Is Hot Springs, SD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Hot Springs was a Neutral Market.
Key Takeaway
Hot Springs is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Hot Springs, SD
How much do homes in Hot Springs, SD cost?
Median Sold Price
$320,000
$175/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Hot Springs have sold for 58.6% more than they did a year ago.
Summary: The median home sold price in Hot Springs was $320,000 in March 2024, up 58.6% from last year, and the median price per square foot was $175.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $120K | $230K | +91.7% |
| 2 Bedrooms | $174.7K | $234.5K | +34.2% |
| 3 Bedrooms | $222.5K | $350K | +57.3% |
| 4 Bedrooms | $295K | $359K | +21.7% |
| 5+ Bedrooms | $552.4K | $468.5K | -15.2% |
Summary: Hot Springs housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 91.7%, 2 bedroom homes increased by 34.2%, 3 bedroom homes increased by 57.3%, 4 bedroom homes increased by 21.7%, and 5+ bedroom homes decreased by 15.2%.
Housing Supply in Hot Springs, SD
How many homes are available in Hot Springs, SD?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 31 | 36 | +16.1% |
Summary: The Hot Springs real estate market had 36 homes for sale in March 2024, a 16.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 14 | 14 | 0.0% |
| 3 Bedrooms | 10 | 12 | +20.0% |
| 4 Bedrooms | 3 | 5 | +66.7% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Hot Springs housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 66.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 2 | 4 | +100.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hot Springs, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in Hot Springs in March 2024, up by 100.0% month-over-month. Of the 4 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.
Days on Market for Hot Springs, SD
We’re sorry, we don't have information for this market at the moment
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (IDX) program of Black Hills Association of REALTORS®. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information Deemed Reliable But Not Guaranteed. Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability.