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Key Takeaways for South Dakota Home Buyers:

Here's what you need to know to get started if you’re looking at buying in the Mount Rushmore State.

Average Home Prices in South Dakota

As of September 2025, the median sale price for a single-family home in South Dakota is $311,504.

Average home price:

  • Sioux Falls: $326,369
  • Rapid City: $354,479
  • Aberdeen: $233,553
  • Pierre: $291,994

Source: zillow.com/home-values

Average Home Size in South Dakota

The average size for a single-family home in South Dakota is approximately 1,886 square feet.

Average home size:

  • Sioux Falls: 1,817 square feet
  • Rapid City: 1,904 square feet
  • Pierre: 1,309 square feet

Source: https://fred.stlouisfed.org/

South Dakota State Taxes

  • South Dakota has no state income tax.
  • South Dakota’s sales tax is set at 4.2% statewide, with local rates pushing the average combined rate to around 6–7% in many areas.
  • South Dakota’s property taxes are moderate, with effective rates averaging roughly 1.2% depending on the county.

How Much Can You Afford in South Dakota?

Ideal
Monthly Payment:
$750.00

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$750.00
$1050
$1350

Mortgage Questions?
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By submitting this form, I/we agree to your Privacy Policy, Email and Mobile Policy, Terms of Use and authorize Churchill Mortgage Corporation and/or their Preferred Provider for our area and/or The Churchill Agency to receive the above information to assist in obtaining a home loan.

I/we also authorize Churchill Mortgage Corporation, The Churchill Agency and/or their Preferred Provider for our area to contact us regarding but not limited to mortgage and insurance services and products via telephone, mobile phone (including through automated dialing), and/or email, even if telephone numbers or email I/we provide are on any Do Not Call/Contact Registry, such as corporate, state, or the National Do Not Call Registry. The submission of this form does not constitute in any way a formal loan application or a commitment for a loan. By communicating with us by phone, you consent to calls being recorded and monitored. By participating, you consent to receive SMS text messages sent by an automatic telephone dialing system. Message and data rates may apply. Message frequency may vary. Text the word HELP to 615-488-4941 for more information. You can opt out by responding STOP at any time. For more information, read our Privacy Policy, Mobile Policyand Terms & Conditions. Consent to these terms is not a condition of purchase.

Your answer will NOT negatively affect your mortgage application. Your answer does not mean the Lender or Other Loan Participants agree to communicate or provide documents to you in your preferred language. However, it may let them assist you or direct you to persons who can assist you. Language assistance and resources may be available through housing counseling agencies approved by the U.S. Department of Housing and Urban Development. To find a housing counseling agency, contact one of the following Federal government agencies. U.S. Department of Housing and Urban Development (HUD) at (800)569-4287 or www.hud.gov/counseling

Es probable que su transacción de préstamo hipotecario suceda en inglés. Por medio de esta pregunta, solicitamos información para determinar si existen comunicaciones disponibles a su servicio, en su idioma preferido. Sírvase tener en cuenta: posiblemente NO hay comunicaciones disponibles en su idioma preferido.

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South Dakota Down Payment Assistance Programs

National Homebuyers Fund FHA Program

This down payment assistance program helps buyers get into a home with little to no upfront cost, offering up to 101.5% financing through an FHA first mortgage and a second lien.

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More about this program
  • FHA loan covers 96.5% of the purchase price
  • Second lien covers 3.5% or 5% for down payment or closing costs
  • Minimum credit score: 600 (660 for manual underwriting)
  • No first-time buyer requirement
  • No max DTI with DU/LP approval
  • Homebuyer education required (Fannie Mae HomeView – free online)
  • Non-occupant co-borrowers allowed
  • Eligible properties: Single-family homes, duplexes (2 units), PUDs, condos (agency approved), townhomes, manufactured homes allowed (except single-wides)

National Community Lending Program

This program supports low- to moderate-income buyers with down payment assistance and flexible financing to make homeownership more accessible.

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More about this program
  • 30-year fixed-rate conventional mortgage
  • Second lien offers up to 4% for down payment assistance
  • Max LTV/CLTV: 97% / 105%
  • Income limit: Up to 140% of area median income (AMI)
  • Minimum credit score: 660
  • DTI: Lesser of 50% or AUS approval
  • Eligible properties: Single-family detached or attached homes, single-family homes with accessory units (must be zoned single-family), PUDs and condominiums, rural properties (must be residential in nature)

Churchill Mortgage is an approved lender for these down payment assistance programs. Contact us today to see if you qualify!

Frequently Asked Questions

Check our FAQs for responses to our most popular questions from South Dakota home buyers.

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How Much Should I Budget for Closing Costs in South Dakota?

Closing costs in South Dakota usually range from 2% to 5% of the home’s purchase price. These costs may include fees for appraisals, inspections, title insurance, and lender charges. Your loan officer can give you a personalized estimate based on your purchase.

For example, on a $300,000 home, buyers can expect to pay between $6,000 and $15,000 in closing costs. 

Bank
What Are the Most Popular Home Loan Types in South Dakota?

The most common loans among South Dakota buyers are:

  • Conventional Loans – Flexible terms with competitive interest rates. Often preferred by buyers with strong credit and larger down payments, though options with as little as 3% down are available.

  • FHA Loans – Backed by the Federal Housing Administration, these are popular with first-time buyers. They allow lower credit scores and down payments starting at 3.5%.

  • VA Loans – Available to eligible veterans, active-duty service members, and surviving spouses. VA loans require no down payment and no private mortgage insurance (PMI).

  • USDA Loans – Designed for qualifying buyers in rural and suburban areas. These loans also offer no down payment and reduced mortgage insurance costs.

Collaboration
How Can I Find a Trusted Local South Dakota Realtor to Work With?

Churchill Mortgage's experienced Home Loan Specialists work closely with a network of trusted, local real estate agents across the state of South Dakota. Just ask for a referral and we'll provide you with a professional who is committed to finding the right home for you.

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How Do Schools Rank in South Dakota?

South Dakota’s public schools show steady overall performance, with several districts earning recognition for strong academics, student achievement, and high graduation rates.

  • Top-rated districts include Brandon Valley School District and Sioux Falls School District, both known for solid academic outcomes and well-rounded student programs.

  • High-performing schools such as Lincoln High School in Sioux Falls and Brandon Valley High School stand out for strong proficiency scores, advanced coursework opportunities, and college-readiness indicators.

  • The South Dakota Department of Education tracks school and district performance through its South Dakota Report Card, which measures achievement, growth, graduation rates, and accountability ratings.

Reviews from South Dakota Home Buyers

★ ★ ★ ★ ★

"We own our home in Montana and have zero debt, so getting a loan is difficult with a low credit score. Tim walked us through Churchill Mortgage's process. He answered the 10,000 questions we had and made the process so much easier. The process was seamless right through to closing. Call Timothy if you need a loan for a new home."

Steve S.
Yankton, SD
★ ★ ★ ★ ★

"I have never received this type of customer service from any lending institution. Fast, courteous and professional."

Robert M.
Watertown, SD
★ ★ ★ ★ ★

"From the first phone conversation with Tim, I knew his main objective was to get us into our dream home! I cannot think of a single situation during this process that was in anyway negative. Just an amazing experience from start to completion!! I can honestly say that Tim (and team) will be our ‘go-to’ in the future! Thank you, Tim, for all the hard work! You made our dreams come true!"

Nicholas C.
Sioux Falls, SD

4.9 / 5

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South Dakota Branch Locations

Churchill Loan Officers in South Dakota

Conforming and high balance allowed. Cooperative housing not eligible. Not all applicants will qualify. Not a commitment to lend. Other restriction or limitations to any program may apply.

This calculator is being provided for educational purposes only. The provided values for interest rates are examples only and do not reflect Churchill Mortgage Product terms & offers. The results are estimates that are based on information you provided and may not reflect Churchill Mortgage Product terms. The information cannot be used by Churchill Mortgage to determine a customer's eligibility for a specific product or service. All financial calculators are provided by a third-party and are not controlled by or under the control of Churchill Mortgage. Churchill Mortgage is not responsible for the content, results, or the accuracy of information.

These calculations are hypothetical examples designed to for illustration purposes only. Consult a Home Loan Specialist for more specific information regarding payments, terms, etc.

As a responsible lender, Churchill Mortgage is committed to the principles outlined in federal and state lending laws ensuring all potential borrowers have access to the same information, services, and opportunities throughout the home loan process.