Is Hot Springs, SD 57747 a buyer’s or seller’s market?
Hot Springs is a balanced market. With about 4.5 months of supply, well-priced homes can still draw more than one offer, but buyers have some room to negotiate.
More competitive than 3% of U.S. ZIP codes, and #32 of 33 in the state.
Based on share sold above original list, sale-to-list ratio, months of supply and days on market for the 3 months ending August 31, 2026. See the breakdown
The Hot Springs housing market right now
In the three months ending August 31, 2026, 0% of homes in Hot Springs, SD 57747 sold above their list price, the typical home went under contract in 85 days and there were 4.5 months of supply. Four to six months of supply is a balanced market, where pricing and condition decide how much room there is to negotiate. That’s based on 29 home sales.
Compared with the same period a year earlier, the share selling over asking was about the same (0% then), homes sold faster (107 days then) and the median sale price rose 13% to $328,508. Overall, Hot Springs is more competitive than a year ago, so tougher for buyers.
On our competition score, Hot Springs ranks #32 of 33 SD ZIP codes with enough sales (score 9 out of 100).
Run the numbers for 57747
Nearby markets
Edgemont 57735 — /sq ftOelrichs 57763Seller’s market $163 /sq ftOral 57766 — /sq ftSmithwick 57782 — /sq ft Browse all markets →Towns like Hot Springs nearby
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Questions about Hot Springs real estate
Is Hot Springs a buyer’s or seller’s market?
A balanced market: there were 4.5 months of supply in Hot Springs, SD 57747 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Hot Springs?
The typical home went under contract in 85 days in the latest three months.
Do homes in Hot Springs sell over asking?
0% of homes sold above their original list price, and the typical sale closed at 95.5% of the list price.
What are property taxes in Hot Springs?
About 1.00% of a home’s value a year in Fall River County, or roughly $4,000 on a $400,000 home.
What is the median home price in Hot Springs?
The median sale price was $328,508 in the three months ending August 31, 2026, about $174 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology