Historical data
Pick an indicator to see its long-run evolution.
Median home value
1990–2024Census / Zillow ZHVI, nominal dollars.
Home Prices
Home prices in South Dakota have risen steadily, with the statewide median near $300,000 in 2024, driven by demand in Sioux Falls and Rapid City.
FHFA House Price Index
1975–2025FHFA all-transactions index, annual average of quarters. Source: FHFA via FRED (SDSTHPI).
| Indicator | South Dakota | U.S. |
|---|---|---|
| Median home price (USD) | 300000 | 360000 |
- •Home prices in South Dakota have risen over 40% since 2020.
Median Home Value
South Dakota's median home value is $300,000, well below the U.S. median of $360,000, reflecting the state's relatively affordable housing market.
Median value of owner-occupied homes
2008–2024Census American Community Survey 1-year estimates, B25077 (2020 not released).
| Indicator | South Dakota | U.S. |
|---|---|---|
| Median home value (USD) | 300000 | 360000 |
- •South Dakota's housing costs are about 12% below the national average.
- •Sioux Falls and Rapid City drive most home value growth statewide.
Rent Prices
The median rent in South Dakota is $960 per month, considerably lower than the national median rent of $1,406.
Rent of primary residence index (Midwest region)
2006–2025BLS CPI-U, Midwest region, annual average (CUUR0200SEHA).
| Indicator | South Dakota | U.S. |
|---|---|---|
| Median gross rent (USD) | 960 | 1406 |
- •Renters in South Dakota pay hundreds less per month than the national median.
Housing Inventory
South Dakota has about 412,000 total housing units, supporting a population of roughly 924,000 residents statewide.
Total housing units
2008–2024Census American Community Survey 1-year estimates, B25001 (2020 not released).
Vacant housing units
2008–2024Census American Community Survey 1-year estimates, B25002 (2020 not released).
- •South Dakota added thousands of new housing units amid steady population growth.
Building Permits
South Dakota issued approximately 7,100 residential building permits in 2023, reflecting steady construction activity in growing metro areas.
New private housing units authorized
1988–2025Census Building Permits Survey, sum of 12 months (FRED SDBPPRIV).
| Indicator | South Dakota | U.S. |
|---|---|---|
| Building permits issued | 7100 | 1470000 |
- •Sioux Falls accounts for a large share of the state's new housing permits.
Homeownership Rate
South Dakota's homeownership rate of 68.6% exceeds the national rate of 65.7%, reflecting the state's family-oriented, lower-cost housing market.
Homeownership rate (CPS/HVS)
1984–2025Census Housing Vacancy Survey, annual (FRED SDHOWN).
| Indicator | South Dakota | U.S. |
|---|---|---|
| Homeownership rate (%) | 68.6 | 65.7 |
- •Nearly 7 in 10 South Dakota households own their home.
Housing Affordability
With a cost of living index of 92.4 and housing costs at 88, South Dakota remains more affordable than most of the country for homebuyers and renters alike.
Housing price level vs U.S. (RPP rents)
2008–2024BEA Regional Price Parities, housing services (SARPP line 3).
| Indicator | South Dakota | U.S. |
|---|---|---|
| Housing price level vs U.S. (RPP rents)2024, BEA Regional Price Parities | 67.6 | 100 |
- •Housing affordability in South Dakota benefits from no state income tax.
Vacancy Rate
South Dakota's housing vacancy rate is 11.4%, slightly above the national rate of 10.5%, reflecting rural housing stock and seasonal units.
Rental vacancy rate
1986–2025Census Housing Vacancy Survey, annual (FRED SDRVAC).
Homeowner vacancy rate
1986–2025Census Housing Vacancy Survey, annual (FRED SDHVAC).
| Indicator | South Dakota | U.S. |
|---|---|---|
| Vacancy rate (%) | 11.4 | 10.5 |
- •Rural counties in South Dakota tend to have higher vacancy rates than Sioux Falls.