Commercial Real Estate Market in Philip, SD
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
2 active listings and 187 off-market properties in Philip, SD.
Market Trends
Philip, SD spans 968.7 square miles in Haakon County, South Dakota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Philip, SD runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in Philip, SD runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Philip, SD runs 4.9% across the Midwest region in 2025, up from 4.4% in 2019. Nearly 1.6x the 2022 low of 3.1%.
Vacancy Rate % in Midwest region
Multifamily
Multifamily vacancy in Philip, SD runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 59.7%
- Commercial 40.3%
Largest Zones share of zoned land by district
Residential Zoning
Commercial Zoning
Business Zoning
Philip, SD zones 372 acres across 3 districts. Commercial zoning covers 40.3% of zoned land, residential 59.7%. The largest single district is Residential Zoning at 59.7%. For commercial buyers the practical constraint is that only 40.3% of land carries a commercial or industrial designation.
Residential Zoning (R)
Residential Zoning is intended to promote multiple family dwellings.
Market overview
Demographics & Economy
Philip, SD has 1,376 residents in 556 households. Density runs 1 people per square mile. Median household income here is $55,542 and median gross rent $739 a month.
1,376
Population
556
Households
2.5
Avg Household Size
45
Median Age
14%
College-Educated
97%
High-School Grad
968.7 sq mi
ZIP Area
1
Density / Sq Mi
$55,542
Median Household Income
$40,125
Median Earnings
$739
Median Rent
$181,900
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Plum Creek | — | — |
| Cottonwood | — | — |
| Kadoka | — | — |
| Nowlin | — | — |
Commercial property in Philip, SD asks $33/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Philip?
Commercial property in Philip, SD asks an average of $33 per square foot.
What zoning applies to commercial property in Philip?
Philip, SD zones 372 acres across 3 districts, of which 40.3% is commercial and 0% industrial. The largest single district is Residential Zoning at 59.7% of zoned land. Residential Zoning is intended to promote multiple family dwellings. Residential zoning covers 59.7% and open space 0%.
Where does Realmo's Philip market data come from?
Realmo compiles Philip, SD figures from 2 active sale listings, 187 tracked off-market properties, the current Philip zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 2 active for-sale and 0 active for-lease listings in Philip, SD. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 372 zoned acres across 3 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Midwest region level, retail vacancy is reported at Midwest region level and industrial vacancy is reported at Midwest region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
