Spearfish, SD Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Spearfish, SD Housing Market Trends

With 11,756 people, 5,011 houses or apartments, and a median cost of homes of $247,206, Spearfish real estate is some of the most expensive in South Dakota, although Spearfish home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Spearfish, accounting for 46.69% of the city's housing units. Other types of housing that are prevalent in Spearfish include large apartment complexes or high rise apartments ( 25.32%), row houses and other attached homes ( 10.72%), and a few mobile homes or trailers ( 9.24%).

People in Spearfish primarily live in small (one, two or no bedroom) single-family detached homes. Spearfish has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Spearfish built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Spearfish built between 2000 and later ( 30.47%). A lesser amount of the housing stock also hails from between 1940-1969 ( 19.21%). There's also some housing in Spearfish built before 1939 ( 10.12%).

Spearfish Home Appreciation Rates

Appreciation rates for homes in Spearfish have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 47.31%, which ranks in the top 50% nationwide. This equates to an annual average Spearfish house appreciation rate of 3.95%.

Over the last year, Spearfish appreciation rates have trailed the rest of the nation. In the last twelve months, Spearfish's appreciation rate has been 7.37%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Spearfish were at 2.13%, which equates to an annual appreciation rate of 8.81%.

Relative to South Dakota, our data show that Spearfish's latest annual appreciation rate is lower than 50% of the other cities and towns in South Dakota.

Average Home Values

 

Median Home Value:
$247,206

Spearfish, SD HOME PRICES

> $1,214,000
0.3%
0.3%
$911,001 - $1,214,000
0.5%
0.5%
$607,001 - $911,000
2.7%
2.7%
$485,001 - $607,000
4.9%
4.9%
$364,001 - $485,000
16.6%
16.6%
$243,001 - $364,000
28.8%
28.8%
$121,001 - $243,000
26.9%
26.9%
$61,001 - $121,000
8.8%
8.8%
$0 - $61,000
10.5%
10.5%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for SD

Value Relative To Nation

Number Of Homes And Apartments:
5,011

Spearfish Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
SD*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
126.33% 3.87%
6
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,072 / per month

Homeownership Rate

Owners
48.6%
48.6%
Renters
51.4%
51.4%
Vacant
8.1%
8.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
30.5%
30.5%
1970 - 1999
40.2%
40.2%
1940 - 1969
19.2%
19.2%
1939 or Older
10.1%
10.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
46.7%
46.7%
Townhomes
10.7%
10.7%
Small Apt. Buildings
8.0%
8.0%
Apt. Complexes
25.3%
25.3%
Mobile Homes
9.2%
9.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.9%
3.9%
1 Bedroom
16.0%
16.0%
2 Bedrooms
29.1%
29.1%
3 Bedrooms
26.4%
26.4%
4 Bedrooms
15.7%
15.7%
5 or more bedrooms
8.8%
8.8%
0.0% 100.0%
% OF HOMES

Popular Communities Near Spearfish, SD

Zip Codes in Spearfish, SD