Home prices in area increase in 2020
RAPID CITY, S.D. (KEVN) - It’s been a good year for housing sales in the area. The Black Hills Association of Realtors is reporting record numbers of sold units. This is part of the steadily growing population and economic growth in the area.
The President of the Black Hills Association of Realtors Marty Wilcox said that the numbers for this year have been ‘unbelievable.’ 2,265 homes were sold in 2020, amid a global pandemic, but the states more relaxed approach to the virus has helped.
“The fact that we’re an open state has just exacerbated the supply and demand,” Wilcox said. “Yes, people are moving here and buying real estate here from other shutdown states by leaps and bounds.”
The average sold price of a home in the Black Hills area has jumped exponentially over the last year to $284,912.
Wilcox said that supply and demand are to thank for this sharp increase, also the ongoing growth Trends in the area.
“It’s just been a slow, continue to grow type process over the course of a long time, and I think that has to do with just the underlying beauty of the western part of South Dakota.”
The average day a property remains on the market has dropped over the years as the interest in homeowning has risen. The average home stayed on the market for about thirty days in 2020.
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