South Dakota Home Prices See Huge Jump in Last Decade

We’re now a decade removed from the stock market crash of 2008.

It was an economic event that adversely affected more than just stock prices though. Remember how much oil prices jumped and housing prices plummeted?

Now ten years later, the price of gas has stabilized for the most part and the housing market is alive and well in most places – especially South Dakota.

The Mount Rushmore State is one of 41 states to see median home values increase in the last decade. In fact, the jump in prices in South Dakota is the fourth highest in the nation – up a whopping 41.2 percent, from $119,700 in 2007 to $167,600 now.

But that robust number doesn’t hold a candle to what’s happened in North Dakota since the oil boom of the early 2010s.

The median price of a house in the Peace Garden State jumped 82.3 percent, to $194,700.

BIGGEST MEDIAN HOME PRICE INCREASES (HowMuch.net)
North Dakota - $194,700 (+82.3%)
Colorado - $348,900 (+49.2%)
Texas - $172,200 (+42.2%)
South Dakota - $167,600 (+41.2%)
Montana - $231,300 (+36.1%)

Overall, home prices still haven’t recovered in nine, mainly along the Atlantic seaboard.

BIGGEST MEDIAN HOME PRICE DECREASES
Nevada - $258,200 (-17.1%)
Rhode Island - $257,800 (-12%)
Connecticut - $273,100 (-11.7%)
New Jersey - $334,900 (-10%)
Maryland - $312,500 (-9.9%)

But just as things look like they’re righting themselves comes a dark cloud.

The National Association of Realtors is on record saying that real estate sales will be down more than three percent this year and trend that’s expected to continue in 2019.