Spearfish, SD Airbnb Market Data, Statistics, and Occupancy Rates

Spearfish Short-Term Rental Market Overview

Spearfish, SD is a small but highly seasonal short-term rental market nestled in the northern Black Hills, drawing visitors with outdoor recreation and proximity to regional attractions. With 74 active Airbnb listings and an average annual revenue of $28,809, the market shows a dramatic summer peak — July alone averages $5,574 per listing — but occupancy sits at just 23%, well below the 43% South Dakota state average. Home values averaging $720,378 paired with modest annual revenue create a challenging revenue-to-price ratio, making careful deal sourcing essential for investors considering this market.

Key Market Statistics

According to Rabbu market data, the Spearfish short-term rental market shows:

Data sources: Rabbu proprietary analytics as of Apr, 27 2026 and Zillow Home Value Index (ZHVI) as of Mar, 17 2026.

Why Investors Consider Spearfish

Spearfish appeals to investors seeking exposure to Black Hills tourism and outdoor recreation demand, though strong competition and elevated home prices require disciplined deal selection.

Expert Market Assessment

"Spearfish presents a competitive opportunity where timing and property selection matter significantly. The extreme seasonality — with July revenue ($5,574) nearly seven times the April low ($815) — means investors need reserves or supplemental income strategies for the off-season. Larger properties meaningfully outperform: 4- and 5-bedroom units generate $54,967–$62,483 annually compared to just $19,807 for 1-bedroom listings. With supply expanding rapidly and occupancy already below state averages, success here hinges on offering a differentiated guest experience and pricing strategically through the quieter months."

— Rabbu Market Analysis Team

Key Airbnb Metrics & Trends in Spearfish

Average revenue by month in Spearfish

Spearfish displays extreme seasonality, with July ($5,574) and August ($5,316) generating roughly 38% of annual revenue combined, while April ($815) and November ($924) represent the slowest months. This nearly 7x spread between peak and trough months means investors should plan for significant cash-flow variability outside the summer season.

Active Airbnb listings by property size in Spearfish

One-bedroom units dominate supply with 31 of the market's 74 listings (42%), while 2- and 3-bedroom homes each account for 12 listings. The 4- and 5-bedroom segments are notably thinner at 8 and 7 listings respectively, which may present an opportunity given their substantially higher revenue potential.

Average daily rate (ADR) by property size in Spearfish

ADR scales steeply with size in Spearfish, rising from $119 for 1-bedroom units to $364 for 5-bedroom properties — a 3x premium. The jump from 2-bedroom ($149) to 3-bedroom ($229) is particularly notable, suggesting that the mid-size upgrade delivers meaningful pricing power relative to acquisition cost increases.

Average RevPAN by property size in Spearfish

Four-bedroom properties lead RevPAN at $80 per available night, followed by 5-bedroom units at $72, while 1-bedroom listings trail at just $28. This makes larger configurations significantly more efficient revenue generators on a per-night basis, even after accounting for their lower occupancy compared to smaller units.

Average occupancy rates by property size in Spearfish

Occupancy rates are modest across all sizes, ranging from a low of 14% for 3-bedroom properties to 28% for 4-bedroom units and 27% for 2-bedrooms. The relatively narrow band suggests that market-wide seasonality — rather than property size — is the dominant factor driving occupancy in Spearfish.

Average monthly revenue by property size in Spearfish

Monthly revenue increases steadily with property size, from $1,650 for 1-bedroom listings to $5,206 for 5-bedroom homes. Four-bedroom properties also perform well at $4,580 per month, making both 4- and 5-bedroom configurations the strongest earners for investors focused on maximizing cash flow.

Average annual revenue by property size in Spearfish

Five-bedroom properties top annual revenue at $62,483, more than three times the $19,807 earned by 1-bedroom units. Four-bedroom homes follow at $54,967, and the gap between 3-bedroom ($35,160) and 4-bedroom revenue suggests that stepping up to larger properties delivers outsized returns relative to incremental costs.

Most common amenities for Airbnb listings in Spearfish

Parking (99%) and a kitchen (95%) are near-universal in Spearfish listings, reflecting the car-dependent, self-catering nature of Black Hills travel. Outdoor amenities like patio/balcony (60%), outdoor furniture (62%), and BBQ grills (47%) are common, while hot tubs — present in 35% of listings — offer a meaningful differentiation opportunity for properties looking to stand out and command premium rates.

Understanding Spearfish's ROI Score: 46/100

Rabbu's ROI Score is a proprietary metric that evaluates short-term rental investment potential based on multiple factors.

How the ROI Score is Calculated

What This Means for Investors

Spearfish's ROI Score of 46 out of 100 places it in the 'Competitive Opportunity' band, reflecting a market where investor interest is genuine but returns require careful positioning. The below-average revenue-to-price ratio — driven by $720,378 average home values against $28,809 in annual revenue — is the primary drag, compounded by below-average supply/demand balance as listings surged 167% year-over-year. Investors should pair this data with thorough local regulatory research and focus on larger property configurations where revenue potential significantly outpaces market averages.

Short-Term Rental Regulations in Spearfish

Understanding local STR regulations is essential before investing in Spearfish. Here's the current regulatory landscape:

Permit Requirements

Short-term rental operators in Spearfish, South Dakota may be required to obtain permits or register their property with the city before hosting guests. Investors should verify current requirements directly with the City of Spearfish and Lawrence County, as local STR regulations can change.

Key Restrictions

Common restrictions in similar South Dakota markets include occupancy limits, noise ordinances, parking requirements, and minimum stay provisions. HOA covenants may impose additional limitations on short-term rental activity, so reviewing any applicable community rules before purchasing is strongly recommended.

Tax Obligations

STR hosts in South Dakota are typically subject to state sales tax and local tourism or occupancy taxes, which platforms like Airbnb often collect and remit on the host's behalf. Investors should confirm their full tax obligations with the South Dakota Department of Revenue and local authorities.

Regulations subject to change. Always verify with local authorities before purchasing. A Rabbu partner agent specializing in Spearfish can provide current regulatory guidance.

Future Outlook & Long-Term Forecast

"Over the next 12–18 months, Spearfish's summer-driven demand should remain the primary revenue engine, with June through August likely accounting for roughly half of annual income. Active listings grew 167% year-over-year, which could put downward pressure on occupancy and rates if supply outpaces visitor growth. Investors should anticipate occupancy holding in the low-to-mid 20% range annually, with ADR potentially stable around $195–$205 given the competitive landscape. Selective property choices — particularly larger homes that command premium nightly rates — will be key to outperforming market averages."

— Rabbu Market Analysis Team

Frequently asked questions about Airbnb in Spearfish, SD

What is the average Airbnb occupancy rate in Spearfish?

The average Airbnb occupancy rate in Spearfish is currently 23%, which falls below the South Dakota state average of 43%. Occupancy varies meaningfully by property size, with 4-bedroom homes achieving the highest rate at 28% and 3-bedroom units the lowest at 14%. The strong seasonal nature of the market means summer months drive the bulk of bookings, while shoulder and winter periods see considerably lower demand.

How much do Airbnb hosts make in Spearfish?

On average, Airbnb hosts in Spearfish earn approximately $2,400 per month and $28,809 per year based on the trailing 12 months of booking data. Revenue varies substantially by property size — 1-bedroom listings average $19,807 annually, while 5-bedroom properties bring in roughly $62,483. Summer is the primary revenue driver, with July averaging $5,574 and August averaging $5,316 per listing.

Is Spearfish a good market for Airbnb investment?

Spearfish carries an ROI Score of 46 out of 100, categorized as a 'Competitive Opportunity.' The market benefits from strong seasonal tourism demand, particularly during summer months, but faces challenges including elevated home prices (averaging $720,378), below-average occupancy, and rapid supply growth of 167% year-over-year. Investors who target larger properties and offer standout amenities may achieve above-average returns, but disciplined deal sourcing is essential.

What is the average daily rate (ADR) for Airbnb in Spearfish?

The average daily rate for Airbnb listings in Spearfish is $198, which is below the South Dakota state average of $261. ADR scales significantly with property size: 1-bedroom units average $119 per night, while 5-bedroom homes command $364 per night. This pricing structure rewards investors who can acquire and operate larger properties effectively.

Are short-term rentals legal in Spearfish?

Short-term rentals do operate in Spearfish, SD, with 74 active Airbnb listings currently in the market. However, local regulations regarding permits, zoning, and operational requirements can evolve. Prospective investors should verify the latest rules with the City of Spearfish and Lawrence County before purchasing a property for short-term rental use.

When is peak season for Airbnb in Spearfish?

Peak season in Spearfish runs from June through August, driven by summer tourism in the Black Hills region. July is the strongest month with average revenue of $5,574, followed closely by August at $5,316 and June at $3,703. The off-peak period spans late fall through early spring, with April being the slowest month at just $815 in average revenue.

How many Airbnbs are there in Spearfish?

As of April 2026, there are 74 active Airbnb listings in Spearfish. One-bedroom properties make up the largest share of supply with 31 listings, followed by 2- and 3-bedroom units at 12 each. The market has seen significant growth, with active listings increasing 167% year-over-year.

How is Airbnb revenue calculated in Spearfish?

The annual and monthly revenue figures for Spearfish are derived from the trailing 12 months of historical booking performance for active comparable Airbnb listings in the market — not a forward-looking projection. Rabbu averages each comparable listing's actual revenue per available night (RevPAN) by month over the past year, drops regional outliers, and rolls the remainder up to a market-level historical average. This anchors the figures to what hosts have actually earned recently rather than to forecasts, while still naturally reflecting seasonal peaks and slower months because each month uses its own historical performance. Individual results can vary based on property quality, pricing strategy, and operational management.

About Rabbu Market Data

Rabbu provides Airbnb and short-term rental market data and statistics across the United States. Our mission is to empower investors with accurate insights and easy-to-use tools, so they can confidently identify and act on the best opportunities in the Airbnb market.

What this data includes

• Regularly updated active Airbnb and STR listing counts for the Spearfish market
• Historical occupancy rates and average daily rate trends by property size
• Monthly and annual revenue metrics based on trailing 12-month booking data
• Home value data sourced from the Zillow Home Value Index (ZHVI)
• Amenity prevalence data across active listings in the market

Sources and disclaimers

Rabbu proprietary analytics as of Apr, 27 2026 and Zillow Home Value Index (ZHVI) as of Mar, 17 2026. Revenue projections are estimates based on comparable properties and do not guarantee future performance. Local regulations, permit requirements, and tax obligations may change; always verify current rules with municipal and state authorities before investing. Individual property results will vary based on location, condition, pricing strategy, and management quality.