Spearfish, SD

  • Overview
  • Performance
  • Listings
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Key Performance Metrics

Market snapshot

Performance indicators for the Spearfish short-term rental market based on reliable data.

Listings

109 / 197

Reliable / Active

Cap Rate

7%

Middle-Earners Gross Yield

Revenue

$30,723

Middle-Earners Revenue

Occupancy

58%

Middle-Earners Occupancy

Home Value

$456,377

Median Home Sale Price

Top Earners

$46,291

Top-Earners Revenue

Spearfish

Market Revenue Seasonality

Top Listings

Highest revenue

The highest-performing listings in Spearfish.

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B

Generally Investor friendly

Spearfish Regulations

Spearfish presently permits STRs with no city permits, licensing, or caps, enabling immediate entry, but an active task force is evaluating future rules—from light licensing to bans—creating notable regulatory uncertainty for investors.

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About Spearfish

Spearfish is a small city in Lawrence County in the western corner of South Dakota, set squarely within the pine-covered slopes of the Black Hills. With a population of approximately 12,000, the town has the friendly rhythm of a college community, anchored by Black Hills State University, while still carrying the rugged character of the surrounding mountain West. It is best known as the northern gateway to Spearfish Canyon and serves as a year-round base for travelers exploring the greater Black Hills region. The nearest sizable city is Rapid City, situated roughly 45 miles to the east along Interstate 90.

Just south of the city limits, Spearfish Canyon stretches for about 22 miles along a scenic byway cut by Spearfish Creek. The canyon draws visitors with its sheer limestone walls, the cascading Bridal Veil Falls, the more remote Roughlock Falls, and the photogenic Devil's Bathtub swimming hole. In summer it is a haven for hikers and sightseers, while autumn brings a wave of leaf-peepers drawn to the golden stands of aspen and birch. The canyon is a defining feature of the community and a strong anchor for tourism in any season.

Within the city itself, the D.C. Booth Historic National Fish Hatchery offers a quieter but distinctive stop. Operated by the U.S. Fish & Wildlife Service, the hatchery complex includes a museum of fish culture, historic stone buildings, a vintage rail car, and trout-rearing pools set along the creek. Admission is free, and the site provides an easy, family-friendly diversion right in town.

A short drive from Spearfish opens up several of the Black Hills' most recognizable destinations. Historic Deadwood, with its preserved main street, gaming halls, and connections to Wild Bill Hickok and Calamity Jane, is roughly 20 minutes to the north. Sturgis, famous for the massive annual motorcycle rally held each August, sits a similar distance to the east. Further afield, about 90 minutes to the southeast, Mount Rushmore National Memorial and the ongoing Crazy Horse Memorial draw visitors from around the world, while the Black Hills themselves offer a near-continuous landscape of national forest, state park, and mountain trail.

Spearfish's appeal as a short-term rental market lies in this combination of small-town character and big-sky surroundings. Guests are drawn by Spearfish Canyon's natural beauty, by the steady flow of Sturgis Rally travelers, and by the canyon's proximity to the marquee landmarks of the Black Hills. With four-season recreation, a walkable downtown, and a setting that feels both remote and well-connected, the city offers hosts a consistently broad audience of visitors.

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