57747, Hot Springs, SD

The 57747 zip code of Hot Springs, SD has a median home value of $147,000. The home equity in this zip code is $60,000. This means that the majority of homes in this zip code are worth more than their original purchase price. Additionally, the average home price in this zip code has increased by 9% since 2007. This indicates that there is strong demand for housing in this area and that prices are likely to continue to rise.

There are a number of reasons why the home equity and home prices in the 57747 zip code are high. First, Hot Springs is a desirable location with plenty of amenities and opportunities for growth. Second, there is strong demand for housing due to increasing population and economic growth rates throughout the region. Third, many homeowners have taken advantage of low interest rates over the past few years to refinance their mortgages and increase their home equity holdings. Fourth, Hot Springs has experienced relatively low levels of foreclosure activity over the past few years which has kept prices stable and supported demand for housing. Fifth, Hot Springs residents have been able to benefit from strong job market conditions which have led to increased incomes and higher household wealth levels. Finally, many homeowners have taken advantage of generous mortgage terms offered by banks and lenders over recent years which has helped them increase their home equity holdings significantly faster than inflation rates would otherwise allow