Is Spearfish, SD 57783 a buyer’s or seller’s market?
Spearfish is a balanced market. With about 4.3 months of supply, well-priced homes can still draw more than one offer, but buyers have some room to negotiate.
More competitive than 16% of U.S. ZIP codes, and #29 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 Spearfish housing market right now
In the three months ending August 31, 2026, 13% of homes in Spearfish, SD 57783 sold above their list price, the typical home went under contract in 70 days and there were 4.3 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 58 home sales.
Compared with the same period a year earlier, the share selling over asking rose from 3%, homes sold about as fast and the median sale price fell 2% to $509,779. Overall, Spearfish is more competitive than a year ago, so tougher for buyers.
On our competition score, Spearfish ranks #29 of 33 SD ZIP codes with enough sales (score 22 out of 100).
Nearby, buyers who want less competition could look at Lead 57754 (4% sold over asking) or Whitewood 57793 (8% sold over asking).
Run the numbers for 57783
Nearby markets
Deadwood 57732Balanced $241 /sq ftLead 57754Buyer’s market $288 /sq ftNemo 57759 — /sq ftWhitewood 57793Seller’s market $219 /sq ft Browse all markets →Towns like Spearfish nearby
Find towns like Spearfish in other states →Where Spearfish is
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Questions about Spearfish real estate
Is Spearfish a buyer’s or seller’s market?
A balanced market: there were 4.3 months of supply in Spearfish, SD 57783 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 Spearfish?
The typical home went under contract in 70 days in the latest three months.
Do homes in Spearfish sell over asking?
13% of homes sold above their original list price, and the typical sale closed at 96.6% of the list price.
What are property taxes in Spearfish?
About 0.79% of a home’s value a year in Lawrence County, or roughly $3,160 on a $400,000 home.
What is the median home price in Spearfish?
The median sale price was $509,779 in the three months ending August 31, 2026, about $233 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