Nationally the Real Estate Market is predominantly a sellers market right now. Why is that? For the past few years we have been experiencing a housing shortage. Builders have just been unable to keep up with the demand for housing. Then you add a global pandemic to the mix, which has sidelined many builders nationally as well as slowing down material manufacturing on many levels. This puts builders further behind than ever before. As states open back up, we will see many new housing developments being developed to help with the current housing demands.
The Rapid City market is the second hottest market nationally, there are several reasons for this:
1. No state tax. Since the pandemic stuck, many employers have now offered their employees the ability to work remotely. This ability now allows people to choose where to live. A nice perk to living in SD is that we do not have state income tax.
2. Politics. No matter your political stance, many of my out of state clients are choosing this market because of the way the states they are leaving behind are being governed. SD offers a refreshing break for these people looking for a change.
3. The stunning Black Hills. The many outdoor activities the Black Hills has to offer are countless. Whether you like to bike, hike, walk, camp, ride, or boat the beautiful Black Hills has you covered.
Will this seller’s market continue? I think so! With all these high paying businesses moving here and the consolidation of several Airforce Bases to Ellsworth, this market will continue to be HOT.