Vermillion, SD metro housing market

What this means

• Valuation. Prices are 39% above what local incomes have historically supported (this area's pre-2020 price-to-income ratio).
• Prices. Home values are up 3.0% over the past year (U.S.: +1.2%).
• Supply. There are 72% more homes for sale than the 2017-19 norm and rising (+71% vs. a year ago), so buyers have more to choose from than before the pandemic.
• Negotiating. Buyer leverage is high (83/100; U.S.: 54): homes sell for about 2.6% below their final list price; 19% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 41% of the median household income (U.S.: 35%); it takes about $78k a year to keep the payment at 30% of gross pay. That includes about $2,018 a year for home insurance (U.S.: $1,790).
• Disaster risk. FEMA expects about $138 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from flooding.
• Outlook. No clear direction: likely −9% to +6% over the next 12 months (46% chance of a rise).

Next 12 months

No clear direction

A fall is somewhat more likely than a rise, but not by enough to call. Likely change: −9.3% to +5.6% (80% range; middle estimate −0.5%), chance of a rise 46%, of a 5%+ drop 22%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

Counties in Vermillion, SD metro