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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Spearfish, SD Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Spearfish, SD Housing Market Trends

With 12,914 people, 5,232 houses or apartments, and a median cost of homes of $322,549, Spearfish real estate is some of the most expensive in South Dakota, although Spearfish home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Spearfish, accounting for 46.88% of the city's housing units. Other types of housing that are prevalent in Spearfish include large apartment complexes or high rise apartments ( 22.19%), row houses and other attached homes ( 11.56%), and a few mobile homes or trailers ( 9.79%).

People in Spearfish primarily live in small (one, two or no bedroom) single-family detached homes. Spearfish has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Spearfish built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Spearfish built between 2000 and later ( 29.59%). A lesser amount of the housing stock also hails from between 1940-1969 ( 21.39%). There's also some housing in Spearfish built before 1939 ( 10.05%).

Spearfish Home Appreciation Rates

Appreciation rates for homes in Spearfish have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 96.95%, which ranks in the top 40% nationwide. This equates to an annual average Spearfish house appreciation rate of 7.01%.

Appreciation rates are so strong in Spearfish that despite a nationwide downturn in the housing market, Spearfish real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Spearfish appreciation rates continue to be some of the highest in America, at 8.15%, which is higher than appreciation rates in 89.85% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Spearfish. Spearfish appreciation rates in the latest quarter were at -1.47%, which equates to an annual appreciation rate of -5.75%.

Notably, Spearfish's appreciation rate in the latest quarter is one of the lowest in America.

Relative to South Dakota, our data show that Spearfish's latest annual appreciation rate is higher than 90% of the other cities and towns in South Dakota.

Average Home Values

Median Home Value

$322,549

Spearfish, SD Home Prices
> $1,520,000
$1,140,001 - $1,520,000
$760,001 - $1,140,000
$608,001 - $760,000
$456,001 - $608,000
$304,001 - $456,000
$152,001 - $304,000
$76,001 - $152,000
$0 - $76,000
1.8%
1.8%
0.5%
0.5%
4.7%
4.7%
8.2%
8.2%
17.2%
17.2%
28.7%
28.7%
21.0%
21.0%
9.3%
9.3%
8.5%
8.5%
0% 100.0%
% of Homes
Very High

for South dakota

High

for nation

Number of Homes And Apartments:

5,232

Spearfish Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,700 / per month

Homeownership Rate

Owners
Renters
Vacant
47.5%
47.5%
52.5%
52.5%
7.4%
7.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
29.6%
29.6%
39.0%
39.0%
21.4%
21.4%
10.1%
10.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
46.9%
46.9%
11.6%
11.6%
9.6%
9.6%
22.2%
22.2%
9.8%
9.8%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.6%
1.6%
12.8%
12.8%
32.3%
32.3%
31.0%
31.0%
15.5%
15.5%
6.8%
6.8%
0% 100.0%
% of Homes

Popular Communities Near Spearfish, SD

Zip Codes in Spearfish, SD