The story of this market
The typical home in Hot Springs, South Dakota sells for about $425,000.
Prices are up +3.3% from a year ago, so sellers still have some momentum. Homes take about 61 days to sell, which is slow.
Monthly price momentum
Home values since 2015
+4.8%
SD · past 12 months
Freddie Mac House Price Index, single-family homes, monthly through 2026-08. Each line starts at 100 in January 2015, so a reading of 180 means prices are up 80% since then.
Hot Springs, South Dakota
The Hot Springs housing market shows a median listing price of $425,000 with a modest year-over-year value increase of 3.3%. The market is characterized by a relatively older population and a stable, tourism-driven economy. Limited data on specific sales volume and rental metrics suggests a niche market focused on local residents and regional visitors.
No ARED county foreclosure postings attributed to Hot Springs yet — the verified ledger covers every county the foreclosure ingest has read, attributed by published city area. Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.
Median prices moved up 3.3% year over year.
Homes spend a median of 61 days on market with 0.0 months of supply — a balanced-paced market.
0% of listings have cut prices · homes sell at 0% of asking — demand is holding steady.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 0.0% · poverty 21.1% — a stable, low-distress profile.
The amenity base that shapes daily life and property demand in this city — what residents actually live with, and what the pipeline is adding.
Located nearby, this major attraction offers extensive cave tours and wildlife viewing, serving as a primary draw for regional tourism.
An active paleontological site and museum that provides significant educational and cultural value to the city.
Hot Springs is well-suited for retirees and those seeking a slower-paced lifestyle near the Black Hills, as well as families looking for a small-town community environment.
The city is served by the Hot Springs School District, which provides public education for the local community.
The city is accessible via regional highway corridors that connect it to the broader Black Hills area and neighboring states.
Hot Springs is known for its historic mineral springs, proximity to Wind Cave National Park, and various outdoor recreational opportunities in the Black Hills region.
The rental market is supported by local housing initiatives, including organizations like Hot Springs Housing, which focus on developing and managing affordable residential units.
The local economy is driven by tourism, government services as the county seat, and regional healthcare and housing support services.
The city serves as the county seat and the southern gateway to the Black Hills, with economic activity anchored by local government, tourism, and regional services.
The city is served by the Hot Springs School District and various county-level utility and service districts.
The area is situated in a semi-arid climate zone, which influences local wildfire and environmental risk management strategies.
Property taxes are assessed at the county level by Fall River County, with rates determined by local mill levies and state-mandated assessment formulas.
Data retrieved from Census Reporter and Point2Homes profiles.
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.