The present housing market in Rapid City is down with high active listings and low sales volume. Home prices have increased 32.6% in the past month alone. With 11 active listings, inventory is 57% higher than seasonal norms. Sales volume is down 40% compared to seasonal expectations. Only 0.0% 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. Looking ahead, the Rapid City market is expected to maintain its current trajectory with relatively stable conditions.
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