How is the Lead-Deadwood housing market doing?
People from out of state are looking for homes in the Lead-Deadwood area.
LEAD-DEADWOOD, S.D. (KOTA) - A housing shortage in Lead-Deadwood has been an issue for many years, and the problem continues.
“Our workforce in Deadwood over 90% of them commute from other communities. Lead over 70% commutes from other communities. So we’ve had a housing shortage for a long time, and it’s only getting worse,” says a broker and co-owner for The Real Estate Center of Lead-Deadwood, Mike Percevich.
Even though housing is needed, there are some physical barriers when it comes to property development.
“We have terrain. We have rock. It’s harder to build here, but you still have to stay competitive price-wise. So it’s going to require a public, private partnership to develop these neighborhoods. And the good news is both Lead City Council and Deadwood City Council get that. And we didn’t have that three, four years ago,” says Percevich.
Percevich believes the pandemic made the housing market busier, and it’s about as busy as he’s ever seen it.
“There are a lot of people that are trying to get here from some of the more volatile areas around the country. It’s almost like they’re reading a script. They’re all calling and saying we want to get out of where we’re at,” says Percevich.
Buying a home is a big purchase, but Percevich says if you find the house you like in your price range, you should act quickly.
“If you wait a week, it’s probably going to be gone. So you have to be ready to move quickly and be decisive. Otherwise, you’re going to be looking for a while,” says Percevich.
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