Pierre Real Estate Peaking at $1.2M – April 2024 Market Report

An Overview of Real Estate Market Trends in Pierre, SD

Real estate markets are defined by their fluctuations, and Pierre, South Dakota is no exception. The city’s market in recent months has experienced significant variations, particularly in average property values and square footage pricing. One notable peak occurred in February 2024, with an average property value soaring to approximately $1,200,000, and an impressive per square foot price of $1,070. This extraordinary increase suggests a few high-value listings might have skewed the average that month.

Despite this peak, other months have exhibited far more modest figures. The per square foot value, for instance, has mostly ranged between $89 and $221, which is indicative of a market with diverse property types and values. Furthermore, the property count, which reflects the number of listings contributing to the average value in any given month, has varied from just one property in May 2023 to five properties in August 2023.

Interestingly, despite these value fluctuations and listings, no properties were reported as sold in Pierre during this period, which leaves a gap in our understanding of the market since we can’t compare listed values to actual sale prices.

Contrasting Pierre with nearby Draper we find a consistently high average property value of about $3,750,000 over several months, although the per square foot price remains undisclosed. This stark difference might suggest a different property type or market characteristics between the two cities, such as higher-end properties or large land parcels in Draper that aren’t directly comparable to residential listings typically priced per square foot.

Current Market Snapshot: Pierre, South Dakota

As of March 2024, the real estate market in Pierre presents an average value of $499,900 for properties, with a per square foot value of $217. There are only 3 properties on the market:

The active market average value and the per square foot price in Pierre are in sync, both at $499,900 and $217, respectively. This consistency is not seen throughout the whole market’s average value, which is estimated at $305,419 and a higher per square foot price of $258. This discrepancy might be indicative of a variety of property types and sizes on the market, and the value difference could be influenced by a mix of larger and smaller properties, or those in various locations and conditions.

The broader market spectrum ranges from values as low as $51,000 up to a substantial $4,164,000, which highlights the heterogeneity of the Pierre real estate landscape. Although the market has an active for-sale count of three, with an average list price that mirrors the average value at $499,900, the highest listed property is marketed at a significant $1,900,000, while the most affordable listing sits at $449,900. These figures suggest that while the market has high-value properties, there are accessible options available as well.