The story of this market
The typical home in ZIP 57783 sells for about $675,000, or $251 per square foot.
Prices are up +2.5% from a year ago, so sellers still have some momentum. Homes take about 87 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $965 a month.
ZIP 57783 — Spearfish
The Spearfish housing market remains resilient, characterized by low inventory and steady demand from both local buyers and those relocating to the Black Hills. While prices have appreciated, the market is showing signs of stabilization as interest rates influence buyer purchasing power. The limited supply of new construction continues to support current price levels.
This ZIP is ideal for families, outdoor enthusiasts, and retirees who value access to the Black Hills and a high quality of life. It is less suited for those requiring a dense urban environment or extensive public transit.
Median prices moved up 2.5% year over year.
Homes spend a median of 87 days on market with 5.2 months of supply — a balanced-paced market.
12% of listings have cut prices · homes sell at 98.2% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 1.9% · poverty 14.0% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 12.0%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 8.0%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net influx — more people moved in than out
ZCTA 57783, Lawrence County SD
Crime rates in Spearfish are generally lower than the national average, with property crime being the most frequently reported incident type. The area is considered safe and maintains a small-town atmosphere typical of the Black Hills region.
The Spearfish School District is highly regarded, consistently ranking among the top-performing districts in South Dakota. Schools in the area are noted for strong academic programs and community involvement.
The area faces moderate wildfire risk due to its proximity to the Black Hills National Forest, necessitating fire-wise landscaping and adequate insurance coverage. Flood risk is generally low, though localized drainage issues can occur near Spearfish Creek.
Economic momentum is driven by tourism, education via Black Hills State University, and a growing remote-work population. Infrastructure development is focused on expanding residential capacity while preserving the natural landscape.
South Dakota has no state personal income tax, which benefits residents. Property taxes are assessed at the county level based on market value, with specific levies for school districts and municipal services.
Most residents commute locally within Spearfish or to nearby Rapid City via I-90. The commute is generally short and free of major traffic congestion.
Spearfish offers exceptional access to outdoor recreation, including the Spearfish Canyon scenic byway, numerous hiking and biking trails, and proximity to Black Hills fishing and skiing. The city features a vibrant downtown with local shopping and dining.
The rental market is tight due to limited inventory and demand from university students and seasonal workers. Rents have seen moderate upward pressure over the last two years.
The economy is anchored by Black Hills State University, healthcare services, and a robust tourism sector. The area serves as a regional hub for the northern Black Hills.
Transportation is primarily automobile-dependent, with I-90 serving as the main artery. There is limited public transit available within the city.
The city is currently updating its comprehensive plan to address housing affordability and infrastructure needs for future growth.
The Lawrence County Director of Equalization manages property assessments, which are updated annually to reflect market conditions.
Parcels are subject to Spearfish School District taxes and various local municipal service districts.
Property insurance premiums are rising due to increased wildfire risk in the Black Hills region, with many carriers requiring fire-mitigation efforts.
South Dakota has experienced consistent net domestic migration gains, driven by individuals seeking lower taxes and a rural lifestyle.
South Dakota is a non-judicial foreclosure state, allowing for a streamlined process for lenders.
Sellers are required to provide a property condition disclosure statement to buyers, covering major systems and known defects.
Data retrieved from data.census.gov using ZCTA 57783 profile.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
A world-renowned scenic byway featuring waterfalls and limestone cliffs.
The local university providing cultural and athletic events.
A central park featuring the Spearfish Creek and community events.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.