Pennington County

South Dakota · Rapid City, SD metro area · 116,792 residents (2025 est.)

FHFA annual index 1978–2025Developmental county indexPermits through August 2026

Pennington County (100 = first year)United States, rebased to the same startNBER recession

FHFA notes: The FHFA HPI is a broad measure of the movement of single-family house prices. The FHFA HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. FHFA describes its county indexes as developmental and subject to revision. The index does not give a dollar value for any home.

FHFA's index for Pennington County, South Dakota, starts in 1978 and stood at 676 in 2025, +575.8% above its base of 100.

Over the ten years to 2025 the index rose +95.0% (+6.9% a year), above South Dakota at +84.7% and above the national +85.0%. The Rapid City, SD area rose +99.3%. The latest one-year change is +2.5%.

The strongest decade was the 1990s (+72.6%); the weakest the 1980s (+2.0%).

Builders were authorised for 616 housing units in the county in the 12 months to August 2026 (−31.3% on the previous 12 months), 5.3 units per 1,000 residents; 67% were single-family houses. Since 1995 the county has authorised 21,415 units, most in 2022.

+2.5%1 year, 2024–2025South Dakota +3.1%

+58.7%5 yearsUS +47.0%

+95.0%10 years+6.9% a year annualised

+216.7%since 2000US +158.3%

616units permitted, 12 months5.3 per 1,000 residents

Same span, four levels

Change in the FHFA index	Pennington County	Rapid City area	South Dakota	United States
1 year (2024–2025)	+2.5%	+3.9%	+3.1%	+2.8%
5 years (2020–2025)	+58.7%	+62.1%	+49.5%	+47.0%
10 years (2015–2025)	+95.0%	+99.3%	+84.7%	+85.0%
20 years (2005–2025)	+137.3%	+143.8%	+125.7%	+79.1%
Since 2000	+216.7%	+226.2%	+181.4%	+158.3%
Since 1978	+575.8%	+599.9%	+575.7%	+627.8%
10-year annualised	+6.9%	+7.1%	+6.3%	+6.3%
20-year annualised	+4.4%	+4.6%	+4.2%	+3.0%

All columns are FHFA annual all-transactions indexes over the same years.

Decade by decade

Decade	Change	United States
1980s (1980–1990)	+2.0%	+68.2%
1990s (1990–2000)	+72.6%	+33.9%
2000s (2000–2010)	+45.0%	+29.7%
2010s (2010–2020)	+37.6%	+35.5%
2020s so far (2020–2025)	+58.7%	+47.0%

FHFA reports each index with a value of 100 in its base period, the first year the area has enough transactions (1978 here). A decade's change is the index at the end of the decade divided by the index at the start, so it does not depend on the base year; the United States column covers the same years. Decades before 1978 are not shown.

Peak-to-low declines

Peak	Low	Decline	Peak regained
1980	1983	−16.9%	1985
1986	1988	−7.0%	1991

Building permits

Housing units authorised by building permits in Pennington County, by month over the latest five years and by year since 1995.

Housing units authorised in Pennington County by month, latest 12 monthssingle-family2+ unit buildings

Housing units authorised in Pennington County by month, latest 60 monthssingle-family2+ unit buildings

Housing units authorised in Pennington County by year, 1995–2025single-family2+ unit buildings

Permits, 12 months to August 2026	Pennington County	South Dakota	United States
Housing units authorised	616	5,973	1,418,086
Units per 1,000 residents	5.3	6.4	4.1
Single-family share	67%	54%	63%
Change on previous 12 months	−31.3%	+5.1%	−0.1%
Units authorised since 1995	21,415	153,236	43,082,761

Population is the Census Bureau's vintage 2025 estimate. Permits authorise construction; they are not completions.

ZIP codes in Pennington County

Ranked by ten-year change in the FHFA ZIP index. Where a ZIP's index ends before 2025, its spans end in that year.

ZIP	1 year	10 years	Since 2000	Index through	Years
57702	+1.1%	+96.5%	+216.2%	2025	45
57701	+3.6%	+94.3%	+221.9%	2025	41
57703	+2.5%	+90.2%	+212.5%	2025	33
57745	—	+79.7%	—	2024	23
57751	−1.0%	+28.5%	—	2020	16

Cities and permit-issuing places in Pennington County

Housing units authorised in the 12 months to August 2026; places with at least 12 units in the year, or in the year before.

Place	Units, 12 months	Per 1,000 residents	Single-family
Rapid City	371	4.6	45%
Pennington County Unincorporated Area	165	—	100%
Box Elder	68	4.9	100%
Keystone town	2	7.5	100%

Questions and answers

How much have home values in Pennington County risen over 10 years?

The FHFA index for Pennington County rose +95.0% from 2015 to 2025, about +6.9% a year. Over 20 years: +137.3%; since 2000: +216.7%.

How does Pennington County compare with South Dakota and the United States?

Over the ten years to 2025: Pennington County +95.0%, South Dakota +84.7%, United States +85.0%, Rapid City, SD +99.3%.

What happened to Pennington County prices in 2008?

The county index shows no decline of 5% or more from a 2005–2008 peak. The South Dakota index fell — over —–—.

How many homes are being built in Pennington County?

616 housing units were authorised by building permits in the 12 months to August 2026 (413 single-family, 183 in buildings of five or more units), or 5.3 per 1,000 residents against 6.4 for South Dakota.

Where does this data come from?

The index is FHFA's annual county house price index (all-transactions, developmental), last updated March 31, 2026, with values through 2025. Permits are from the Census Bureau Building Permits Survey through August 2026; population is the Census Bureau's vintage 2025 estimate.

Provenance

Index: Federal Housing Finance Agency, annual house price index for counties (all-transactions, developmental), last updated March 31, 2026, values 1978–2025; metro, state and national comparisons from FHFA's annual indexes in the same release. Permits: Census Bureau Building Permits Survey, county and place files, through August 2026. Population: Census Bureau vintage 2025 estimates. ZIP assignment: 2020 ZCTA-to-county relationship file. Public domain throughout. Corrections · FHFA HPI datasets · Building Permits Survey.