Spearfish, SD
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Spearfish Neighborhoods Since 2000




Spearfish, SD Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Spearfish Housing Market Information

With 11,283 people, 4,582 houses or apartments, and a median cost of homes of $203,076, 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 44.32% of the city's housing units. Other types of housing that are prevalent in Spearfish include large apartment complexes or high rise apartments ( 27.69%), duplexes, homes converted to apartments or other small apartment buildings ( 11.41%), and a few mobile homes or trailers ( 9.63%).

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 ( 25.36%). A lesser amount of the housing stock also hails from between 1940-1969 ( 17.72%). There's also some housing in Spearfish built before 1939 ( 13.12%).

Vacant housing appears to be an issue in Spearfish. Fully 11.08% of the housing stock is classified as vacant. Left unchecked, vacant Spearfish homes and apartments can be a drag on the real estate market, holding Spearfish real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Spearfish Home Appreciation Rates

In the last 10 years, Spearfish has experienced some of the highest home appreciation rates of any community in the nation. Spearfish real estate appreciated 24.66% over the last ten years, which is an average annual home appreciation rate of 2.23%, putting Spearfish in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Spearfish definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Spearfish's appreciation rate, at 4.74%, has been at or slightly above the national average. In the latest quarter, Spearfish's appreciation rate has been 0.00%, which annualizes to a rate of 0.00%.

Relative to South Dakota, our data show that Spearfish's latest annual appreciation rate is higher than 60% of the other cities and towns in South Dakota.

Average Home Values

 

Median Home Value:
$203,076

Spearfish, SD HOME PRICES

Value Range
> $1,136,000 0.4
$852,001 - $1,136,000 1.4
$568,001 - $852,000 2.4
$455,001 - $568,000 4.3
$341,001 - $455,000 11.8
$227,001 - $341,000 27.0
$114,001 - $227,000 29.2
$57,001 - $114,000 9.9
$0 - $57,000 13.7

Very High for SD
High for Nation

Value Relative to Nation Value Relative to State
31.5363881401617 10.0

Number Of Homes And Apartments:
4,582

Spearfish Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
SD*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
87.24% 3.70% 6 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$942 / per month

Homeownership Rate

Homeownership
Owners 47.71
Renters 52.29
Vacant 11.08

Housing Market Details

 

Age of Homes

AGE OF Spearfish HOMES
2000 or Newer 25.4
1970 - 1999 43.8
1940 - 1969 17.7
1939 or Older 13.1

Types of Homes

TYPE OF Spearfish HOMES
Single-Family 44.3
Townhomes 6.9
Small Apt. Buildings 11.4
Apt. Complexes 27.7
Mobile Homes 9.6
Other 0.0

Home Size

SIZE OF Spearfish HOMES
No Bedroom 2.76
1 Bedroom 15.25
2 Bedrooms 31.34
3 Bedrooms 30.02
4 Bedrooms 13.56
5 or more bedrooms 7.06

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Zip Codes in Spearfish, SD