Market Overview
Home Prices in Hot Springs, SD
The median home value in Hot Springs, SD is $343,395 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 2.2% compared to a year ago and up 4.5% from two years prior.
Compared to the U.S. national median of $410,000, homes in Hot Springs are priced16% below average.
Over the past five years, Hot Springs home values have risen by approximately29.4%, reflecting strong long-term appreciation in this market.
Price History
Hot Springs Home Price Trend
2020
$214,818
$215K
—
2021
$265,396
$265K
+23.5%
2022
$322,781
$323K
+21.6%
2023
$313,295
$313K
-2.9%
2024
$321,374
$321K
+2.6%
2025
$335,993
$336K
+4.5%
2026
$343,395
$343K
+2.2%
City Comparison
Hot Springs vs. National Median
🏠 Hot Springs
$343,395
National Median
$410,000
At $343,395, homes in Hot Springs cost 16% below the national median of $410,000. This makes Hot Springs a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Hot Springs?
20% Down Payment
$68,679
on $343,395
Monthly P&I
$1,791/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,275/mo
incl. taxes & insurance
Income Needed
$91,000
gross annual (30% rule)
10% Down Option
$34,340
+ PMI applies
Loan Amount (20% dn)
$274,716
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Hot Springs, SD?
The median home value in Hot Springs is $343,395 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 2.2% year-over-year.
How much have home prices changed in Hot Springs?
Over the past year, home values in Hot Springs have increased by 2.2%. Over five years, prices have risen approximately 29.4%.
How much do I need to earn to buy a home in Hot Springs?
To comfortably afford the median home price of $343,395 with a 20% down payment ($68,679) at today's rates (6.8%), you'd need a gross annual income of approximately $91,000. This assumes keeping total housing costs at or below 30% of gross income.
How does Hot Springs compare to the national average home price?
The national median home value is approximately $410,000. At $343,395, homes in Hot Springs are 16% below the national average.