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Sarah Mitchell
Compass Real Estate · South Dakota
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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South Dakota housing market
South Dakota housing market summary
The typical home in South Dakota is worth $321,574, up 2.5% over the past year. Homes that actually closed went for a median of $346,600 after 49 days on market. On supply, pricing discipline, and speed of sale, South Dakota currently reads as a balanced market at 3.1 months of supply. At today's 7.03% 30-year fixed rate, that typical home costs $1,717 a month in principal and interest with 20.0% down.
Sources: Zillow, August 2026 · Refreshes monthly · Redfin, through May 2026 · Freddie Mac via FRED, September 2026
South Dakota housing market at a glance
Every tile carries the provider and the month it was published
Typical home value
$321,574
+2.5% YoY · Zillow, August 2026
Median sale price
$346,600
Redfin, through May 2026
Typical asking rent
$1,284/mo
Median of 12 cities · Zillow, August 2026
30-yr fixed rate
7.03%
Freddie Mac via FRED, September 2026
Monthly P&I
$1,717
20.0% down, 30-yr fixed
Days on market
49
-8 days YoY
Active listings
2,857
-6.1% YoY
Median household income
$72,421
U.S. Census ACS, 2023
Typical home value is Zillow's ZHVI — the value of a typical home across the whole housing stock, not just the homes that sold. Median sale price is what actually closed. Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026.
Where South Dakota home prices are heading
South Dakota's typical home value is $321,574, up 2.5% over 12 months. The two-year number matters more than the one-year number: it spans a full rate cycle rather than a single seasonal swing. Values are at or within a rounding error of their two-year high.
Against the national picture, South Dakota runs 12.8% below the U.S. typical home value of $368,697, and its 12-month move of +2.5% is outpacing the national pace of +1.2%.
What would have to change for South Dakota prices to fall. Prices fall when supply outruns demand for long enough that sellers compete on price rather than waiting. South Dakota is carrying 3.1 months of supply — below the four-month line, so inventory would have to roughly double before sellers lose pricing power. Active listings are -6.1% year over year and new listings -9.0%, so supply is still tightening, which supports prices even with weak demand. The other lever is the rate. At 7.03%, existing owners with cheaper mortgages have little reason to list, which is what has kept supply artificially low across most of the country. A sustained move down in rates unlocks those sellers and adds inventory; it also adds buyers. Which side moves first decides the direction.
Market trends
Statewide monthly series · Redfin, through May 2026 · No longer updating · Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026.
What it costs to buy in South Dakota at today's rate
Down payment
$64,315
20.0% of value
Loan amount
$257,259
30-yr fixed
Monthly P&I
$1,717
at 7.03%
Income needed
$73,586
28.0% front-end ratio
A buyer purchasing the typical South Dakota home at $321,574 puts $64,315 down, finances $257,259, and pays $1,717 a month in principal and interest. Property taxes, homeowners insurance, HOA dues, and mortgage insurance sit on top of that and vary by county — budget for them separately rather than assuming the P&I figure is the payment.
Lenders typically want principal and interest under 28.0% of gross income, which puts the qualifying income for that purchase at roughly $73,586. South Dakota's median household earns $72,421 (Census ACS 2023) — a gap of $1,165 above what the median household brings in. Put differently, the median household would spend 28.5% of gross income on principal and interest alone — above the ratio most lenders underwrite to, which is why buyers here typically need a larger down payment, a co-borrower, or a cheaper city than the statewide typical home.
The value-to-income ratio in South Dakota is 4.4x. Between roughly 3.5x and 5x, prices are ahead of local earnings but still within reach for higher-earning households. Model your own numbers in the affordability calculator or the mortgage calculator.
Figures are illustrative, not a quote or a pre-approval. Rate: Freddie Mac via FRED, September 2026 · Value: Zillow, August 2026 · Income: U.S. Census ACS, 2023
Buying in South Dakota in the next 12 months?
Tell us your timeline. We send the South Dakota market brief: the price ranges that are actually clearing, the cities where your budget goes furthest, and what to fix on your credit before you apply.
Rent or buy in South Dakota?
Zillow publishes its rent index per city rather than per state, so the honest statewide read is the median across the 12 largest South Dakota cities that carry it: $1,284 a month. Set against a typical home value of $321,574, that is a price-to-rent ratio of 20.9x.
Above 20x, the arithmetic favours renting over short horizons: the purchase premium takes years of appreciation to recover, and that appreciation is not guaranteed. Principal and interest on the typical home runs $433 more per month than that typical rent — and that is before taxes, insurance, and the roughly 1% of value a year most owners spend on maintenance.
For a second read on the same question, the Census ACS puts median gross rent across all South Dakota households — every unit type, not just what is currently listed — at $912 a month (2023), with 68.6% of South Dakota households owning rather than renting. Asking rents lead the ACS figure because they reflect today's new leases rather than the whole stock of existing ones.
Run the rent-vs-buy calculator with your own holding period and down payment — the statewide ratio is a starting point, not an answer.
Supply: what is on the market in South Dakota
| Measure | Latest | Year earlier | Change |
|---|---|---|---|
| Active listings | 2,857 | 3,042 | -6.1% |
| New listings | 1,186 | 1,303 | -9.0% |
| Homes sold | 928 | 934 | -0.6% |
| Months of supply | 3.1 | 3.3 | -0.2 |
| Sale-to-list ratio | 98.0% | 98.2% | Below asking |
What these mean. Active listings is the shelf — everything a buyer could tour today. New listings is restock rate; when it falls faster than sales, the shelf empties. Months of supply is active inventory divided by homes sold per month: at the current sales pace, how many months it would take to sell every home currently listed. Under 4 months of supply tilts toward sellers, 4 to 5 months is the neutral band, and above 5 months tilts toward buyers — above 7 months is a glut. These are the same thresholds the market verdict on every city and ZIP page is scored against. Sale-to-list ratio is the discipline check — above 100% means homes are clearing over asking on average, below means sellers are conceding.
Redfin, through May 2026 · No longer updating — Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026. Zillow's inventory and new-listing counts are published per city and appear on the individual city pages.
Where South Dakota home values are moving fastest
12-month change in typical home value · Zillow, August 2026
Rising fastest
- 1.Estelline+12.4%
- 2.Wakonda+11.1%
- 3.Faith+10.9%
- 4.New Underwood+8.3%
- 5.Bruce+8.2%
- 6.White+7.9%
- 7.Volin+7.5%
- 8.Spencer+7.3%
Falling
- 1.South Shore-11.2%
- 2.Davis-5.7%
- 3.Parker-4.5%
- 4.Irene-4.0%
- 5.Hurley-3.2%
- 6.Marion-2.4%
- 7.Castlewood-2.2%
- 8.Canton-1.5%
Computed from Zillow's typical home value for each city at August 2026 against the same month a year earlier, across the 147 largest South Dakota cities by population. Small markets swing hardest because a handful of transactions moves the index — read the city page before treating a large move as a trend.
The most and least expensive cities in South Dakota
Typical home value across the 147 largest cities · Zillow, August 2026
Most expensive
- 1.Keystone$623,619
- 2.South Shore$530,384
- 3.Florence$525,825
- 4.Henry$513,574
- 5.Hill City$477,387
- 6.Deadwood$455,972
- 7.Spearfish$455,619
- 8.Castlewood$442,758
- 9.New Underwood$442,394
- 10.Summerset$431,322
Most affordable
- 1.Blunt$163,466
- 2.Huron$180,990
- 3.Wessington Springs$237,399
- 4.Aberdeen$243,866
- 5.Bridgewater$249,222
- 6.Groton$249,816
- 7.Salem$254,404
- 8.Mitchell$254,780
- 9.Wakonda$261,038
- 10.Bryant$262,728
The spread between Keystone and Blunt is 3.8x — one reason a single statewide number is close to useless for a buyer with a fixed budget. Pick the city first, then the price band. Speed is a separate axis from price: North Sioux City was the quickest of these markets to clear at 3 days on market (Redfin, through May 2026).
How South Dakota compares
| Market | Typical value | 12-mo change | Median income | Value / income |
|---|---|---|---|---|
| South Dakota | $321,574 | +2.5% | $72,421 | 4.4x |
| United States | $368,697 | +1.2% | — | — |
| Minnesota | $350,752 | +2.5% | $87,556 | 4.0x |
| Iowa | $239,547 | +3.5% | $73,147 | 3.3x |
| Nebraska | $280,673 | +3.1% | $74,985 | 3.7x |
The three states above are South Dakota's nearest land neighbours — the markets buyers most often price against when a move is still negotiable. Iowa and Nebraska carry lower typical home value than South Dakota, which is what makes them the usual destination for equity-funded moves out of South Dakota.
Values and 12-month changes: Zillow, August 2026 · Refreshes monthly. Income: U.S. Census ACS, 2023. ACS publishes household income per state, not for the nation on the same basis, so the U.S. row shows home value only.
South Dakota housing markets by city
147 cities tracked — the 60 largest by population shown
Sioux Falls
$332,295
Rapid City
$361,540
Aberdeen
$243,866
Brookings
$325,401
Watertown
$315,177
Mitchell
$254,780
Yankton
$276,337
Huron
$180,990
Pierre
$299,554
Spearfish
$455,619
Box Elder
$366,720
Vermillion
$276,371
Brandon
$394,982
Harrisburg
$362,813
Rapid Valley
Pop. 7K
Sturgis
$376,562
Tea
$388,858
Dakota Dunes
Pop. 4K
Dell Rapids
$370,786
Hartford
$406,386
Canton
$305,106
North Sioux City
$425,309
Lead
$387,496
Summerset
$431,322
Blackhawk
$352,993
Lennox
$325,695
Fort Pierre
$309,798
Beresford
$328,031
Elk Point
$289,835
Colonial Pine Hills
Pop. 2K
Volga
$343,790
North Spearfish
Pop. 2K
Groton
$249,816
Baltic
$376,807
Green Valley
Pop. 2K
Aurora
$307,369
Deadwood
$455,972
Parker
$341,797
Crooks
$368,322
Salem
$254,404
Garretson
$276,578
Ashland Heights
Pop. 1K
Ipswich
Pop. 1K
Worthing
$303,749
Marion
$290,435
Alcester
$302,363
Elkton
$305,071
Valley Springs
$351,881
Piedmont
Pop. 1K
Mina
Pop. 1K
Meadow View Addition
Pop. 1K
Centerville
$301,222
Viborg
$264,936
Estelline
$279,416
Colton
$336,470
Wonderland Homes
Pop. 1K
Lake Norden
Pop. 1K
Bryant
$262,728
Castlewood
$442,758
Wessington Springs
$237,399
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What to do next in South Dakota
If you are buying
- Set the payment before the price. Start from what you can carry monthly, then work backwards with the affordability calculator — the typical South Dakota home is $1,717/mo in P&I today.
- Pick the city, not the state. Values across South Dakota run from $163,466 in Blunt to $623,619 in Keystone.
- Put two finalists head to head in the city comparison tool before you tour anything.
- Fix the credit file before you shop the rate. A better score moves the payment more than haggling over price does at 7.03%.
If you are selling
- Price against your city, not the statewide figure — the spread between South Dakota markets is wider than the year-over-year move in any of them.
- Read the supply table above. At 3.1 months of supply, you still set the terms — but only if the home is priced to the comps on day one.
- Watch days on market in your city, not the state. The statewide median was 49 days (Redfin, through May 2026); your city page carries its own.
- Time the listing against new-listing volume. New listings are -9.0% year over year — less competition than a year ago.
South Dakota housing market questions
What is the typical home value in South Dakota?
The typical home value in South Dakota is $321,574 (Zillow, August 2026). That is a +2.5% change over the past 12 months. The median price of homes that actually sold was $346,600 (Redfin, through May 2026); sale prices skew toward whatever segment is transacting, which is why they differ from the typical-value figure.
Are South Dakota home prices going up or down?
South Dakota home values are up 2.5% year over year (Zillow, August 2026). Values are at or near their highest reading in the past two years.
How much income do you need to buy a home in South Dakota?
At the current 30-year fixed rate of 7.03%, a $321,574 home with 20.0% down carries roughly $1,717 a month in principal and interest. Using the 28% front-end ratio most lenders underwrite to, that implies a household income of about $73,586 before taxes, insurance, HOA dues, or mortgage insurance are added. South Dakota's median household income is $72,421 (Census ACS, 2023), a gap of $1,165 above the median household. These figures are illustrative, not a quote or a pre-approval.
Is it cheaper to rent or buy in South Dakota?
Typical asking rent across the largest South Dakota cities Zillow publishes rent data for is $1,284 a month (median of 12 cities, Zillow, August 2026). Against a typical home value of $321,574, that is a price-to-rent ratio of 20.9x. Ratios under about 15x generally favour buying if you plan to stay put; above about 20x, renting and investing the difference tends to win over short horizons. Principal and interest alone runs $433 more than that typical rent each month, before taxes, insurance, and maintenance.
Which South Dakota cities are the most affordable?
Among the largest cities we track in South Dakota, the lowest typical home values are in Blunt ($163,466), Huron ($180,990), Wessington Springs ($237,399), Aberdeen ($243,866), Bridgewater ($249,222). Values are Zillow's typical-home-value index for August 2026.
Which South Dakota cities are the most expensive?
The highest typical home values among the largest South Dakota cities are in Keystone ($623,619), South Shore ($530,384), Florence ($525,825), Henry ($513,574), Hill City ($477,387). Price per square foot, inventory, and days on market for each are on the individual city pages.
Which South Dakota cities are appreciating the fastest?
Over the past 12 months the largest home-value gains among South Dakota cities we track were in Estelline (+12.4%), Wakonda (+11.1%), Faith (+10.9%), New Underwood (+8.3%), Bruce (+8.2%). Fast appreciation usually reflects constrained supply, in-migration, or a small transaction base — check the individual city page before reading it as a trend.
How long do homes take to sell in South Dakota?
Homes in South Dakota spent a median of 49 days on market in the last month Redfin published (Redfin, through May 2026). That is 8 days faster than the same month a year earlier. The quickest market among the state's largest cities was North Sioux City at 3 days. Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026.
How does South Dakota compare to neighboring states?
South Dakota's typical home value of $321,574 compares with Minnesota at $350,752, Iowa at $239,547, Nebraska at $280,673. The U.S. typical home value is $368,697, putting South Dakota 12.8% below the national figure. Iowa and Nebraska are cheaper on a typical-value basis.
Is now a good time to buy in South Dakota?
That depends on your timeline, not the headline. The measurable inputs today: a 30-year fixed rate of 7.03%, 3.1 months of supply statewide (Redfin, through May 2026), active listings -6.1% year over year, and home values +2.5% over the past year. Buyers with a five-year-plus horizon are mostly exposed to the payment, not the price, so the rate you can qualify for matters more than the month you buy. Properties Incorporated is an independent data platform, not a brokerage or lender — this is information, not advice.
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Neighboring state markets
- Minnesota housing market — $350,752 typical value
- Iowa housing market — $239,547 typical value
- Nebraska housing market — $280,673 typical value
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