Home Values Rising in South Dakota Amid Coronavirus Crisis
See how the housing market is doing in the Mount Rushmore State during COVID-19.
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Current home values in South Dakota
Home values have been rising throughout South Dakota and are up 9.3% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $316,128, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in South Dakota: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $316,128 home at 3.33% would give a typical South Dakota homebuyer a monthly payment of $1,112, assuming a 20% down payment.
How the South Dakota housing market stacks up
Families from South Dakota can take time to relax in green fields
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in South Dakota, they're predicted to rise 4.9%.
Homes right now are going on the market in South Dakota at a median price of $128 per square foot, versus $134 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
South Dakota home prices over the last 10 years
| Year | Avg. Price |
|---|---|
| 2020* | $208,766 |
| 2019 | $191,088 |
| 2018 | $181,967 |
| 2017 | $172,533 |
| 2016 | $165,642 |
| 2015 | $157,325 |
| 2014 | $148,475 |
| 2013 | $145,825 |
| 2012 | $140,058 |
| 2011 | $141,117 |
| 2010 | $141,592 |
| 2009 | $140,800 |
*2020 price average through March 31, 2020.
How much for an average-sized home?
Here's what a 2,500-square-foot home in South Dakota is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.
| Year | Avg. Price |
|---|---|
| 2020* | $320,637 |
| 2019 | $425,000 |
| 2018 | $395,000 |
| 2017 | $380,000 |
| 2016 | $360,000 |
| 2015 | $345,000 |
| 2014 | $322,500 |
| 2013 | $320,000 |
| 2012 | $305,000 |
| 2011 | $310,000 |
| 2010 | $315,000 |
| 2009 | $307,500 |
*2020 price average through March 31, 2020.
