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Rapid City housing market stays strong during pandemic

How is the pandemic impacting the housing market?
Published: Aug. 22, 2020 at 5:20 PM MDT
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RAPID CITY, S.D. (KEVN) - Buying or selling a home is stressful, but what happens when you add a pandemic to the mix?

The pandemic is impacting some industries but is benefiting others. But some may wonder about the housing market in Rapid City.

“The pandemic has not really affected the housing market. Its really been strong this year. In fact, our numbers are up versus last year,” says the owner and broker of The Real Estate Group, Justin Carlyle.

A reason why Carlyle believes numbers are up due to low interest rates.

When it comes to out of state people looking to move to Rapid City, Carlyle says they have noticed an uptick.

“It could be because of our low cases and because of our open economy. And the lockdowns in other areas. Maybe people see this as an opportunity to social distance,” says Carlyle.

With interest rates at historic lows, it may be a perfect time for those looking to buy a house.

“I would suggest contacting your realtor. Getting prequalified and then putting together a strategy for looking for a home because homes are selling very quickly in today’s market,” says Carlyle.

And if you're looking to sell your home.

“Now is a fantastic time if you’re looking to sell your house. In fact, what I would do is suggest contacting your realtor having them do a market analysis on your home, and then develop a plan on what you’re going to do in the event that your home sells quicker than you anticipated,” says Carlyle.

Copyright 2020 KEVN. All rights reserved.

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