Market Overview
Home Prices in Lake City, SD
The median home value in Lake City, SD is $308,384 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 8.4% compared to a year ago and up 6.6% from two years prior.
Compared to the U.S. national median of $410,000, homes in Lake City are priced25% below average.
Price History
Lake City Home Price Trend
2024
$266,827
$267K
—
2025
$284,450
$284K
+6.6%
2026
$308,384
$308K
+8.4%
City Comparison
Lake City vs. National Median
🏠 Lake City
$308,384
National Median
$410,000
At $308,384, homes in Lake City cost 25% below the national median of $410,000. This makes Lake City a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Lake City?
20% Down Payment
$61,677
on $308,384
Monthly P&I
$1,608/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,042/mo
incl. taxes & insurance
Income Needed
$81,680
gross annual (30% rule)
10% Down Option
$30,838
+ PMI applies
Loan Amount (20% dn)
$246,707
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Lake City, SD?
The median home value in Lake City is $308,384 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 8.4% year-over-year.
How much have home prices changed in Lake City?
Over the past year, home values in Lake City have increased by 8.4%.
How much do I need to earn to buy a home in Lake City?
To comfortably afford the median home price of $308,384 with a 20% down payment ($61,677) at today's rates (6.8%), you'd need a gross annual income of approximately $81,680. This assumes keeping total housing costs at or below 30% of gross income.
How does Lake City compare to the national average home price?
The national median home value is approximately $410,000. At $308,384, homes in Lake City are 25% below the national average.