Photo: JERRYE AND ROY KLOTZ MD · CC BY-SA 3.0159 homes sold in Spearfish in the last year, at a typical $477K
About one sale in 5 is a condo. Below: what each kind of home sells for, what your budget buys, the best months to buy, how hard you’ll have to bid, and a shortcut to every site where Spearfish homes are listed.
Every place Spearfish homes are listed, in one stop
We don’t copy listings: the agents’ sites have the photos and the latest price changes. Set what you want once and we open each site already filtered to Spearfish.
For sale
Rent
New, land & open houses
Links open the listing sites; TownRatings isn’t paid for them and doesn’t rank one above another. Rentals and government-owned homes come from sources outside the MLS.
Houses are 81% of Spearfish’s sales, at a typical $517K
159 homes sold in the year to May 2026.
typical sale · 129 sold in 12 months
- Per square foot
- $218SD $182
- Days to sell
- 89
- Sold over asking
- 7%
- Listings with a price cut
- 23%
Multi-family (2–4 units): 1 sold, typical $640K
Townhouses: 24 sold, typical $387K
Condos: 5 sold, typical $302K
Too few sales in 12 months for reliable figures.
About as many homes sell as usual, at twice the 2016 price
159 sales in the last year, against 214 in 2021 and a low of 140 in 2023. The typical sale went from $235K in 2016 to $477K.
Source: Redfin Data Center, MLS sales. Typical price and $/sq ft are the monthly medians, weighted by sales.
What $500K buys in Spearfish
Check a listing against what Spearfish homes sold for
Against the town’s median price per square foot over the last 12 months. A rough check: condition, lot and location within town move a price more than this can see.
Bidding wars in Spearfish are back to pre-pandemic levels, with about as many homes for sale
We read every month of Spearfish’s home sales since 2015 so you don’t have to. Each figure covers 12 months, because a single month in a town is too few sales to mean much. Latest: the year to May 2026, 159 sales.
If you’re buying in Spearfish
- Shop in June. It brings about 22 new listings a month, close to the busiest month, with fewer bidding wars (13% over asking).
- Offer under asking. Buyers paid 97.1% of the list price on average; 6% paid over.
- You’ll usually have time. Only 29% of homes go under contract within two weeks; the typical one takes 92 days.
Summer brings both the most homes and the most bidding wars
July has the most new listings (about 23 a month), and the most competition: 20% close over asking. May and June offer nearly as much choice with fewer homes bid up (14%). February has the least competition (9%) but only about 13 new listings.
Averages for each calendar month, 2015 on.
Calmer than the 2021 frenzy, and calmer than South Dakota
| Spearfish now | 2017–19 | 2021 peak | SD now | |
|---|---|---|---|---|
| Sold over askingShare of sales that closed above the list price | 6% | 11% | 36% | 16% |
| Gone within two weeksShare of homes under contract within 14 days | 29% | 3% | 1% | 29% |
| Listings with a price cutShare of homes for sale that cut their price | 23% | — | — | 20% |
| Price paid vs. askingAverage sale price ÷ list price | 97.1% | 98.1% | 98.8% | 97.5% |
| Days to sellMedian days from listing to contract | 92 | 82 | 67 | 59 |
63 homes for sale on a typical day
That’s 1.4 times the 2022 low (44) and about the 2017–19 level.
1 in 4 listings has cut its price
23% in the last year, against — in 2017–19 and 20% across South Dakota.
Houses and condos, year by year
A house typically sold for $517K in the last year (129 sales), a condo for $302K (5).
Median sale price, weighted by sales each month. Years with fewer than 4 sales of a type are left out.
Spearfish ranks 19th of 19 busy South Dakota markets for bidding wars
Share of sales over asking in the last year, among towns with 60 or more sales. Spearfish is one of the state’s calmer markets.
Source: Redfin Data Center, city market tracker, January 2015 to May 2026 (MLS sales, not seasonally adjusted). Ratios are weighted by homes sold; price cuts by homes for sale.
Owning the typical Spearfish home costs about $2,854 a month
Price: Spearfish’s typical sale, last 12 months. Property tax at Spearfish’s 0.9% (median bill ÷ median value, Census ACS); insurance at 0.35% of price a year. Before PMI, HOA dues, upkeep and the tax deduction. Whether Spearfish is affordable on local pay is on Cost of living.
Six things worth knowing
New listings in July
The month with the most choice. December has the fewest, about 9.
Best time to buyProperty tax, a year
Of a home’s value: the median bill over the median home value. On a $477K home, about $4,390 a year.
Taxes vs. neighborsSchools
The schools grade for Spearfish, from test results, graduation and how much students grow.
Schools in SpearfishTypical commute
The average one-way trip to work for people who live in Spearfish.
Work & commuteCheck the flood map
Flood insurance isn’t in a standard policy, and lenders require it in FEMA flood zones. Check the address before you make an offer.
Natural hazardsLook up any property
Assessed value, lot size and every past sale of a home you’re eyeing are public, at the town or county assessor and the registry of deeds.
Deadwood, Lead and Sturgis sell for less a square foot
The busier markets within 25 miles of Spearfish, by what sold. Prices, taxes and how far a paycheck goes next door are on Cost of living.
| Sold | Typical sale | $/sq ft | Over asking | Days to sell | |
|---|---|---|---|---|---|
| Spearfish | 159 | $477K | $214 | 6% | 92 |
| Sturgis | 101 | $340K | $202 | 14% | 83 |
| Lead | 70 | $257K | $164 | 9% | 81 |
| Deadwood | 29 | $484K | $205 | 7% | 117 |
Redfin Data Center, June 2025 to May 2026. Towns with fewer than 20 sales are left out, and Redfin doesn’t report every town separately.
Post your home to Spearfish, free
Selling it yourself, renting out an apartment or looking for a roommate? Post it to Spearfish. People who follow the town see it, and so do people comparing Spearfish with their own town. No commission, no listing fee.
Questions about buying a home in Spearfish
What do homes sell for in Spearfish, SD?
159 homes sold in the year to May 2026 at a typical $477K, $214 a square foot.
Is Spearfish a buyer’s or seller’s market?
A seller’s market: 59 homes were for sale in May 2026 and 19 sold, about 3.1 months of supply. Buyers paid 97.1% of asking on average, and 23% of listings cut their price.
When is the best time to buy in Spearfish?
July brings the most new listings. The sales history shows which months have fewer bidding wars.
How much are property taxes in Spearfish?
About 0.9% of a home’s value a year. On a $477K home that’s near $4,390.
Where can I see homes for sale in Spearfish?
Zillow, Redfin, Realtor.com and Homes.com all carry Spearfish’s MLS listings; the search links above open each one filtered to Spearfish.
Sales, prices, days on market and listings: Redfin Data Center (MLS, monthly, not seasonally adjusted). Property tax rate: Census American Community Survey. Two-bedroom rent: HUD Fair Market Rent. Typical home value: Zillow Home Value Index. Schools grade: TownRatings (how grades work).