Is Spearfish, 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, Spearfish was a Seller's Market.
Key Takeaway
Spearfish is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Spearfish, SD
How much do homes in Spearfish, SD cost?
Median Sold Price
$489,000
$217/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Spearfish have sold for 15.3% more than they did a year ago.
Summary: The median home sold price in Spearfish was $489,000 in March 2024, up 15.3% from last year, and the median price per square foot was $217.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $275.8K | N/A |
| 2 Bedrooms | $320K | $280.5K | -12.3% |
| 3 Bedrooms | $400K | $450K | +12.5% |
| 4 Bedrooms | $423.7K | $520K | +22.7% |
| 5+ Bedrooms | $575K | $754.9K | +31.3% |
Summary: Spearfish housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 12.3%, 3 bedroom homes increased by 12.5%, 4 bedroom homes increased by 22.7%, and 5+ bedroom homes increased by 31.3%.
Median Sold Price Compared To Nearby Cities
| Spearfish | $424K | $489K | +15.3% |
| North Lawrence | $680K | $679.9K | 0% |
Housing Supply in Spearfish, SD
How many homes are available in Spearfish, SD?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 63 | 79 | +25.4% |
Summary: The Spearfish real estate market had 79 homes for sale in March 2024, a 25.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 7 | 12 | +71.4% |
| 3 Bedrooms | 25 | 28 | +12.0% |
| 4 Bedrooms | 14 | 20 | +42.9% |
| 5+ Bedrooms | 17 | 19 | +11.8% |
Summary: The Spearfish housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 71.4%, 3 bedroom homes increased by 12%, 4 bedroom homes increased by 42.9%, and 5+ bedroom homes increased by 11.8%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 11 | 8 | -27.3% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Spearfish, you may be able to get a good deal. 75% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in Spearfish in March 2024, down by 27.3% month-over-month. Of the 8 sold homes, 75% were sold under asking, 13% were sold at asking, and 13% were sold over asking.
Days on Market for Spearfish, 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. 
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of the REALTOR® Association of the Sioux Empire, Inc., Multiple Listing Service. Real estate listings held by other brokerage firms are marked with the Internet Data Exchange™ logo or the Internet Data Exchange thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. 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. The broker(s) providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision. Information provided is thought to be reliable but is not guaranteed to be accurate; you are advised to verify facts that are important to you. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. The REALTOR® Association of the Sioux Empire, Inc. does not create, control or review the property data displayed herein and take no responsibility for the content of such records. Federal law prohibits discrimination on the basis of race, color, religion, sex, handicap, familial status or national origin in the sale, rental or financing of housing.