Hot Springs, SD housing market
The typical Hot Springs home is worth about $340,000, about the same as a year ago, 6% above the South Dakota typical home.
Home values, sales, trends and how Hot Springs compares with the towns next door — updated as new data is published.
Hot Springs at a glance
Typical home value, 2016–2026
Show as a table
| January | Hot Springs | South Dakota |
|---|---|---|
| 2017 | $174,000 | $186,000 |
| 2018 | $182,000 | $195,000 |
| 2019 | $193,000 | $203,000 |
| 2020 | $211,000 | $215,000 |
| 2021 | $243,000 | $235,000 |
| 2022 | $300,000 | $272,000 |
| 2023 | $322,000 | $297,000 |
| 2024 | $316,000 | $301,000 |
| 2025 | $331,000 | $312,000 |
| 2026 | $348,000 | $319,000 |
| August 2026 | $340,000 | $322,000 |
9 new homes permitted in 2025
Builders were permitted 9 new homes in Hot Springs in 2025, all single-family houses, worth about $3.6 million to build. That's 2.5 per 1,000 residents, slower than across South Dakota (6.6). Over the past 10 years, Hot Springs has permitted 94 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Hot Springs's population fell by 316 even though 48 new homes were permitted. Homes are holding fewer people: households are getting smaller, or more homes are used part of the year. Across South Dakota: 1.6 new residents per new home.
Residents: U.S. Census Bureau, 2010 and 2020 censuses. New homes: permits issued 2010–2019.
Show as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 8 | 8 | 0 | $2.3 million |
| 2025 | 9 | 9 | 0 | $3.6 million |
| 2024 | 9 | 9 | 0 | $998,000 |
| 2023 | 10 | 10 | 0 | $1.1 million |
| 2022 | 10 | 10 | 0 | $1.1 million |
| 2021 | 13 | 13 | 0 | $1.4 million |
| 2020 | 11 | 11 | 0 | $1.2 million |
| 2019 | 10 | 10 | 0 | $1.1 million |
| 2018 | 10 | 10 | 0 | $1.1 million |
| 2017 | 10 | 10 | 0 | $1.1 million |
| 2016 | 2 | 0 | 2 | $210,000 |
| 2015 | 7 | 5 | 2 | $1.1 million |
| 2014 | 3 | 1 | 2 | $640,000 |
| 2013 | 2 | 2 | 0 | $399,000 |
| 2012 | 0 | 0 | 0 | — |
| 2011 | 2 | 2 | 0 | $304,000 |
| 2010 | 2 | 2 | 0 | $158,000 |
| 2009 | 6 | 6 | 0 | $1 million |
| 2008 | 2 | 2 | 0 | $102,000 |
| 2007 | 7 | 7 | 0 | $1 million |
| 2006 | 5 | 5 | 0 | $706,000 |
| 2005 | 73 | 10 | 63 | $6.5 million |
| 2004 | 8 | 8 | 0 | $1.4 million |
| 2003 | 8 | 8 | 0 | $988,000 |
| 2002 | 29 | 7 | 22 | $1.6 million |
| 2001 | 22 | 2 | 20 | $1.1 million |
| 2000 | 5 | 5 | 0 | $371,000 |
How Hot Springs ranks on new homes being built →
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
5.1 years of income
The typical Hot Springs home costs about 5.1 years of the town's median household income, more than across South Dakota (4.3 years).
How Hot Springs ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $1,140
HUD's Fair Market Rent for a two-bedroom in Hot Springs is $1,140 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Hot Springs pay a median of $897, so moving in tends to cost more than staying put. A two-bedroom takes about 21% of the town's median household income.
Studio $790 · 4 bedrooms $1,780
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (57747; Custer County, SD HUD Metro FMR Area), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, August 2026. Sales, days on market and supply: Redfin Data Center. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.