Cities with the most expensive homes in Rapid City metro area

Written by:
August 15, 2022
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Cities with the most expensive homes in Rapid City metro area

Purchasing a home is one of the most important investments there is. More than a place to live, homeownership is an asset with the potential to tremendously rise in value. Given the current state of the real estate market, housing affordability plays a determining role for buyers. As of August 11, 2022, the 30-year fixed mortgage rate sits at 5.42%. As a result of higher mortgage rates across the board, home prices have risen significantly. The typical home value in the United States increased over the last year by +19.8% to $354,165.

Although home prices have inflated all across the U.S., there are definitely certain areas that have a higher price tag than others. Location, size, age, and condition are all contributing factors to home value. Whether you choose to hold off your home-buying plans in hopes of the market cooling down or are looking to buy ASAP, it's good to educate yourself on the market in different cities.

Stacker compiled a list of cities with the most expensive homes in Rapid City using data from Zillow. Cities are ranked by the Zillow Home Values Index for all homes as of July 2022. The ZVHI represents a seasonally adjusted price for the middle market for all homes. All 15 cities and towns with data available were included in the list. Charts for each city show the monthly typical home value since January 2018.

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#15. Buffalo Gap, SD

- Typical home value: $169,678
- 1-year price change: +6.1%
- 5-year price change: data not available

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#14. Ashland Heights, SD

- Typical home value: $254,343
- 1-year price change: +20.3%
- 5-year price change: +42.5%

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#13. Wall, SD

- Typical home value: $254,678
- 1-year price change: +28.8%
- 5-year price change: +62.3%

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#12. Blackhawk, SD

- Typical home value: $266,695
- 1-year price change: +13.6%
- 5-year price change: +37.6%

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#11. New Underwood, SD

- Typical home value: $275,207
- 1-year price change: +15.0%
- 5-year price change: +56.7%

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#10. Sturgis, SD

- Typical home value: $276,693
- 1-year price change: +14.7%
- 5-year price change: +47.0%

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#9. Fairburn, SD

- Typical home value: $283,923
- 1-year price change: +16.2%
- 5-year price change: +59.8%

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#8. Rapid City, SD

- Typical home value: $323,030
- 1-year price change: +20.8%
- 5-year price change: +65.9%

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#7. Box Elder, SD

- Typical home value: $329,522
- 1-year price change: +19.3%
- 5-year price change: +58.6%

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#6. Custer, SD

- Typical home value: $334,924
- 1-year price change: +18.1%
- 5-year price change: +54.8%

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#5. Summerset, SD

- Typical home value: $354,036
- 1-year price change: +14.3%
- 5-year price change: +43.8%

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#4. Hermosa, SD

- Typical home value: $393,399
- 1-year price change: +20.6%
- 5-year price change: +69.3%

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#3. Hill City, SD

- Typical home value: $444,885
- 1-year price change: +23.2%
- 5-year price change: +85.1%

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#2. Keystone, SD

- Typical home value: $486,899
- 1-year price change: +22.8%
- 5-year price change: +67.6%

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#1. Colonial Pine Hills, SD

- Typical home value: $552,923
- 1-year price change: +23.0%
- 5-year price change: +68.4%

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