MAY 31ST, 2023

South Dakota Mortgages

Like North Dakota, South Dakota is a state which is proud of its frontier and agricultural roots. Like most rural based states, the population of South Dakota is sparse for its size. As such, the housing market in the state is smaller than one might expect from the physical size of the state. An indication of the size of the housing market in South Dakota is indicated by the data given by the US census. In 2002, the census listed 332,360 as the total number of housing units in South Dakota. At less than half a million homes, South Dakota has one of the smallest housing markets in the nation.

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That doesn’t deter people from owning a home in South Dakota, as the census data from 2000 showed that the home ownership in the state was 68.2% when the national average was only 66.2%. The higher home ownership rate can be partially explained by the price of homes in South Dakota. The median value of an owner occupied housing unit in South Dakota was listed in the 2000 census as $79,562. When compared to the national average median value for that year of $119,600, the attractiveness of home ownership in South Dakota becomes easy to see.

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For those looking to purchase a home in South Dakota, the current market is prime for buying a home. The market boom that has been the recent trend across the nation has finally started to cool in South Dakota.

The seller oriented market has slowed, and the balance is swinging back towards a buyers market as appreciation slows and the supply of homes has outpaced demand. Now that the housing market is finally returning to normal, a well informed buyer can make a deal for a home that will save them plenty of money.

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