Rapid City Market Ranks 3rd Nationally !

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I knew it. But few believed it.

Amid the nationwide mortgage meltdown, and its affect on dropping national average home prices, Rapid City area residential properties that do* sell are up in value the third best in the entire United States. This is reported in the Rapid City Journal, quoting Federal authorities, at
http://www.rapidcityjournal.com/articles/2008/11/28/news/top/doc49308422a9f0c849390815.txt
(*Note, however, that year to date residential sales volume is down by about 17%, and the number of listings still waiting to be sold is up about 10%. The homes that do sell, are selling in roughly the same number of “Days on Market” (DOM) as last year. However, the DOM for unsold properties averages far more than that, with as much as a two year “Months of Inventory on Hand” in some neighborhoods.

Still, compared to the rest of the U.S., we in Rapid City are living in a housing bubble of sorts, if one means by that, that we are floating high and dry above the national real estate quick sand. What a wonderful thing to be Thankful for on this holiday.