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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.

Compare current mortgage rates from top national lenders. Get the best rate for your purchase or mortgage refinance.

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How the South Dakota housing market stacks up

Family playing in a field
Varuna / Shutterstock
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.

Home insurance is an essential expense – one that can often be pricey. You can lower your monthly recurring expenses by finding a more economical alternative for home insurance.

SmartFinancial can help you do just that. SmartFinancial’s online marketplace of vetted lenders allows you to quickly shop around for rates from the country’s top insurance companies, and ensure you’re paying the lowest price possible for your home insurance.

Explore better rates

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.

Secure your retirement with a reverse mortgage

If you’re low on cash savings and investments but have wealth in your home, a reverse mortgage is a great option for covering retirement expenses.

Mutual of Omaha is a trusted insurance provider that helps you make the most of your home equity.

About the Author

Doug Whiteman

Doug Whiteman

Former Editor-in-Chief

Doug Whiteman was formerly the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."

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