Spearfish, SD Housing Market
Cold MarketMetro-level monthly sale metrics for rental investors — prices, inventory, pace, and negotiation signals. Figures represent the Spearfish, SD metro area.
Data period: May 2026
Market snapshot
- Median sale price
- $480K
- Median days on market
- 73 days
- Months of supply
- 5.3
- Active inventory
- 259
- Homes sold
- 49
- Sale-to-list ratio
- 96.6%
- Listings with price drop
- 19.3%
- Data month
- May 2026
Pair this view with the rental property calculator, DSCR calculator, and cap rate calculator — or browse all calculators.
Rental Investor Snapshot
Labels below come from monthly sale-market indicators only. True cash flow requires local rent, taxes, insurance, vacancy, and expense assumptions — model those in the rental calculator, then sanity-check against sale-speed signals here.
- Market temperature
- Cooling
- Buyer leverage
- High
- Pricing signal vs. U.S. median
- Near U.S. median (price only)
- Investor fit (heuristic)
- Negotiation
Watch-outs
- Slower sales (longer days on market) can mean more time to diligence — but also weaker demand.
Suggested next step: Run a rental property analysis with your own rent, financing, vacancy, and expense assumptions — then sanity-check against this market's sale-speed and negotiation signals.
Cold Market
Inventory is high and homes are sitting longer — a buyer's market.
Spearfish, SD market summary
The Spearfish, SD metro area housing market is cooling down. As of May 2026, the median home sale price is $480K, up 3.8% year-over-year. Homes are spending a median of 73 days on the market, 9.0% longer than a year ago.
There are 259 homes for sale — 2.8% more than last year. With 5.3 months of supply, this is a balanced market. 66 new listings were added during this period, down 2.9% year-over-year.
Homes are selling for 96.6% of their list price on average, suggesting room for negotiation. 12.2% of homes sell above their asking price. 19.3% of listings have had a price drop.
Market Opportunity Score
Based on current market conditions
81
Contributing Factors
How This Market Compares
vs. National Median
vs. South Dakota Median
Investor takeaway
The cooling market may present buying opportunities with less competition and more negotiating leverage. High inventory relative to sales pace means buyers have options and sellers may be flexible on price.
Spearfish, SD market trends
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Detailed market metrics
Median list price
$617K
Price per sq ft
$212
Sale-to-list ratio
96.6%
Months of supply
5.3
Sold above list
12.2%
Price drops
19.3%
New listings
66
↓ 2.9% YoY
Pending sales
44
Off market in 2 weeks
36.4%
Spearfish, SD housing market FAQs
What is the median home price in Spearfish, SD?
For the latest published month, the median sale price in Spearfish, SD is $480K. Median means half of homes sold above that price and half below — it is a useful benchmark, not a rule for every listing.
Is Spearfish, SD a buyer's or seller's market?
With about 5.3 months of supply, the market is often closer to balanced — neither extreme scarcity nor extreme surplus.
How long do homes stay on the market in Spearfish, SD?
For the latest published month, the median days on market in Spearfish, SD is 73 days — half of homes went pending faster and half slower.
Is Spearfish, SD good for rental property investors?
Sale-market stats show how competitive buying is (speed, negotiation, inventory). They do not prove rent performance. Spearfish, SD can still work for rentals if the numbers work on a deal-by-deal basis — use local rent comps, financing, vacancy, and expenses in the rental property calculator.
How should investors analyze a rental property in Spearfish, SD?
Start with purchase price, financing, rent, vacancy, operating expenses, and capital repairs. Stress-test rates and rent. Will It Flow’s rental property calculator is built to translate those inputs into cash flow, DSCR, cap rate, and cash-on-cash return for Spearfish, SD deals.
Compare more South Dakota metro markets
Explore nearby sale-market pace and pricing, then run a shortlist through the rental property calculator.
Sioux Falls, SD
$355K · 34d on market
Rapid City, SD
$379K · 60d on market
Watertown, SD
$298K · 43d on market
Aberdeen, SD
$247K · 63d on market
Yankton, SD
$270K · 50d on market
Mitchell, SD
$213K · 40d on market
Pierre, SD
$320K · 28d on market
Huron, SD
$225K · 22d on market
National context
Step up to the U.S. housing market hub for national trends, then browse top metro markets by sales activity.
Underwrite a Spearfish, SD deal with real numbers
Use Will It Flow for cash flow, DSCR, cap rate, and cash-on-cash return — free and fast.
Housing market data provided by Redfin, a national real estate brokerage. Not financial advice. Always consult a qualified professional before making investment decisions.