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South Dakota Real Estate Summary
The South Dakota real estate market is very diverse. The state consists of Indian reservation lands, which have very cheap housing, to luxury ranches spread over 100´s of thousands of acres that cost millions of dollars. The economy is strong as tourism, mining and agricultural jobs are constantly being added. The unemployment rate is below 4%, housing is very cheap and jobs are easy to find, making South Dakota relocation popular for families and single people.
Overall, the state shows a small growth in real estate. New construction has slowed down, but buying and selling remains steady across the sate. The average sale price for South Dakota homes is $110,000. This is about 5% higher than the average price for 2005.
Pierre real estate is growing to match the population growth. There are slightly more buyers than sellers in Pierre, raising the demand and prices 5% over 2005 numbers. The average sale price for houses was $170,000, after they were on the market for 60-90 days. Black Hills real estate is a little higher priced, with average sale prices being $178,000. They are on the market for 90-120 days, and receiving 90-95% of the original asking price. |
