Spearfish, SD housing market
The typical Spearfish home is worth about $456,000, down 0.7% in a year, 42% above the South Dakota typical home. Homes typically sell in 73 days, below asking.
Home values, sales, trends and how Spearfish compares with the towns next door — updated as new data is published.
Spearfish at a glance
A seller's market
Supply is tight — about 3.1 months of homes for sale at the current pace. Buyers should expect competition on well-priced homes.
Typical home value, 2016–2026
Show as a table
| January | Spearfish | South Dakota |
|---|---|---|
| 2017 | $267,000 | $186,000 |
| 2018 | $278,000 | $195,000 |
| 2019 | $289,000 | $203,000 |
| 2020 | $303,000 | $215,000 |
| 2021 | $332,000 | $235,000 |
| 2022 | $403,000 | $272,000 |
| 2023 | $431,000 | $297,000 |
| 2024 | $447,000 | $301,000 |
| 2025 | $458,000 | $312,000 |
| 2026 | $461,000 | $319,000 |
| August 2026 | $456,000 | $322,000 |
126 new homes permitted in 2025
Builders were permitted 126 new homes in Spearfish in 2025: 88 single-family houses and 38 in buildings with two or more homes, worth about $44.9 million to build. That's 9.7 per 1,000 residents, faster than across South Dakota (6.6). Over the past 10 years, Spearfish has permitted 1,282 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Spearfish gained 1,699 residents while 1,055 new homes were permitted: about 1.6 new residents per new home. Building and growth moved roughly in step. Across South Dakota: 1.6 new residents per new home.
How Spearfish ranks on housing keeping up with growth →
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) | 250 | 138 | 112 | $55.3 million |
| 2025 | 126 | 88 | 38 | $44.9 million |
| 2024 | 99 | 86 | 13 | $41.3 million |
| 2023 | 258 | 99 | 159 | $64.6 million |
| 2022 | 145 | 114 | 31 | $54.7 million |
| 2021 | 191 | 129 | 62 | $57.3 million |
| 2020 | 101 | 101 | 0 | $33.5 million |
| 2019 | 66 | 54 | 12 | $20 million |
| 2018 | 109 | 60 | 49 | $24.6 million |
| 2017 | 79 | 79 | 0 | $23.5 million |
| 2016 | 108 | 96 | 12 | $29 million |
| 2015 | 106 | 92 | 14 | $26.4 million |
| 2014 | 155 | 87 | 68 | $28.2 million |
| 2013 | 135 | 86 | 49 | $21 million |
| 2012 | 147 | 79 | 68 | $21 million |
| 2011 | 62 | 42 | 20 | $8.8 million |
| 2010 | 88 | 73 | 15 | $13.5 million |
| 2009 | 83 | 69 | 14 | $13 million |
| 2008 | 71 | 67 | 4 | $12.3 million |
| 2007 | 65 | 65 | 0 | $11.9 million |
| 2006 | 124 | 108 | 16 | $20.2 million |
| 2005 | 179 | 150 | 29 | $26.9 million |
| 2004 | 192 | 150 | 42 | $24.4 million |
| 2003 | 166 | 131 | 35 | $21.9 million |
| 2002 | 132 | 116 | 16 | $16.6 million |
| 2001 | 89 | 89 | 0 | $11.5 million |
| 2000 | 46 | 46 | 0 | $5.6 million |
Spearfish's permit office didn't report to the Census in 2025, so the 2025 figures are Census estimates.
How Spearfish 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.
Spearfish and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| Spearfish | $456K | −0.7% | $1,080 | 126 | $65,688 |
| North Spearfish | — | +1.7%† | $1,080 | — | $76,809 |
| Mountain Plains | — | +1.7%† | $1,080 | — | $248,558 |
† FHFA price index change, where Zillow has no home value for the town.
6.9 years of income
The typical Spearfish home costs about 6.9 years of the town's median household income, more than across South Dakota (4.3 years).
How Spearfish 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 $1,080
HUD's Fair Market Rent for a two-bedroom in Spearfish is $1,080 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Spearfish pay a median of $963, so moving in tends to cost more than staying put. A two-bedroom takes about 20% of the town's median household income.
Studio $740 · 4 bedrooms $1,800
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (57783, 57793; Butte County, SD), 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, May 2026. 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.