Spearfish, SD

There is no doubt that the Spearfish, SD metropolitan statistical area (MSA) is in the midst of a housing market boom. The combination of low interest rates, strong job growth, and limited supply of homes for sale has resulted in rapidly rising home prices and rental rates.

The median home price in the Spearfish MSA has increased by nearly 10% over the past year, and is now well above $200,000. Meanwhile, the average rent for a two-bedroom apartment has jumped by more than 5%, to nearly $1,300 per month.

With demand for housing far outpacing supply, there is no relief in sight for renters or buyers looking to purchase a home in the near future. Prices are expected to continue to rise at a rapid pace over the next few years as more people move to the area in search of affordable housing options.