Madison, SD housing market
The typical Madison home is worth about $270,000, up 1.2% in a year, 16% below the South Dakota typical home.
Home values, sales, trends and how Madison compares with the towns next door — updated as new data is published.
Madison at a glance
Typical home value, 2017–2026
Show as a table
| January | Madison | South Dakota |
|---|---|---|
| 2018 | $135,000 | $195,000 |
| 2019 | $146,000 | $203,000 |
| 2020 | $147,000 | $215,000 |
| 2021 | $171,000 | $235,000 |
| 2022 | $197,000 | $272,000 |
| 2023 | $227,000 | $297,000 |
| 2024 | $237,000 | $301,000 |
| 2025 | $251,000 | $312,000 |
| 2026 | $266,000 | $319,000 |
| August 2026 | $270,000 | $322,000 |
64 new homes permitted in 2025
Builders were permitted 64 new homes in Madison in 2025: 6 single-family houses and 58 in buildings with two or more homes, worth about $8 million to build. That's 11 per 1,000 residents, faster than across South Dakota (6.6). Over the past 10 years, Madison has permitted 216 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Madison's population fell by 283 even though 127 new homes were permitted. Homes are holding fewer people: households are getting smaller, or more homes are used part of the year. Across South Dakota: 1.6 new residents per new home.
Residents: U.S. Census Bureau, 2010 and 2020 censuses. New homes: permits issued 2010–2019.
Show as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 38 | 9 | 29 | $6.2 million |
| 2025 | 64 | 6 | 58 | $8 million |
| 2024 | 11 | 9 | 2 | $3.6 million |
| 2023 | 26 | 26 | 0 | $2.6 million |
| 2022 | 15 | 11 | 4 | $4.3 million |
| 2021 | 20 | 18 | 2 | $5.4 million |
| 2020 | 39 | 18 | 21 | $5.2 million |
| 2019 | 6 | 4 | 2 | $1.2 million |
| 2018 | 8 | 4 | 4 | $1.5 million |
| 2017 | 8 | 4 | 4 | $1.5 million |
| 2016 | 19 | 2 | 17 | $2 million |
| 2015 | 18 | 2 | 16 | $1.9 million |
| 2014 | 9 | 3 | 6 | $998,000 |
| 2013 | 39 | 33 | 6 | $3.8 million |
| 2012 | 6 | 4 | 2 | $793,000 |
| 2011 | 7 | 3 | 4 | $962,000 |
| 2010 | 7 | 3 | 4 | $962,000 |
| 2009 | 7 | 7 | 0 | $988,000 |
| 2008 | 11 | 11 | 0 | $1.4 million |
| 2007 | 13 | 13 | 0 | $2 million |
| 2006 | 7 | 7 | 0 | $984,000 |
| 2005 | 13 | 13 | 0 | $2 million |
| 2004 | 8 | 8 | 0 | $909,000 |
| 2003 | 14 | 14 | 0 | $1.9 million |
| 2002 | 23 | 13 | 10 | $1.6 million |
| 2001 | 10 | 10 | 0 | $985,000 |
| 2000 | 34 | 10 | 24 | $2.4 million |
How Madison ranks on new homes being built →
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
Madison and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| Madison | $270K | +1.2% | $960 | 64 | $65,593 |
| Lake View | — | +4.9%† | $950 | — | $150,556 |
| Herman | — | +4.9%† | $960 | — | $78,438 |
| Le Roy | — | +4.9%† | $950 | — | $118,000 |
† FHFA price index change, where Zillow has no home value for the town.
4.1 years of income
The typical Madison home costs about 4.1 years of the town's median household income, about the same as across South Dakota (4.3).
How Madison ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $960
HUD's Fair Market Rent for a two-bedroom in Madison is $960 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Madison pay a median of $981. A two-bedroom takes about 18% of the town's median household income.
Studio $680 · 4 bedrooms $1,610
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (57042; Sioux Falls, SD HUD Metro FMR Area), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, August 2026. Sales, days on market and supply: Redfin Data Center. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.