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Rapid Valley, SD Home Values and Rents
The median home value in Rapid Valley is $255,500, 20th highest of 73 cities and towns in South Dakota. Median rent is $1,174 a month.
- Median home value
- $255,500
- 20th of 73 in SD
- Median rent
- $1,174/mo
- ACS 2020-2024
- Price change, 1 year
- +2.5%
- County index, 2025
- Homeownership
- 92.3%
- SD: 68.6%
Pennington County home price trend
FHFA annual House Price Index for Pennington County, 2000 = 100, compared with South Dakota
Show as a table
| Period | Pennington County |
|---|---|
| 2025 | 317 |
| 2024 | 309 |
| 2023 | 298 |
| 2022 | 277 |
| 2021 | 231 |
| 2020 | 200 |
| 2019 | 192 |
| 2018 | 185 |
| 2017 | 176 |
| 2016 | 169 |
| 2015 | 162 |
| 2014 | 158 |
| 2013 | 152 |
| 2012 | 147 |
| 2011 | 145 |
Beta
Over five years, Pennington County prices changed +58.7%, compared with +35.3% for South Dakota.
Source: Federal Housing Finance Agency · Last updated 08/01/2026
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Fair Market Rents, FY2027
HUD rent standard for Rapid City, SD HUD Metro FMR Area
| Unit size | Monthly rent | vs FY2026 |
|---|---|---|
| Studio | $996 | +8.1% |
| 1 bedroom | $1,093 | +7.4% |
| 2 bedrooms | $1,430 | +7.0% |
| 3 bedrooms | $1,833 | +5.2% |
| 4 bedrooms | $2,390 | +9.7% |
Frequently asked questions
- What is the median home value in Rapid Valley, SD?
- The median home value in Rapid Valley is $255,500, based on the American Community Survey 2020-2024 5-year estimates. The South Dakota median is $257,400.
- How much is rent in Rapid Valley?
- The median rent in Rapid Valley is $1,174 a month, including utilities paid by the renter. HUD's FY2027 Fair Market Rent for a two-bedroom unit is $1,430.
- Are home prices going up in Rapid Valley?
- Home prices in Pennington County changed +2.5% over one year and +58.7% over five years, as of 2025.
- How does Rapid Valley compare with the rest of South Dakota?
- Rapid Valley has the 20th highest median home value of 73 cities and towns with 1,000+ residents in South Dakota.