Rapid City named number one emerging housing market
RAPID CITY, S.D. – Rapid City was recently named the number one emerging housing market in the United States by the Wall Street Journal and Realtor.com.
The study analyzed housing market data, as well as, economic vitality and quality of life statistics.
The Rapid City market lead the nation because it displayed a strong local economy with solid employment fundamentals, health care and higher education opportunities, attractive amenities and lifestyle options, access to the outdoors, and desirable housing.
“Many of the top emerging markets have a noticeable share of small businesses complementing a thriving ecosystem of regional, national and international companies,” stated the report.
Nine of the top 20 cities in the study have populations below 250,00, including Rapid City.
The report stated that Rapid City has become a desirable location for Americans moving into retirement, as well as, for young professionals and families looking for a more balanced lifestyle.
“So many people have realized they’re able to work remotely as their offices were shut down nationally and they’ve sought out more quality of life issues and places to live that afford them the amenities that they’d really love to have,” said Kelly Howie Owner and Broker at Re/Max Advantage.
Despite home prices reaching new record highs nationwide over the last year, Rapid City had a median sold price of $323,285 in 2021, below the $405,000 national average.
Watch Howie’s edited interview to learn what this means for the Rapid City housing market.