Is it a buyer’s or seller’s market in South Dakota? It is considered a balanced market right now in the summer of 2025. Housing inventory has been up since last year, which means supply is less constrained.
In terms of mortgage rates, we have seen a decline for five consecutive weeks. According to Bankrate.com, mortgage rates are at 6.9%, down from earlier this year. Despite affordability concerns in the housing market, home purchase applications are increasing.
Rapid City and other South Dakota cities are seeing a slight trend towards being a Buyers Housing Market, which happens when prices trend lower and homes stay on the market longer.
If you are looking to buy, check out our FSBO listings. Buying from our homeowners saves you thousands of dollars in commission fees.
