2023 has been a year of change both locally and nationally but that continues to remind us how blessed we are to live and do business in the state of South Dakota. Our team has been extremely busy despite the changes as we continue to see an influx of people moving here to expand their current business or open in a new market.
You’ll note in the year end 2022 statistics graphic that the number of transactions dropped 29% from 2021, and overall volume was down 12%. This is where statistics can be misleading. Like most businesses, 2021 was an anomaly on many levels.
Though we don’t have all the numbers in yet for 2022, it looks like we’re on track to exceed 2021 in commercial real estate sales volume (up 1%) both for our team and for the Pennington County market as whole.
As the summer season is coming to close, we’ve had numerous conversations with investors, business owners and regional brokers and the feedback is consistent, fundamentals are trending down from the highs of 2021, but still ahead of pre-pandemic numbers. It’s safe to say that Rapid City’s market is stabilizing but the growth trends are still evident across the board.
We might sound like a broken record, but Rapid City’s real estate market just continues to break records – record sales, shortest days on market, building permits issued and lowest inventory in recent history. Rapid City is booming.