Market Overview
Home Prices in Milbank, SD
The median home value in Milbank, SD is $241,830 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 12.2% compared to a year ago and up 6.4% from two years prior.
Compared to the U.S. national median of $410,000, homes in Milbank are priced41% below average.
Over the past five years, Milbank home values have risen by approximately28.5%, reflecting strong long-term appreciation in this market.
Price History
Milbank Home Price Trend
2020
$169,290
$169K
—
2021
$188,186
$188K
+11.2%
2022
$219,480
$219K
+16.6%
2023
$209,827
$210K
-4.4%
2024
$202,628
$203K
-3.4%
2025
$215,556
$216K
+6.4%
2026
$241,830
$242K
+12.2%
City Comparison
Milbank vs. National Median
🏠 Milbank
$241,830
National Median
$410,000
At $241,830, homes in Milbank cost 41% below the national median of $410,000. This makes Milbank a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Milbank?
20% Down Payment
$48,366
on $241,830
Monthly P&I
$1,261/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,601/mo
incl. taxes & insurance
Income Needed
$64,040
gross annual (30% rule)
10% Down Option
$24,183
+ PMI applies
Loan Amount (20% dn)
$193,464
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 Milbank, SD?
The median home value in Milbank is $241,830 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 12.2% year-over-year.
How much have home prices changed in Milbank?
Over the past year, home values in Milbank have increased by 12.2%. Over five years, prices have risen approximately 28.5%.
How much do I need to earn to buy a home in Milbank?
To comfortably afford the median home price of $241,830 with a 20% down payment ($48,366) at today's rates (6.8%), you'd need a gross annual income of approximately $64,040. This assumes keeping total housing costs at or below 30% of gross income.
How does Milbank compare to the national average home price?
The national median home value is approximately $410,000. At $241,830, homes in Milbank are 41% below the national average.