The story of this market
The typical home in ZIP 57042 sells for about $162,400, or $118 per square foot.
Prices are down 2.1% from a year ago, which gives buyers more room to negotiate. Homes take about 84 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $963 a month.
ZIP 57042 — Madison
The housing market in 57042 is currently experiencing a period of price correction following years of steady appreciation. High inventory levels relative to sales volume suggest a balanced market that favors buyers, driven by broader economic trends and interest rate sensitivity.
This ZIP is well-suited for families, university employees, and retirees seeking a quiet, small-town lifestyle with access to outdoor recreation and essential services.
Median prices moved down 2.1% year over year.
Homes spend a median of 84 days on market with 6.2 months of supply — a balanced-paced market.
12% of listings have cut prices · homes sell at 97.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 3.9% · poverty 8.1% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 2.1%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 3.4%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 57042, Lake County SD
Crime rates in Madison are generally low, with property and violent crime incidents occurring at frequencies below the national average.
The area is served by the Madison Central School District, which maintains a solid reputation for academic performance and community engagement.
The region faces moderate risks from severe thunderstorms and winter weather, with standard flood insurance requirements for properties in low-lying areas near Lake Madison.
Economic momentum is driven by the presence of Dakota State University and local manufacturing, with steady infrastructure investment supporting regional growth.
Property taxes are assessed at the county level in Lake County, with rates determined by local mill levies; South Dakota does not impose a state personal income tax.
Commuting is primarily car-dependent, with most residents working within Madison or commuting to Sioux Falls via US-81 and SD-34.
The area features extensive access to Lake Madison and Lake Herman for water sports, alongside local parks, golf courses, and a historic downtown shopping district.
The rental market is stable with moderate vacancy pressure, largely influenced by student housing demand from the local university.
The economy is anchored by Dakota State University, healthcare services, and regional agricultural processing industries.
Transportation is dominated by private vehicle use, with US-81 serving as the primary north-south corridor for regional connectivity.
Development is focused on modest residential expansion and infrastructure improvements to support the growing university-related population.
Lake County assesses property values annually based on market sales data to ensure equitable taxation across the jurisdiction.
Parcels are subject to school district levies and local municipal taxes, with no major MUD/PID districts reported.
Property insurance premiums are stable, though coverage for wind and hail damage remains a standard consideration for homeowners.
Data retrieved from US Census Bureau ACS tables for ZCTA 57042.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
Popular destination for boating, fishing, and seasonal recreation.
Public-access 9-hole course serving the local community.
Features camping, hiking trails, and lake access.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.