Black Hills Real Estate Market Report: October 2026
In October 2026, Rapid City was a seller's market. The median sold price held at $375,000, homes sold in a median of 19 days, and sellers received about 98% of list price. Spearfish was a balanced market, with 6.2 months of inventory, up 48% from a year earlier, and a median sold price of $498,000 on a small number of sales.
October 2026 at a glance
| Metric | Rapid City | Spearfish |
|---|---|---|
| Market type | Seller's | Balanced |
| Median sold price | $375,000 | $498,000 |
| Change from September | Flat | Down 5.1% |
| Homes sold | 101 | 9 |
| Median days on market (sold) | 19 | 38 |
| Sold-to-list price | 98.0% | 96.5% |
| Months of inventory | 3.77 | 6.2 |
| Active listings | 373 | 93 |
| Median list price (active) | $395,000 | $679,000 |
| Median estimated value, 12-month change | +2.3% | +3.8% |
Source: RPR (Realtors Property Resource), October 2026 data. Single-family homes, condos, and townhomes. Market type as classified by RPR.
What is happening in the Rapid City housing market?
Homes that sold in Rapid City in October moved quickly. The median time on market was 19 days, down from about 28 in September, and sellers received 98% of list price. The median sold price held steady at $375,000, and 101 homes closed, up 6% from the prior month.
The numbers that look ahead tell a quieter story. New listings fell 23% from September to 151, and pending sales fell by about half, to 71. That points to fewer closings in November and December. Inventory edged up to 3.77 months of supply, about 5% higher than a year ago.
Some of that slowdown is seasonal. Either way, well-priced homes are still selling fast, and buyers who stay active into winter will see less competition for them.
What is happening in the Spearfish housing market?
Spearfish was a balanced market in October. Months of supply reached 6.2, up 48% from October 2025. Active listings have been on the market a median of 80 days, and the median list price of active homes is $679,000, well above Rapid City.
Only nine homes sold in October, so the median sold price of $498,000, down 5% from September, should be read with care. With a sample that small, the median can move on which homes happened to close. The clearer signal is negotiation: sellers received 96.5% of list price, and the homes that sold took a median of 38 days.
Pending sales dropped to five for the month, down from 13 in September. That points to a slow finish to the year.
What this means for sellers
In Rapid City, price still decides the outcome. Homes priced to the market are selling in under three weeks at close to full price. With fewer new contracts being written, an overpriced listing has fewer chances to recover before year end.
In Spearfish, plan for a longer runway and real negotiation. Buyers have more to choose from than they did a year ago, which puts more weight on pricing, presentation, and how a home compares with the active competition.
What this means for buyers
In Rapid City, competition is easing, but the best-priced homes are still moving fast. Have financing in order before you tour.
In Spearfish, you have more inventory to choose from than a year ago and more room to negotiate on price and terms. Days on market is worth watching: a home that has been listed for months may have a seller ready to talk.
From the field
When pricing a home, you need to take into account not only recent sales but also the active competition, what is under contract, and how long those homes sat on the market. Homes also need to show well, and marketing can make a big difference when buyers are shopping online.
Frequently asked questions
Is Rapid City a buyer's or seller's market right now?
RPR classified Rapid City as a seller's market in October 2026. Homes sold in a median of 19 days at about 98% of list price, with 3.77 months of inventory.
Is Spearfish a buyer's or seller's market right now?
RPR classified Spearfish as a balanced market in October 2026. Inventory reached 6.2 months, up 48% from a year earlier, and homes sold at about 96.5% of list price.
What is the median home price in Rapid City, SD?
The median sold price in Rapid City was $375,000 in October 2026, unchanged from September. Active listings had a median list price of $395,000.
What is the median home price in Spearfish, SD?
The median sold price in Spearfish was $498,000 in October 2026, based on nine sales. Active listings had a median list price of $679,000.
Every property sits a little differently against these numbers, especially acreage and higher-end homes, where comparable sales are thin. If you want a read on what this means for your property, I'm happy to pull a custom report. Start a conversation.
Lori Barnett, License Partner, Engel & Völkers Black Hills
Categories
Recent Posts
