States › South Dakota
State
South Dakota
42 counties with an index · 12 metro and micro areas · 88 ZIP codes · 66 permit-issuing places · 935,094 residents (2025 est.)
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. The line is FHFA's standard quarterly all-transactions index; the comparison table uses FHFA's annual state index from the same family. The index does not give a dollar value for any home.
South Dakota's FHFA house price index starts in 1975. Through 2025 it has risen +742.8%; over the ten years to 2025 the rise was +84.7% (+6.3% a year), close to the national +85.0%.
The quarterly index through 2026 Q2 is +2.2% on a year earlier and +0.3% on the quarter; nationally +3.0% and +1.1%.
5,973 housing units were authorised in South Dakota in the 12 months to August 2026, 6.4 per 1,000 residents against 4.1 nationally; that is +5.1% on the previous 12 months. 42 counties, 12 metro and micro areas, 88 ZIP codes and 66 permit-issuing places in the state have their own pages.
Same span, state and nation
| Change in the FHFA index | South Dakota | United States |
|---|---|---|
| 1 year (2024–2025) | +3.1% | +2.8% |
| 5 years (2020–2025) | +49.5% | +47.0% |
| 10 years (2015–2025) | +84.7% | +85.0% |
| 20 years (2005–2025) | +125.7% | +79.1% |
| Since 2000 | +181.4% | +158.3% |
| Since 1975 | +742.8% | +960.7% |
| 10-year annualised | +6.3% | +6.3% |
| 20-year annualised | +4.2% | +3.0% |
Decade by decade
| Decade | Change | United States | |
|---|---|---|---|
| 1980s (1980–1990) | +26.9% | +68.2% | |
| 1990s (1990–2000) | +56.7% | +33.9% | |
| 2000s (2000–2010) | +36.7% | +29.7% | |
| 2010s (2010–2020) | +37.7% | +35.5% | |
| 2020s so far (2020–2025) | +49.5% | +47.0% |
FHFA reports each index with a value of 100 in its base period, the first year the area has enough transactions (1975 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 1975 are not shown.
Peak-to-low declines
| Peak | Low | Decline | Peak regained |
|---|---|---|---|
| 1982 | 1983 | −8.0% | 1984 |
Purchase-only index
FHFA also publishes a purchase-only index, built from sales prices alone (no refinance appraisals). It starts in 1991 and is drawn here on its own base.
Counties
Ranked by ten-year change in FHFA's annual county index to 2025. Permits are housing units authorised in the 12 months to August 2026.
| County | 1 year | 10 years | Since 2000 | Units, 12 months | Per 1,000 | Index through |
|---|---|---|---|---|---|---|
| Fall River County | +13.1% | +155.3% | +306.7% | 10 | 1.3 | 2025 |
| Hamlin County | +11.8% | +152.8% | +442.8% | 68 | 9.9 | 2025 |
| Hanson County | +19.3% | +141.7% | — | 7 | 2.0 | 2025 |
| Kingsbury County | +16.5% | +141.7% | — | 19 | 3.6 | 2025 |
| Custer County | +8.5% | +131.7% | +310.2% | 285 | 30.2 | 2025 |
| Charles Mix County | +0.1% | +114.3% | — | 38 | 4.1 | 2025 |
| Deuel County | +25.7% | +113.3% | — | 16 | 3.6 | 2025 |
| Day County | — | +111.2% | — | 40 | 7.3 | 2025 |
| Lawrence County | +4.3% | +111.2% | +276.8% | 334 | 11.3 | 2025 |
| Meade County | +9.6% | +109.3% | +255.6% | 100 | 3.3 | 2025 |
| Turner County | +2.7% | +105.5% | +243.7% | 25 | 2.7 | 2025 |
| Lake County | +5.4% | +104.4% | +214.1% | 112 | 10.2 | 2025 |
| Butte County | −4.3% | +102.4% | +225.9% | 163 | 15.0 | 2025 |
| Hutchinson County | +3.5% | +101.3% | +245.9% | 30 | 4.0 | 2025 |
| Moody County | +12.8% | +100.5% | — | 18 | 2.7 | 2025 |
| Tripp County | — | +97.8% | — | 10 | 1.8 | 2025 |
| McCook County | +9.0% | +96.3% | +173.1% | 22 | 3.7 | 2025 |
| Pennington County | +2.5% | +95.0% | +216.7% | 616 | 5.3 | 2025 |
| Union County | +10.0% | +88.7% | +168.4% | 181 | 10.4 | 2025 |
| Grant County | +6.0% | +87.2% | +185.5% | 25 | 3.3 | 2025 |
| Roberts County | −3.6% | +85.7% | — | 37 | 3.6 | 2025 |
| Minnehaha County | +2.1% | +84.5% | +158.4% | 2,329 | 11.0 | 2025 |
| Bon Homme County | 0.0% | +82.7% | — | 22 | 3.0 | 2025 |
| Clay County | +4.6% | +80.3% | +170.8% | 31 | 2.1 | 2025 |
| Lincoln County | +2.4% | +78.4% | +152.1% | 391 | 5.1 | 2025 |
| Marshall County | +14.9% | +72.5% | — | 10 | 2.3 | 2025 |
| Codington County | +3.5% | +71.2% | +181.6% | 334 | 11.3 | 2025 |
| Yankton County | +1.9% | +71.0% | +174.7% | 131 | 5.5 | 2025 |
| Brookings County | +1.1% | +70.9% | +164.9% | 146 | 3.9 | 2025 |
| Davison County | +2.8% | +70.6% | +171.2% | 48 | 2.4 | 2025 |
| Hughes County | +5.6% | +64.1% | +168.3% | 119 | 6.8 | 2025 |
| Beadle County | +4.3% | +61.2% | +185.3% | 21 | 1.1 | 2025 |
| Brule County | −17.0% | +55.4% | +144.4% | 18 | 3.4 | 2025 |
| Brown County | +1.8% | +54.7% | +159.0% | 67 | 1.8 | 2025 |
| Edmunds County | −1.7% | +53.2% | +172.3% | 0 | 0.0 | 2024 |
| Spink County | −4.4% | +52.3% | — | 13 | 2.1 | 2025 |
| Stanley County | −5.8% | +47.0% | +154.6% | 10 | 3.3 | 2025 |
| Hand County | — | +45.6% | — | 9 | 2.9 | 2024 |
| Miner County | +3.9% | +40.5% | — | 3 | 1.3 | 2021 |
| Walworth County | −3.2% | +34.3% | +137.4% | 3 | 0.6 | 2025 |
| Clark County | — | — | — | 14 | 3.5 | 2024 |
| Douglas County | — | — | — | 9 | 3.1 | 2024 |
Metro and micropolitan areas
Areas with any county in South Dakota; multi-state areas appear under each of their states.
| Area | Type | 1 year | 10 years | Year to 2026 Q2 | Units, 12 months |
|---|---|---|---|---|---|
| Spearfish, SD | Micro | +4.3% | +111.2% | — | 334 |
| Rapid City, SD | Metro | +3.9% | +99.3% | +1.8% | 1,001 |
| Sioux City, IA-NE-SD | Metro | +4.4% | +83.6% | −1.1% | 372 |
| Sioux Falls, SD-MN | Metro | +2.4% | +83.5% | +2.5% | 2,822 |
| Vermillion, SD | Micro | +4.6% | +80.3% | — | 31 |
| Mitchell, SD | Micro | +3.6% | +75.3% | — | 68 |
| Watertown, SD | Micro | +3.5% | +71.2% | — | 334 |
| Yankton, SD | Micro | +1.9% | +71.0% | — | 131 |
| Brookings, SD | Micro | +1.1% | +70.9% | — | 146 |
| Pierre, SD | Micro | +3.8% | +61.6% | — | 129 |
| Huron, SD | Micro | +4.3% | +61.2% | — | 21 |
| Aberdeen, SD | Micro | +2.1% | +55.9% | — | 67 |
Building permits
Housing units authorised in South Dakota by month, latest 60 monthssingle-family2+ unit buildings
Housing units authorised in South Dakota by year, 1995–2025single-family2+ unit buildings
Single-family share of the latest 12 months: 54% (63% nationally). Since 1995: 153,236 units.
Year by year
Each year's index change and permits, with every county's figures for that year.
| Year | South Dakota index | US index | Units permitted | Single-family |
|---|---|---|---|---|
| 2025 | +3.1% | +2.8% | 5,305 | 3,296 |
| 2024 | +3.6% | +4.9% | 6,017 | 3,257 |
| 2023 | +7.4% | +5.7% | 7,072 | 3,252 |
| 2022 | +17.2% | +15.5% | 9,421 | 3,917 |
| 2021 | +11.3% | +11.6% | 7,917 | 4,324 |
| 2020 | +3.0% | +3.0% | 6,660 | 3,726 |
| 2019 | +4.4% | +4.2% | 4,415 | 3,127 |
| 2018 | +4.7% | +5.7% | 4,963 | 2,985 |
| 2017 | +5.0% | +5.4% | 5,407 | 3,386 |
| 2016 | +4.4% | +5.3% | 5,686 | 3,195 |
| 2015 | +3.6% | +4.4% | 4,482 | 2,868 |
| 2014 | +3.4% | +6.2% | 4,722 | 2,798 |
| 2013 | +3.0% | +3.4% | 5,482 | 3,193 |
| 2012 | +1.2% | −1.8% | 4,178 | 2,788 |
| 2011 | −0.1% | −4.4% | 2,813 | 1,961 |
| 2010 | −1.2% | −5.1% | 2,946 | 2,186 |
| 2009 | 0.0% | −7.5% | 3,691 | 2,510 |
| 2008 | +2.1% | −4.5% | 3,884 | 2,664 |
| 2007 | +3.7% | +0.6% | 5,112 | 3,617 |
| 2006 | +4.9% | +6.6% | 5,304 | 4,013 |
| 2005 | +6.9% | +12.4% | 5,685 | 4,693 |
| 2004 | +5.4% | +9.2% | 5,839 | 4,659 |
| 2003 | +2.5% | +4.5% | 4,986 | 4,060 |
| 2002 | +3.5% | +5.4% | 4,816 | 3,840 |
| 2001 | +4.2% | +6.7% | 4,455 | 3,424 |
| 2000 | +4.9% | +8.3% | 4,196 | 3,142 |
| 1999 | +3.1% | +4.3% | 3,672 | 2,876 |
| 1998 | +3.2% | +3.7% | 3,456 | 2,636 |
| 1997 | +4.1% | +3.8% | 3,174 | 2,464 |
| 1996 | +3.6% | +3.2% | 3,648 | 2,418 |
| 1995 | +5.1% | +3.7% | 3,832 | 2,203 |
Cities issuing the most permits
Housing units authorised in the 12 months to August 2026; every place is listed on its county page.
- Sioux Falls 2,103
- Rapid City 371
- Watertown 321
- Custer County Unincorporated Area 271
- Spearfish 231
- Harrisburg 217
- Pennington County Unincorporated Area 165
- North Sioux City 152
- Butte County Unincorporated Area 140
- Yankton 112
- Pierre 111
- Brandon 98
- Brookings 96
- Lawrence County Unincorporated Area 95
- Madison 92
- Meade County Unincorporated Area 74
- Tea 71
- Box Elder 68
- Lincoln County Unincorporated Area 55
- Minnehaha County Unincorporated Area 47
- Mitchell 43
- Aberdeen 41
- Hamlin County Unincorporated Area 38
- Lennox 36
- Roberts County Unincorporated Area 34
- Brookings County Unincorporated Area 31
- Day County Unincorporated Area 30
- Hartford 28
- Brown County Unincorporated Area 25
- Belle Fourche 23
- Hutchinson County Unincorporated Area 22
- Sturgis 22
- Charles Mix County Unincorporated Area 20
- Lake County Unincorporated Area 19
- Gregory 18
- Lake Norden 18
- Vermillion 17
- McCook County Unincorporated Area 16
- Milbank 16
- Pickstown town 16
Questions and answers
How much have home values in South Dakota risen over 10 years?
The FHFA index rose +84.7% between 2015 and 2025, +6.3% a year; over 20 years +125.7% and since 2000 +181.4%. Nationally: +85.0%, +79.1% and +158.3%.
Which South Dakota counties rose most over 10 years?
Fall River County (+155.3%), Hamlin County (+152.8%) and Hanson County (+141.7%), by FHFA's annual county index to 2025.
What happened to South Dakota home prices in 2008?
The state index shows no decline of 5% or more from a 2005–2008 peak.
How many homes are being built in South Dakota?
5,973 units were authorised in the 12 months to August 2026: 3,244 single-family and 2,729 in multi-unit buildings, 6.4 per 1,000 residents.
Where does this data come from?
FHFA's quarterly all-transactions state index (through 2026 Q2) and annual state index (updated March 31, 2026); the Census Bureau's Building Permits Survey state and county files through August 2026; vintage 2025 population estimates.
Provenance
Index: Federal Housing Finance Agency, quarterly all-transactions and purchase-only state indexes through 2026 Q2 and annual state index (updated March 31, 2026). Permits: Census Bureau Building Permits Survey state, county and place files through August 2026. Population: Census Bureau vintage 2025 estimates. Public domain. Corrections · FHFA HPI datasets.