Local housing market boomed in 2019, affordable homes selling fast

RAPID CITY, S.D. (KOTA TV) "$169,000 in Rapid City will barely buy a starter home and most of the time they are not very nice," said Lind.

Lind said increasing your price range from $150,000 to $200,000 shows a big difference in quality when purchasing homes in Rapid City. (KOTA TV)

Associate Broker for Coldwell Banker Black Hills Legacy, Penny Lind, has been a local realtor for six years. In her experience, 2019 was one of the most successful years in the market, saying her sales nearly doubled compared to 2018.

"Right now there are a couple subdivisions that are building new homes. They are running around the $200,000 range and they are selling them as fast as they can complete them," says Lind.

Due to the cost of land, Lind says most of the new subdivisions are being built near Box Elder. But she says even homes worth more than half a million dollars sold fast last year.

"Through the summer almost every home that came on the market was in a multiple-offer situation. Prior to that, if you were in the half million or up they didn't move very fast," said Lind.

With hopeful economic growth from more positions at the newly re-branded Monument Health to the expected deployment of the B-21 Raider bomber at the Ellsworth Air Force Base, Lind says 2020 will be a strong year for people purchasing homes.

"They continue to go up at least five to seven percent every year in value. So even if the come in and buy and they're at the base for only two years, they will turn around and sell in two years. Even with the closing costs, realtor expenses to sell, they will still come out with profit after leaving Rapid City," said Lind.