
Buyer'sNeutralSeller's
Zillow Market Heat Index: 29/100, #458 hottest of 546 metros. Below 44 favors buyers; above 55 favors sellers.
Home values and rent
How fast homes are selling
For saleNew listings
Affordability
To buy (20% down)To rent
Source: Zillow Research (ZHVI, ZORI and market activity data).
How Rapid City compares
| Measure | Rapid City | United States | Rank of 546 |
|---|---|---|---|
| Home value, 1-yr change | +2.1% | +1.2% | #284 |
| Home value, 5-yr change | +26.0% | +19.7% | |
| 12-month forecast | +3.7% | +1.1% | #69 |
| Rent, 1-yr change | +4.1% | +2.7% | #187 |
| Gross rent yield | 4.7% | 6.3% | #439 |
| Price-to-rent ratio | 21.2 | 15.8 | |
| Mortgage P&I on typical home | $2,034 | $2,012 | |
| Income needed to buy | $104,121 | $100,902 | |
| Days to pending | 57 | 56 |
Cities in the Rapid City metro
1 cities with home value and rent data.
| Rapid City | $361K | ▲ 1.9% | $1,445 | ▲ 4.6% | 4.8% |
Run the numbers
Rental property calculator
Cash flow on a typical Rapid City rental ($370K, $1,457/mo), pre-filled.
Mortgage calculator
Monthly payment on a typical Rapid City home.
Rent vs buy
Is it cheaper to rent or buy in Rapid City?
Other South Dakota metros
Sioux Falls, SD
$339K home$1,265 rent4.5% yield
▲ 1.1% 1 yr
Brookings, SD
$327K home$1,275 rent4.7% yield
▲ 6.1% 1 yr
Gross yield = 12 × typical rent ÷ typical home value, before expenses. Mortgage estimate: 20% down, 30-year fixed at the current Freddie Mac average, principal and interest only. Forecast: Zillow Home Value Forecast. Data refreshed Oct 26, 2026.