High Praise for South Dakota’s Housing Market
Depending on who you ask, the housing market across the United States has been either a dream (for sellers) or a nightmare (for buyers) over the last couple of years.
But one thing the experts who follow these kinds of things seem to be in agreement on is South Dakota's standing among the states with the best housing markets in America.
The Mount Rushmore State has landed in the top ten in two different lists recently released on housing markets in the nation.
The list is based on the number of new residential housing construction permits issued per 1,000 residents in 2021.
STATES WITH THE HOTTEST HOUSING MARKETS
- Utah - 11.94
- Idaho - 11.82
- Florida - 9.91
- South Carolina - 9.90
- Colorado - 9.79
- Arizona 9.14
- Texas 9.13
- North Carolina - 9.09
- South Dakota - 8.93
- Delaware - 8.59
And while hot is great, stability is even better.
The rankings are based on year-over-year price appreciation, new construction per year, as well as foreclosures, and insolvency in the first quarter, using data from the Federal Housing Finance Agency, U.S. Census Bureau, and ATTOM Data Solutions.
In South Dakota appreciation is up 20.1 percent and foreclosure rates are 1 in 17,724 housing units, with less than five percent (4.8%) of mortgages considered 'underwater' (a higher principal than the free-market value of the home).
STATES WITH THE MOST STABLE HOUSING MARKETS
- South Carolina
- South Dakota
South Dakota has the tenth lowest rate for new permits for single-unit housing (54.6%). That's a far cry from states like Mississippi and Oklahoma, which both have rates of more than 90 percent.