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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
The typical home in Spearfish, SD is worth $455,619, held roughly flat 0.4% over the past year (Zillow Home Value Index, August 2026). The last median sale price Redfin published was $432,000, -9.9% year over year (through May 2026). With 3.1 months of supply and homes going under contract in about 73 days, Spearfish is a balanced market. At today's 7.03% 30-year fixed rate, 20% down on a $455,619 home is about $2,432/mo in principal and interest.
Key numbers for Spearfish, SD
Typical home value
$455,619
-0.4% in 12 months
Zillow, August 2026
Typical asking rent
$1,514/mo
Zillow Observed Rent Index
Zillow, August 2026
Median sale price
$432,000
-9.9% year over year
Redfin, through May 2026
Days on market
73
Slow-moving
Redfin, through May 2026
Active listings
59
3.1 months of supply
Redfin, through May 2026
30-yr fixed rate
7.03%
Freddie Mac weekly average
Freddie Mac via FRED, September 2026
Median household income
$59,731
Home costs 7.6x income
U.S. Census ACS, 2023
Sale-to-list ratio
97.9%
Selling below asking
Redfin, through May 2026
Zillow figures are as of August 2026 and refresh monthly. Redfin figures are through May 2026 — Redfin stopped publishing its public market trackers in June 2026, so those numbers are final, not current. Mortgage rates come from Freddie Mac via FRED and update weekly.
Is Spearfish a buyer's or seller's market?
Spearfish, SD is a balanced market, based on 3.1 months of supply and homes selling in about 73 days. Under 4 months of supply tilts the market toward sellers: homes clear faster than they are replaced, so concessions are scarce.
Inputs are Redfin's final published period (May 2026). How we classify markets · Where the data comes from
What does the Spearfish housing market data show?
Every row below is Redfin's final published month for Spearfish, SD. Redfin, through May 2026
| Metric | Value |
|---|---|
| Median sale price | $432,000 |
| Median list price | $499,950 |
| Year-over-year price change | -9.9% |
| Median price per sq ft | $190/sq ft |
| Median days on market | 73 days |
| Active inventory | 59 listings |
| Months of supply | 3.1 months |
| Sale-to-list price ratio | 97.9% |
| Homes sold (that month) | 19 |
| New listings (that month) | 16 |
| Listings with a price cut | 13.6% |
| Market condition | Balanced market |
How to read these numbers
- Median sale price
- Half the homes that closed sold for more than this, half for less. It moves with what kind of home sold that month, so a quiet month with two big sales can swing it. Redfin's figure for Spearfish is frozen at May 2026.
- Typical home value (ZHVI)
- Zillow's estimate of what a mid-market home in Spearfish is worth right now, whether or not it sold. It is smoother than the median sale price and it still refreshes monthly, which is why this page leads with it.
- Months of supply
- How long it would take to sell every active listing at the current pace. Under 3 favors sellers, over 6 favors buyers, and 3 to 6 is the balanced band.
- Days on market
- Median time from listing to accepted offer. Short means you should have financing ready before you tour; long means there is room to negotiate on price and repairs.
- Sale-to-list ratio
- Sale price divided by the last asking price. Above 100% means bidding above asking is normal here; below 100% means the typical buyer got a discount.
- Price per square foot
- The size-adjusted price. Use it to compare a 1,400 sq ft house to a 2,600 sq ft house, not to value your own home — lot, condition and age move it a lot.
- Listings with a price cut
- Share of active listings that dropped their asking price in the month. A high share is the earliest visible sign that sellers are ahead of what buyers will pay.
- Typical asking rent (ZORI)
- Zillow's repeat-rent index for asking rents on new leases. Paired with the home value it gives the price-to-rent ratio in the rent-vs-buy section below.
How have Spearfish home prices moved?
Over the last three years the median sale price in Spearfish, SD fell 10.4%, from $482,225 to $432,000. The live Zillow value series has held roughly flat 0.4% in the last 12 months, which is the more current read now that Redfin's series has stopped. 13.6% of Spearfish listings cut their asking price in the final Redfin month — a modest share, which is what a market looks like when sellers are pricing close to where homes actually clear. For prices to fall meaningfully from here, supply would have to keep building past 3.1 months while the sale-to-list ratio slips below its current 97.9%. Watch those two together — they move before the median does.
Redfin, through May 2026 — the chart ends at Redfin's final published month.
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What does it cost to buy a home in Spearfish?
Priced off the typical home value of $455,619 at the current 7.03% 30-year fixed rate. These are principal and interest only — property taxes, homeowner's insurance, HOA dues and mortgage insurance are on top, and they vary enough by property that we will not guess them for you.
| Down payment | Cash at close | Loan amount | Monthly P&I |
|---|---|---|---|
| 20% | $91,124 | $364,495 | $2,432/mo |
| 5% | $22,781 | $432,838 | $2,888/mo |
Zillow, August 2026 for the price · Freddie Mac via FRED, September 2026 for the rate
What income do you need?
Lenders generally want housing costs under 28% of gross income. On the 20%-down payment of $2,432, that implies roughly $104,243 a year before you add taxes and insurance. The median household in Spearfish earns $59,731, about $44,512 short of that threshold — the typical local household needs a larger down payment, a co-borrower, or a home below the typical home value to fit the 28% rule. That puts the price-to-income ratio at 7.6x — well above the 3x that was historically considered affordable, which is why down payment size drives who can buy here.
Run it with your own numbers: affordability calculator · mortgage calculator
Buying in Spearfish in the next 12 months?
Tell us your timeline. We send the Spearfish market brief: the price ranges that actually clear, how long homes sit, and what to fix on your credit before you apply.
Is it cheaper to rent or buy in Spearfish?
Typical asking rent in Spearfish, SD is $1,514/mo, against a typical home value of $455,619. That is a price-to-rent ratio of 25.1x, which means renting tends to be the cheaper monthly option unless you stay long enough for appreciation to close the gap. Compared head to head, 20% down puts principal and interest at $2,432 a month — $919 more than renting before taxes and insurance, so the ownership case here rests on equity and appreciation rather than monthly cash flow.
Zillow, August 2026 for both value and rent
Add your own down payment, tax rate and time horizon in the rent vs. buy calculator.
Is inventory rising or falling in Spearfish?
Active listings in Spearfish, SD went from 75 in May 2025 to 59 in May 2026, a -21.3% change. Falling inventory tightens competition. When supply drops while demand holds, sale-to-list ratios rise before the median sale price does.
| Month | Active listings | New listings |
|---|---|---|
| June 2025 | 78 | 26 |
| July 2025 | 78 | 19 |
| August 2025 | 73 | 23 |
| September 2025 | 65 | 10 |
| October 2025 | 52 | 11 |
| November 2025 | 56 | 12 |
| December 2025 | 52 | 12 |
| January 2026 | 61 | 17 |
| February 2026 | 58 | 10 |
| March 2026 | 61 | 24 |
| April 2026 | 63 | 14 |
| May 2026 | 59 | 16 |
Redfin, through May 2026
How does Spearfish compare to South Dakota and the U.S.?
Spearfish homes sell for $432,000 — 25% above the South Dakota median of $346,600. Against the national median of $410,700, Spearfish runs 5% higher. Year-over-year, Spearfish moved -9.9% against South Dakota's +4.3% — a bigger swing than the state as a whole.
| Market | Median sale price | YoY | Days on market |
|---|---|---|---|
| Spearfish, SD | $432,000 | -9.9% | 73 days |
| South Dakota statewide | $346,600 | +4.3% | 49 days |
| United States | $410,700 | not published | not published |
City and state rows: Redfin, through May 2026 · U.S. row: Freddie Mac via FRED, April 2026 (MSPUS, quarterly)
What to do next in Spearfish
What buyers should watch
- Months of supply, currently 3.1. It turns before price does — when it climbs past 6, sellers start taking offers they would have rejected a quarter earlier.
- The share of listings cutting price, currently 13.6%. A listing that has already cut once is the one most likely to accept below asking.
- The gap between 5% and 20% down here is $456 a month in principal and interest alone, before mortgage insurance. That gap, not the price, is usually what decides your timeline.
- Rate moves. At 7.03%, every full point of rate change moves the payment on a $455,619 home more than a 5% price change does.
- Your credit tier before you shop, not after — it sets the rate you are quoted. Run your numbers first.
What sellers should know
- The median Spearfish listing goes under contract in 73 days. If yours passes that mark, the market is telling you the price is wrong — not that you need more showings.
- Homes here close at 97.9% of asking. Price to that ratio from day one rather than chasing the market down in cuts.
- In the last published month Spearfish added 16 new listings against 19 sales — more clearing than arriving, which is the better window to list.
- Your equity moved -0.4% in the last 12 months on the Zillow value series. That, not the price you paid, is what sets your net proceeds.
- Comparable ZIP-level pricing inside Spearfish varies more than the citywide median suggests — check the ZIP pages below before you set a number.
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
How much do homes cost in Spearfish by property type?
How the Spearfish, SD market breaks down across single-family homes, condos and townhouses. Redfin, through May 2026
| 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 |
Who lives in Spearfish?
American Community Survey estimates for Spearfish. U.S. Census ACS, 2023
Population
12,551
Households
5,774
Median income
$59,731/yr
Median age
37.2 years
Owner-occupied
48.3%
Median home value
$309,200
Median gross rent
$941/mo
Mean commute
14.8 min
48.3% of occupied homes in Spearfish are owner-occupied, and the rest are rented — which is the share that decides how much of the local housing stock ever reaches the for-sale market. The Census self-reported median home value is $309,200 against Zillow's $455,619 typical value; the gap is normal — ACS asks owners what they think their home is worth, Zillow models transactions. Census median gross rent (all leases, including long-held ones) is $941/mo, below Zillow's $1,514/mo asking rent on new leases — the difference is roughly what a mover pays over a stayer.
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?
Ordered by distance from Spearfish, not by size. Compare Spearfish side by side with any of them.
Spearfish housing market FAQ
Is Spearfish a buyer's or seller's market?
Spearfish, SD is currently a balanced market. That read comes from 3.1 months of supply, homes going under contract in about 73 days, and sellers getting 97.9% of their asking price in the last month Redfin published (May 2026).
How much do homes cost in Spearfish?
The typical home in Spearfish, SD is worth $455,619 (Zillow Home Value Index, August 2026). The median sale price in the last month Redfin published was $432,000, about $190 per square foot.
Is Spearfish cheaper than the rest of South Dakota?
Spearfish's median sale price of $432,000 is 25% higher than the South Dakota statewide median of $346,600, and 5% above the U.S. median of $410,700. Both figures are for the same period.
How long do homes take to sell in Spearfish?
Homes in Spearfish, SD spent a median of 73 days on market before going under contract, versus 49 days statewide. Over two months means buyers have time to inspect, compare and negotiate. (Redfin, through May 2026.)
What income do you need to buy a home in Spearfish?
At the current 30-year fixed rate of 7.03%, 20% down on a $455,619 home is about $2,432 a month in principal and interest. Lenders typically want that under 28% of gross income, which works out to roughly $104,243 a year before taxes, insurance, HOA dues or mortgage insurance. The local median household income is $59,731.
Are home prices rising in Spearfish?
The typical home value in Spearfish, SD held roughly flat 0.4% over the last 12 months, from $457,266 to $455,619 (Zillow, August 2026). This is the live series — it refreshes monthly.
What are the cheapest ZIP codes in Spearfish?
Spearfish ZIP-level sale prices are not all published for the same period, so ranking them would compare different months. The ZIP pages listed on this page show what we hold for each one individually.
Is now a good time to buy in Spearfish?
That depends on your timeline, not on a headline. What the data says today: Spearfish, SD is a balanced market with 3.1 months of supply, the 30-year fixed rate is 7.03%, and the price-to-rent ratio of 25.1x means renting tends to be the cheaper monthly option unless you stay long enough for appreciation to close the gap. Properties Incorporated publishes the data; it does not give financial advice.
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