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Spearfish, SD Multifamily Homes & Duplexes for Sale

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  • /17

    $475,000

    $20K PRICE DROP
    • Studio

    735 N Ames St, Spearfish, SD 57783

    This beautifully renovated 2-story duplex is a rare find, offering both charm and versatility in a prime location near downtown Spearfish and Black Hills State University. Nestled on a spacious lot with a picturesque creek running through, this property provides serene surroundings along with easy access to local amenities, making it perfect for homeowners or investors. Each unit features 2

    JADEN HARPER eXp Realty

    735 N Ames St, Spearfish, SD 57783
  • /20

    $5,685,000

    $1M PRICE INCREASE
    • Studio

    TBD 1954-1984 Russell St Unit TBD 3187-3834, Spearfish, SD 57783

    For more information, please contact listing agents Heath Gran 605-209-2052 or Scot Munro 605-641-6482 with Great Peaks Realty. New Rental Expansion!! The Russell Street Duplexes offer a total of 22 rental units. They are a modern-day, fully appliance furnished apartment style. Including upstairs & downstairs units that serve as a fantastic investment opportunity! Each duplex has 836 sq ft

    Heath Gran Great Peaks Realty

    TBD 1954-1984 Russell St Unit TBD 3187-3834, Spearfish, SD 57783
  • /27

    $851,500

    $20K PRICE DROP
    • Studio

    731 & 735 N Ames St, Spearfish, SD 57783

    A truly rare opportunity to own two beautifully renovated, side-by-side properties in one of Spearfish's most desirable and walkable locations. Situated on to adjoining 0.16-acre lots zoned for both residential and commercial use, this unique property package offers exceptional flexibility for homeowners, investors and future development alike. Both homes are located along a charming creek that

    JADEN HARPER eXp Realty

    731 & 735 N Ames St, Spearfish, SD 57783
  • /44

    $849,000

    $51K PRICE DROP
    • Studio

    3225 Old Belle Rd, Spearfish, SD 57783

    For more information, please contact listing agents Scot Munro 605-641-6482 or Heath Gran 605-209-2052 with Great Peaks Realty. Incredible opportunity to own an investment property on 1.62 acres just off Exit 8 with endless options for expansion of the space. This versatile property includes a barn that is mostly finished and is currently being leased as an office & storage space. Plus, an

    Scot Munro Great Peaks Realty

    3225 Old Belle Rd, Spearfish, SD 57783
  • /21

    $659,000

    • Studio

    314 N 5th St, Spearfish, SD 57783

    For more information, please contact listing agents Heath Gran 605-209-2052 or Scot Munro 605-641-6482 with Great Peaks Realty. Incredible rental investment opportunity with this 5-plex in downtown Spearfish, operating at 100% occupancy rate! 4 of the 5 apartment units have been remodeled to include new appliances and fixtures, flooring, cabinets, vanities and countertops, sinks and toilets. All

    Heath Gran Great Peaks Realty

    314 N 5th St, Spearfish, SD 57783
  • /21

    $2,599,000

    $200K PRICE DROP
    • Studio

    346 W Kansas St, Spearfish, SD 57783

    Spearfish Studios presents a rare opportunity to acquire a fully occupied, renovated 39-unit multifamily property located just two blocks from downtown Spearfish. Positioned in one of the Black Hills’ most desirable rental markets, this apartment community offers investors a stabilized asset with strong current income, excellent tenant appeal, and meaningful future upside. The property consists

    Josiah LaFrance L'AVANCE CAPITAL AND REAL ESTATE

    346 W Kansas St, Spearfish, SD 57783

Why Live in Spearfish

Spearfish, South Dakota, known as "The Queen City," is a suburban area surrounded by three peaks in the northern Black Hills. With a population of 13,000, it attracts families, retirees, and second-homeowners due to its natural beauty and small-town atmosphere. Located 45 miles from Rapid City and 12 miles east of Wyoming, Spearfish offers a robust economy with industries such as tourism, health care, education, mining, and timber. The Spearfish School District is highly rated, serving 2,423 students across three elementary schools, a middle school, and a high school. Black Hills State University, a four-year public university, is also located here. Housing options range from modest manufactured homes to luxury estates, with new homes continually being built. Outdoor activities are abundant, including hiking, rock climbing, skiing, and fly-fishing, with over 50 miles of trails and popular spots like Big Hill and Eagle Cliff. The city has 16 developed parks connected by an 8-mile path, sports fields, a skate park, and a winter ice rink. Downtown Spearfish is walkable, featuring dining, shopping, and entertainment options, including the Matthews Opera House and Art Gallery. Interstate 90 runs through the city, and the Rapid City Regional Airport is 50 miles away.

Home Price Trends

Median Sale Price
$460,000
Median Single Family Sale Price
$490,000
Median Townhouse Sale Price
$547,000
Median 2 Bedroom Sale Price
$310,000
Median 1 Bedroom Sale Price
$1,149,000
Average Price Per Sq Ft
$323
Number of Homes for Sale
74
Last 12 months Home Sales
155
Months of Supply
5.70
Median List Price
$507,450
Median Change From 1st List Price
4%
Median Home Sale Price YoY Change
-3%
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