Spearfish, SD—57783
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Spearfish, SD
As of Oct '25, the median home price in Spearfish, SD is $454,000, with a year-over-year change of 0.7%. This indicates that home prices in Spearfish, SD are flat. According to Zillow, the 1-year price projection is 2.0%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $454,000 | 0.7% |
| Single Family | $456,000 | 0.2% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $318,000 | 3.9% |
3 Bed | $445,000 | 0.9% |
4 Bed | $504,000 | 1.0% |
| 5 Bed | $649,000 | 1.2% |
% of Housing Stock
Rental Trends — Spearfish, SD
As of July '25, Rentcast reports the average rent in Spearfish, SD is $1,890, with a year-over-year rent change of 26.0%. Per bedroom, the median rent as of July '25 in Spearfish, SD is 1-bedrooms: $850, 3-bedrooms: $2,410. The most common rental property sizes in Spearfish, SD are 2-bedroom and 1-bedroom, accounting for 47.7% and 23.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,380 | $1,890 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $800 | $850 |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $1,500 | $2,410 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Spearfish, SD
As of Oct '25, Realtor.com reports that the median days on market for a home in Spearfish, SD is 72. This is a decrease of -5.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 23.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $604,000 | -17.0% |
Listing Count | 95 | -2.0% |
| Listings as % of Homes | 0.6% | -2.0% |
Days on Market | 72 | -5.0% |
Demographics — Spearfish, SD
As of the latest ACS Survey released in 2023, Spearfish, SD has a population of 16,900, which has increased by 9.0% over the past 5 years. Spearfish, SD is a moderately popular place for families, as children make up 19.0% of the population. The area has a moderately educated workforce, with 40.0% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 16,900 | 9.0% |
% Under 18 | 19.0% | -5.0% |
% Seniors | 22.3% | 16.1% |
% WFH | 5.0% | 42.9% |
% w/ College Degree | 40.0% | 3.6% |
As of the latest ACS Survey released in 2023, Spearfish, SD is a predominantly white area, with 88.8% of the population identifying as white. The white population has shrunk by 3.8% in the last 5 years. The second most common race or ethnicity in Spearfish, SD is hispanic, making up 3.4% of the population. Foreign-born residents account for 2.9% of the population in Spearfish, SD, and this percentage has increased by 16.0% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 88.8% | -3.8% |
% Black | 0.2% | -75.0% |
% Hispanic | 3.4% | 17.2% |
% Asian | 0.6% | -45.5% |
% Foreign Born | 2.9% | 16.0% |
Mortgage and Risk — Spearfish, SD
According to HUD data as of 2023, there were 328 mortgage originations in Spearfish, SD, of which 84.0% of loans were conventional mortgages. The average loan-to-value was 57.0%, with 15.0% above 90% LTV (elevated). This implies medium mortgage risk in Spearfish, SD. Investor activity is low, as 3.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 328 |
% Conventional Loans | 84.0% |
% Government Loans | 16.0% |
% Investor Loans | 3.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Spearfish, SD
Spearfish, SD lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 328 |
Total Units Section 8 | 329 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 76.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$40 | $800 | $760 |
| 2 Bedroom | N/A | N/A | $1,000 |
| 3 Bedroom | -$100 | $1,500 | $1,400 |
| 4 Bedroom | N/A | N/A | $1,680 |
Affordability — Spearfish, SD
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.6 |
| Median Home Price | $454,000 |
| Median Household Income | $65,000 |