Rapid City, SD – “There’s a lot of stuff in there that has to do with the weather,” says Craig Miller, chief executive officer of the real estate agency Real Estate Solutions of Rapid City.
“It’s very hard to put a price on that.”
Miller says he recently saw the prices of some homes in Rapid City go up by as much as 70%.
Miller says his agency, which offers properties from $1.4 million to $4.4M, has seen an uptick in demand for the property.
“We’ve seen a big increase in new listings for homes and condos,” Miller says.
According to Miller, the city of Rapid and surrounding areas are the ones experiencing the most significant increases in demand.
Rapid City is one of the fastest growing cities in the United States, with a population of more than 15 million.
The city’s population growth has come at a time when the cost of living has soared.
Miller says the real-estate market is very volatile.
The city has seen some major growth in the last couple of years.
Miller attributes it to a number of factors.
“We have a huge population of young professionals.
They’re getting married later, they’re getting kids and moving to bigger cities,” he says.
“In other words, we have a lot more money to spend.
We’ve also got a lot fewer jobs.
The cost of housing in Rapid is going up dramatically.”
Miller says that’s not the only reason for a surge in demand, which has prompted some real estate agents to make a move.
He says the demand for property has also led to an increase in interest rates.
Real Estate Solutions is also seeing an increase at other real estate firms.
There have been several reports of people looking to buy property in Rapid for $4-6M.
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