Metro area index
Home appreciation in the Rapid City, SD metro area
FHFA HPI® data shows the Rapid City, SD metro area's all-transactions index changed +1.8% over the year to Q2 2026, versus +2.2% for South Dakota and +3.0% for the U.S. That ranks 293rd of 410 metro areas and divisions FHFA tracks.
- 1-year change
- +1.8%
- 5-year change
- +45.1%
- Since Q1 1995
- +389%
- Metro rank (1 year)
- 293rd
U.S. +3.0%
U.S. +41.3%
U.S. +292%
of 410
Rapid City, SD vs South Dakota and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- Rapid City, SD: 489.3
- South Dakota: 402.5
- United States: 391.6
Appreciation by time window
| Window | Metro | SD | U.S. | Gap vs SD | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | +1.8% | +2.2% | +3.0% | −0.4 pts | −1.2 pts |
| 3 years | +12.8% | +11.4% | +12.9% | +1.4 pts | −0.1 pts |
| 5 years | +45.1% | +41.1% | +41.3% | +4.0 pts | +3.8 pts |
| 10 years | +102% | +90.2% | +93.3% | +11.7 pts | +8.6 pts |
| Since Q1 1995 | +389% | +302% | +292% | +86.8 pts | +97.8 pts |
3-digit ZIP regions in the Rapid City, SD area
Regions with at least 10% of their 2010 population inside the metro, largest overlap first. A 3-digit ZIP region can extend beyond the metro boundary.
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 | Population in metro |
|---|---|---|---|---|---|
| 577 · Rapid City, SD area | SD | +3.6% | +48.6% | +410% | 70% |
Boom, bust, and recovery in Rapid City, SD area
Rapid City, SD area's index peaked in Q1 2009, fell 2.8% to its low in Q1 2010, and regained its peak in Q2 2012, about 3.2 years after the top. Today it sits +133% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| Metro | Q1 2009 | Q1 2010 | -2.8% | Q2 2012 (3.2 yrs) | +133% |
| SD | Q1 2009 | Q2 2010 | -2.7% | Q3 2012 (3.5 yrs) | +118% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, Rapid City, SD area's index has changed +121% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | Metro after inflation | SD after inflation | U.S. after inflation |
|---|---|---|---|---|
| 1 year | +3.9% | -2.0% | -1.6% | -0.8% |
| 3 years | +9.8% | +2.7% | +1.4% | +2.8% |
| 5 years | +24.0% | +17.0% | +13.7% | +13.9% |
| 10 years | +39.1% | +45.2% | +36.7% | +39.0% |
| Since Q1 1995 | +121% | +121% | +81.8% | +76.8% |
If you bought in the Rapid City, SD area in…
An example $300,000 purchase grown at the metro index rate to Q2 2026.
| Bought in | Index change | $300,000 then, at the metro rate |
|---|---|---|
| Q2 1995 | +376% | $1,429,367 |
| Q2 2000 | +268% | $1,104,726 |
| Q2 2005 | +162% | $785,846 |
| Q2 2010 | +137% | $711,600 |
| Q2 2015 | +111% | $632,987 |
| Q2 2020 | +70.8% | $512,466 |
| Q2 2021 | +45.1% | $435,299 |
| Q2 2023 | +12.8% | $338,364 |
| Q2 2025 | +1.8% | $305,329 |
Frequently asked questions
- How much have home prices risen in the Rapid City, SD area?
- FHFA HPI® data for the Rapid City, SD metro area shows changes of +1.8% over one year, +45.1% over five years, and +102% over ten years to Q2 2026, and +389% since Q1 1995.
- Is the Rapid City, SD area beating the national average?
- Over the past year the metro's index moved −1.2 pts versus the U.S.; over five years the gap is +3.8 pts.
- What area does this metro index cover?
- FHFA computes metro indexes using the counties in each OMB-defined metropolitan statistical area. The index covers the whole area, so individual neighborhoods and homes can differ from it.