Metropolitan Statistical Area (MSA):
There is no doubt that the Pierre, SD metropolitan statistical area (MSA) is a hot housing market. The combination of strong job growth, low interest rates, and limited supply of homes for sale has resulted in rapidly rising prices and tight competition for properties.
The average home price in the Pierre MSA has increased by nearly 20% over the past year, and shows no signs of slowing down. This is good news for sellers, but makes it difficult for buyers to find affordable homes. The number of homes available for sale has decreased significantly in recent months, as many homeowners are choosing to stay put and take advantage of the strong equity gains they have built up.
Investors are also active in the Pierre MSA housing market, taking advantage of the high prices and strong demand to buy properties and turn them into rental units. This is contributing to even higher prices and making it even harder for first-time buyers to break into the market.
If you are thinking of buying a home in the Pierre MSA, be prepared to pay top dollar and compete against other buyers who are also eager to take advantage of this booming market.
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