| The real estate market doesn't seem to be crashing | | | | still-under-construction Crazy Horse Memorial |
| quite as hard as industry experts and the media were | | | | dedicated to Native American heroes. South Dakota is |
| predicting in 2006 - home value prices haven't | | | | also a treasure trove of outdoor adventures, with the |
| plummeted and the bubble hasn't burst so much as | | | | Badlands National Park (famous for it's moon-like |
| deflated. There are still doom and gloom predictions for | | | | landscape), the Black Hills National Forest and Caves |
| the state of the market, but overall, the sky hasn't | | | | as well as many archaeological and paleontological |
| fallen on real estate. When looked at on a national | | | | sites and discoveries (world famous T-Rex "Sue" was |
| scale, the market has definitely come off it's boom of | | | | discovered in South Dakota). Even the Old West and |
| the past few years, but knowing the median national | | | | pioneer spirit is kept alive in Deadwood, national historic |
| home value of 2006 (it's about $221,900) and rate of | | | | landmark styled authentically after the Old West. You |
| home sales nationwide won't help you when you're | | | | can spend days visiting cultural and historical landmarks, |
| thinking of buying or selling. Real estate is an | | | | go shopping, dining and enjoy the nightlife or be |
| investment and obviously you want to invest | | | | adventurous with hiking, climbing, camping, fishing, |
| somewhere that your investment is likely to grow. In | | | | boating, sailing and more in South Dakota - what ever |
| order to somewhat predict how a certain area will do | | | | you like, South Dakota seems to have something for |
| in real estate over a span of years, it's important to | | | | everyone, a draw that pulls in many new residents! |
| look not just into past home value and sale trends, but | | | | One more major factor that has kept South Dakota's |
| the economy, employment and attractions of the area | | | | real estate market strong is its low cost of living |
| itself. | | | | coupled with relatively high incomes compared to |
| South Dakota (capital city: Pierre), is one area of the | | | | median home value prices. In 2006, the median home |
| nation that has stayed relatively strong in real estate, | | | | value sales price in South Dakota was about $152,000, |
| which is little wonder with all the jobs, space and low | | | | which was nearly $80,000 below national median |
| cost of living available in a big state with a population | | | | home value. In 2006, South Dakota's median household |
| of only 781,919 in 2006. South Dakota has strong | | | | income had risen above $43,000, not too far below the |
| agricultural economy of cattle, hogs, wheat, soybeans, | | | | national median income. This high income combined |
| milk and corn and industry production focused on food | | | | with low housing costs allowed South Dakota families |
| processing, machinery, lumber and wood products and | | | | to afford more expensive homes. |
| tourism. Unlike many states, South Dakota's factories | | | | As of now, the market in most of South Dakota is |
| have added jobs in each of the past three years, and | | | | steady, with average home value sales prices in the |
| service sectors have also grown, keeping its | | | | Black Hills region steady at about $183,871 and |
| unemployment rate at a relatively low 3.4% over the | | | | spending an average of 71 days on the market. With a |
| past few months. | | | | strong job market, diverse culture and landscape that |
| This strong employment base along with South | | | | attracts thousands of visitors a year and low cost of |
| Dakota's various tourist draws has helped keep their | | | | living, South Dakota's market is likely to stay strong, |
| real estate market steady and home value prices | | | | with homes selling within about 90 days or so of being |
| creeping up. South Dakota, is of course, home of | | | | put on the market and home value averages creeping |
| perhaps the most famous and patriotic sculpture in the | | | | steadily higher. |
| world: Mt. Rushmore as well as the | | | | |