The Rapid City housing market is showing balanced conditions with stable prices and moderate inventory levels. Home prices have increased 3.1% in the past month alone. With 4.3 months of supply, Rapid City's inventory levels remain relatively tight. Homes are taking about 69 days to sell, which is -7 days longer than this time last year. A significant 21.5% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Only 10.8% of properties sold above asking price, giving buyers more negotiating power. Affordability remains a significant challenge in the Rapid City market with the affordability index at 33.0. Based on current market indicators, home prices in Rapid City are projected to decrease by approximately 17.0% over the next month.