It's a buyers' market for folks looking to relocate to most communities across the country, but not in Herreid, SD.

As of mid-February, the north-central South Dakota community of about 500 near the North Dakota border didn't have a single house or apartment for rent, or a single home for sale.

That prompted the Herreid Economic Development Corporation to take some innovative approaches.

It's building a split-level, two-bedroom spec house that it will sell at cost.

And it's offering up to $5,000 to anyone who buys or builds a house within city limits, under certain conditions.

The money comes in the form of an interest-free loan with no principal due for five years. If the person buying or building the home lives in it for five years, the loan is forgiven.

The development group's Tina Kary says there have been no takers so far, but there have been inquiries.