Rapid City residential real estate strong in 2013
RAPID CITY (AP) — Officials say residential real estate sales in the Rapid City area boomed in 2013.
The Black Hills Association of Realtors says more houses were sold at higher prices in 2013 than any of the previous five years.
The Rapid City Journal reports the average sale price of a residence in the Rapid City area was $175,087 in 2009. That number peaked at $199,058 in 2013.
The price of housing has increased by almost $25,000 since 2009, but demand has climbed alongside price. In 2009, 1,376 residential listings were sold. In 2013, 1,826 listings were sold.
Housing also sold much faster in 2013. It took an average of 66 days to sell a home in 2013 compared to 82 days in 2009.