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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Madison, SD Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Madison, SD Housing Market Trends

With a population of 6,097, 2,435 total housing units (homes and apartments), and a median house value of $230,349, house prices in Madison are solidly below the national average.

Single-family detached homes are the single most common housing type in Madison, accounting for 61.33% of the city's housing units. Other types of housing that are prevalent in Madison include large apartment complexes or high rise apartments ( 19.53%), duplexes, homes converted to apartments or other small apartment buildings ( 10.94%), and a few mobile homes or trailers ( 7.07%).

The most prevalent building size and type in Madison are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 53.40% owning and 46.60% renting.

There is a lot of housing in Madison built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Madison built between 1940-1969 ( 29.55%). A lesser amount of the housing stock also hails from before 1939 ( 26.95%). There's also some housing in Madison built between 2000 and later ( 7.67%).

Vacant housing appears to be an issue in Madison. Fully 13.53% of the housing stock is classified as vacant. Left unchecked, vacant Madison homes and apartments can be a drag on the real estate market, holding Madison real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Madison Home Appreciation Rates

Real estate appreciation rates in Madison's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.12% during the period.

NeighborhoodScout's data show that during the latest twelve months, Madison's appreciation rate, at 6.45%, has been at or slightly above the national average. In the latest quarter, Madison's appreciation rate has been 0.87%, which annualizes to a rate of 3.52%.

Relative to South Dakota, our data show that Madison's latest annual appreciation rate is lower than 50% of the other cities and towns in South Dakota.

Average Home Values

Median Home Value

$230,349

Madison, SD Home Prices
> $1,345,000
$1,009,001 - $1,345,000
$672,001 - $1,009,000
$538,001 - $672,000
$404,001 - $538,000
$269,001 - $404,000
$134,001 - $269,000
$67,001 - $134,000
$0 - $67,000
0.0%
0.0%
0.0%
0.0%
1.6%
1.6%
3.7%
3.7%
6.2%
6.2%
19.6%
19.6%
40.6%
40.6%
18.4%
18.4%
10.0%
10.0%
0% 100.0%
% of Homes
Average

for South dakota

Average

for nation

Number of Homes And Apartments:

2,435

Madison Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,344 / per month

Homeownership Rate

Owners
Renters
53.4%
53.4%
46.6%
46.6%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
13.5%
13.5%
86.5%
86.5%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
7.7%
7.7%
35.8%
35.8%
29.5%
29.5%
27.0%
27.0%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
61.3%
61.3%
1.1%
1.1%
10.9%
10.9%
19.5%
19.5%
7.1%
7.1%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.8%
0.8%
16.7%
16.7%
29.7%
29.7%
33.7%
33.7%
15.0%
15.0%
4.1%
4.1%
0% 100.0%
% of Homes

Popular Neighborhoods in Madison

Popular Communities Near Madison, SD

Zip Codes in Madison, SD