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Featured local agent — Spearfish, SD
Sarah Mitchell
Compass Real Estate · Spearfish, SD
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Spearfish, SD Housing Market & Real Estate
Housing market overview · Updated monthly ·
$432,000median sale price
How is the Spearfish, SD housing market right now?
The median home sale price in Spearfish, SD is $432,000, down 9.9% year-over-year. Homes sell in an average of 73 days with 59 active listings. The market is currently a balanced market. (Source: Redfin monthly MLS data, as of May 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is Spearfish a buyer's or seller's market?
Spearfish, SD is currently a balanced market, based on 3.1 months of supply and homes selling in about 73 days. How we determine this →
Homes sold
19
Last 12 weeks
Days on market
73
Average pace
Active listings
59
3.1 months supply
Sale-to-list
97.9%
Below asking
What does the Spearfish housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $432,000 |
| Median list price | $499,950 |
| Year-over-year price change | -9.9% |
| Average days on market | 73 days |
| Active inventory | 59 listings |
| Months of supply | 3.1 months |
| Sale-to-list price ratio | 97.9% |
| Median price per sq ft | $190/sq ft |
| Homes sold (latest month) | 19 |
| New listings (latest month) | 16 |
| Listings with a price cut | 13.6% |
| Market condition | Balanced market |
Source: Redfin · Updated monthly
How much do homes cost in Spearfish by property type?
How the Spearfish, SD market breaks down across single-family homes, condos, and townhouses.
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $432,000 | $206/sq ft | 17 | 53 days |
| Condo / Co-op | $299,900 | $282/sq ft | 1 | 45 days |
| Townhouse | $422,500 | $165/sq ft | 2 | 146 days |
Source: Redfin · Updated monthly
The Spearfish housing market is currently classified as a balanced market with a median sale price of $432,000. Prices have fallen 9.9% compared to last year, with homes spending an average of 73 days on market, indicating 3.1 months of inventory.With limited inventory, homes sell quickly and buyers should be prepared to act decisively and competitively to secure a property.The price-to-income ratio of 7.7x provides context for how home values compare to local earning capacity.
Homes for sale in Spearfish
There are currently 59 homes listed for sale in Spearfish, South Dakota. The median listing price is $500K.
Active listings
59
Homes on market
Median list price
$500K
Avg. days on market
73
Days until sale
New this week
16
Newly listed
Who lives in Spearfish?
Population
12,551
Median income
$59,731/yr
Median age
37.2 years
Owner-occupied
48.3%
College grads
43.6%
Avg commute
14.8 min
Source: U.S. Census Bureau ACS
What are homes worth in Spearfish?
Zillow home value
$461,765
Zillow rent index
$1,146/mo
Price-to-rent ratio
33.6x
Price-to-income
7.7x
Source: Zillow Research
What is it like to live in Spearfish?
Spearfish is a community of approximately 13K residents with a median age of 37.2 years.The median household income is $59,731, which represents a working-class community with solid middle-income opportunities. 43.6% of residents hold a bachelor's degree or higher, indicating a highly educated population.
Homeownership rates are at 48.3%, showing a blend of owner and renter-occupied properties. The average commute time is 14.8 minutes, which makes this an excellent choice for those seeking short commutes to employment centers.Overall, Spearfish offers a balanced lifestyle with accessible home values relative to local income levels.
Which public schools serve Spearfish?
9 schools tracked · 2,402 students
The largest public schools serving Spearfish, SD by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
Spearfish High School - 01
Grades 9-12 · 771 students
Spearfish Middle School - 05
Grades 6-8 · 573 students
Creekside Elementary - 07
Grades 3-5 · 519 students
West Elementary - 03
Grades 1-2 · 348 students
Mountain View Elementary - 08
Grades K · 166 students
Spearfish Academy at Canyon Hills High School - 10
Grades 9-12 · 18 students
Spearfish Academy at Canyon Hills Elementary - 09
Grades 4-8 · 7 students
Black Hills Academy at Canyon Hills High School - 07
Grades 9-12
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Spearfish, SD?
Want a head-to-head view? Compare Spearfish side-by-side with any other U.S. city using our market-comparison tool.
Is Spearfish a good real estate investment market?
For investors evaluating Spearfish, the price-to-rent ratio of 33.6x indicates higher purchase prices relative to rental income, typical of appreciation-focused markets. The market has softened 9.9% year-over-year, potentially creating entry opportunities for strategic buyers.Use our rent vs. buy calculator to analyze whether owning or renting makes more financial sense based on Spearfish's current market conditions and your specific situation. Estimate your monthly payment with the mortgage calculator using Spearfish's median home price.
Frequently asked questions
What is the average home price in Spearfish?
The median home sale price in Spearfish is $432,000, down 9.9% from last year.
How long do homes stay on market in Spearfish?
Homes typically spend 73 days on market before going under contract.
What is the median income in Spearfish?
The median household income is $59,731 per year.
Is Spearfish a buyer's or seller's market?
With 3.1 months of supply, Spearfish is currently a balanced market.
What is the Zillow home value estimate for Spearfish?
The Zillow Home Value Index (ZHVI) for Spearfish is $461,765, representing the typical home value in the area.
What is the median condo price in Spearfish?
The median condo/co-op sale price in Spearfish, SD is $299,900, compared to $432,000 for a single-family home, based on the latest Redfin data.
How much does a single-family home cost in Spearfish?
The median single-family home price in Spearfish, SD is $432,000 (about $206 per square foot).
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