Market Overview
Home Prices in Spearfish, SD
The median home value in Spearfish, SD is $461,765 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's down 1.1% compared to a year ago and up 1.4% from two years prior.
Compared to the U.S. national median of $410,000, homes in Spearfish are priced13% above average. Spearfish is part of the Spearfish, SD metro area.
Over the past five years, Spearfish home values have risen by approximately26.2%, reflecting strong long-term appreciation in this market.
Price History
Spearfish Home Price Trend
City Comparison
Spearfish vs. National Median
At $461,765, homes in Spearfish cost 13% above the national median of $410,000. Buyers in Spearfish should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Spearfish?
20% Down Payment
$92,353
on $461,765
Monthly P&I
$2,408/mo
30-yr @ 6.8%
Total Monthly Est.
~$3,058/mo
incl. taxes & insurance
Income Needed
$122,320
gross annual (30% rule)
10% Down Option
$46,177
+ PMI applies
Loan Amount (20% dn)
$369,412
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 Spearfish, SD?
The median home value in Spearfish is $461,765 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's down 1.1% year-over-year.
How much have home prices changed in Spearfish?
Over the past year, home values in Spearfish have decreased by 1.1%. Over five years, prices have risen approximately 26.2%.
How much do I need to earn to buy a home in Spearfish?
To comfortably afford the median home price of $461,765 with a 20% down payment ($92,353) at today's rates (6.8%), you'd need a gross annual income of approximately $122,320. This assumes keeping total housing costs at or below 30% of gross income.
How does Spearfish compare to the national average home price?
The national median home value is approximately $410,000. At $461,765, homes in Spearfish are 13% above the national average.
What metro area is Spearfish part of?
Spearfish is part of the Spearfish, SD metropolitan area. Home prices and market conditions can vary across the broader metro region.