Rapid Valley, SD housing market
Homes typically sell in 62 days, close to asking.
Home values, sales, trends and how Rapid Valley compares with the towns next door — updated as new data is published.
Rapid Valley at a glance
A strong seller's market
Homes are selling faster than new ones are listed: less than two months of supply. Well-priced homes can draw several offers.
Home prices up 56% in 5 years
The federal house price index for the ZIP code around Rapid Valley rose 56% over the past 5 years, faster than across South Dakota (50%). Last year prices rose 2.5%. Carrying the Census median home value forward with that index puts the typical Rapid Valley home at roughly $432,000 today.
Show as a table
| Year | Change that year | Since 2000 | South Dakota since 2000 |
|---|---|---|---|
| 2025 | +2.5% | +213% | +181% |
| 2024 | +3.9% | +205% | +173% |
| 2023 | +6.7% | +193% | +164% |
| 2022 | +20% | +175% | +145% |
| 2021 | +15% | +130% | +109% |
| 2020 | +5.2% | +100% | +88% |
| 2019 | +2.9% | +90% | +83% |
| 2018 | +3.6% | +85% | +75% |
| 2017 | +4.1% | +78% | +67% |
| 2016 | +4.3% | +71% | +59% |
| 2015 | +4.1% | +64% | +52% |
| 2014 | +4.8% | +58% | +47% |
| 2013 | +3.1% | +51% | +42% |
| 2012 | −1.2% | +46% | +38% |
| 2011 | +1.3% | +48% | +37% |
| 2010 | +1% | +46% | +37% |
| 2009 | −0.4% | +45% | +38% |
| 2008 | +2.9% | +45% | +38% |
| 2007 | +0.5% | +41% | +36% |
| 2006 | +5% | +41% | +31% |
| 2005 | +5.7% | +34% | +25% |
| 2004 | +7.3% | +27% | +17% |
| 2003 | +4.2% | +18% | +11% |
| 2002 | +7.8% | +13% | +7.9% |
| 2001 | +5.1% | +5.1% | +4.3% |
| 2000 | — | — | — |
How Rapid Valley ranks on rising home prices →
Federal Housing Finance Agency House Price Index (annual, developmental) for ZIP code 57703, weighted by land area. It tracks repeat sales and appraisals of the same homes, so it shows how prices changed, not what homes cost. The estimated value scales the Census (ACS 2020-2024) median home value by that change.
Rapid Valley and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| Rapid Valley | — | +2.5%† | $1,700 | — | $83,208 |
| Rapid City | $362K | +2% | $1,380 | 326 | $70,870 |
| Box Elder | $367K | +2.3% | $1,450 | 75 | $73,008 |
| Green Valley | — | +2.5%† | $1,700 | — | $81,582 |
† FHFA price index change, where Zillow has no home value for the town.
3.1 years of income
The typical Rapid Valley home costs about 3.1 years of the town's median household income, less than across South Dakota (4.3 years).
How Rapid Valley 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 $1,700
HUD's Fair Market Rent for a two-bedroom in Rapid Valley is $1,700 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Rapid Valley pay a median of $1,174, so moving in tends to cost more than staying put. A two-bedroom takes about 25% of the town's median household income.
Studio $1,170 · 4 bedrooms $2,770
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (57703; Rapid City, 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. Sales, days on market and supply: Redfin Data Center, May 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. Price trend: Federal Housing Finance Agency House Price Index. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.