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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Rapid City, MI Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Rapid City, MI Housing Market Trends

With 1,357 people, 542 houses or apartments, and a median cost of homes of $364,666, Rapid City real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Rapid City, accounting for 85.84% of the town's housing units. Other types of housing that are prevalent in Rapid City include mobile homes or trailers ( 13.70%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Rapid City. Owner-occupied housing accounts for 90.22% of Rapid City's homes, and 52.89% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Rapid City built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Rapid City built between 1940-1969 ( 17.44%). A lesser amount of the housing stock also hails from between 2000 and later ( 11.21%). There's also some housing in Rapid City built before 1939 ( 3.74%).

A decent proportion of the Rapid City housing stock is seasonally occupied. That is, homes and condos in Rapid City are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Rapid City housing market speaks to its popularity as a vacation location of choice.

Rapid City Home Appreciation Rates

In the last 10 years, Rapid City has experienced some of the highest home appreciation rates of any community in the nation. Rapid City real estate appreciated 200.00% over the last ten years, which is an average annual home appreciation rate of 11.61%, putting Rapid City in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Rapid City definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Rapid City that despite a nationwide downturn in the housing market, Rapid City real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Rapid City appreciation rates continue to be some of the highest in America, at 15.52%, which is higher than appreciation rates in 97.75% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Rapid City. Rapid City appreciation rates in the latest quarter were at 0.88%, which equates to an annual appreciation rate of 3.56%.

Relative to Michigan, our data show that Rapid City's latest annual appreciation rate is higher than 90% of the other cities and towns in Michigan.

Average Home Values

Median Home Value

$364,666

Rapid City, MI Home Prices
> $1,818,000
$1,364,001 - $1,818,000
$909,001 - $1,364,000
$727,001 - $909,000
$545,001 - $727,000
$364,001 - $545,000
$182,001 - $364,000
$91,001 - $182,000
$0 - $91,000
1.0%
1.0%
1.3%
1.3%
4.9%
4.9%
10.4%
10.4%
7.4%
7.4%
25.1%
25.1%
32.6%
32.6%
7.8%
7.8%
9.5%
9.5%
0% 100.0%
% of Homes
Very High

for Michigan

High

for nation

Number of Homes And Apartments:

542

Rapid City Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,726 / per month

Homeownership Rate

Owners
Renters
90.2%
90.2%
9.8%
9.8%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
38.6%
38.6%
61.4%
61.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
11.2%
11.2%
67.6%
67.6%
17.4%
17.4%
3.7%
3.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
85.8%
85.8%
0.0%
0.0%
0.0%
0.0%
0.5%
0.5%
13.7%
13.7%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.0%
0.0%
4.8%
4.8%
33.3%
33.3%
44.3%
44.3%
8.6%
8.6%
9.1%
9.1%
0% 100.0%
% of Homes