Hot Springs, South Dakota.
Typical home $332,744 (-0.6% in a year).
to buy the typical home at today's mortgage rate — +$990 (+131%) since Jan 2020.
- 1 year
- Down $1,908 -1%
- $334,652$332,744 since Sep 2025
- 5 years
- Up $51,333 +18%
- $281,411$332,744 since Sep 2021
Monthly payment to buy the typical home
Home value × that month's 30-year mortgage rate, 20% down, principal and interest. This is the line households feel: prices and rates compound each other.
- Hot Springs$1,746
- South Dakota$1,668
- United States$1,922
At the last five years' pace, a typical home here doubles in price every 21 years.
Typical home values in Hot Springs, SD fell 0.6% over the past year — slower than the nation's +1.2%.
Living in Hot Springs, Fall River County, South Dakota
Hot Springs is a city of 3,395 people in Fall River County. Half its households earn more than $66,338 a year and half less, against $67,917 across Fall River County; 21% of its people live below the poverty line. 62% of its homes are lived in by their owners and 38% are rented. Unemployment in Fall River County was 2.9% in August 2026, and the county had 0.4% fewer jobs in 2025 than the year before. The most residents work in schools and health care, then restaurants and hotels.
Written by AI Claude Sonnet 5.5 wrote this on 23 October 2026 from the figures here, a list of nearby places and what it knows. It can be wrong or out of date.
What it’s like
The place. Hot Springs is a small city in the southern Black Hills, and its residents skew older than in most American towns. Incomes run a little below the county's, and a good share of households live below the poverty line. Most homes are lived in by their owners, and a four-year degree is held by a minority of adults. Winters are cold, with January highs near freezing and lows well below it, and a fair amount of snow. Summers are warm, with July the hottest month, and the year brings a moderate amount of rain and melted snow.
Work. Residents work mostly in schools, hospitals and social care, followed by restaurants, hotels and entertainment, shops, and the building trades. Among the largest workplaces in town are the Veterans Health Administration, the Hot Springs School District and the National Park Service. Few people work from home, and across Fall River County the number of jobs slipped slightly last year while unemployment stayed low.
Things to do. Wind Cave National Park, a national park, is a short drive away, and the Mammoth Site, a museum, is in or beside town. Angostura Reservoir is also a short drive off, and Custer State Park, a protected area, is a longer drive away. Hot Brook runs in or beside town for a walk along the water.
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- 1,885households
- 29%of adults have a degree
- 21%below the poverty line
- 4%work from home
What residents work in
Employed residents by industry, from the Census survey. Fall River County had 2,506 jobs in 2025, 0.4% fewer than the year before (Bureau of Labor Statistics).
Weather through the year
Coldest in January, with highs near 40° and lows near 14°; warmest in July, with highs near 88° and lows near 57°. About 32 inches of snow and 19 inches of rain and melted snow a year.
Average daily high and low, 1991–2020, at the Hot Springs weather station, a mile away (NOAA).
Largest workplaces in Hot Springs
- Veterans Health AdministrationFederal government · Department of Veterans Affairs308
- Hot Springs School District 23-2School district113FTE
- National Park ServiceFederal government · Department of the Interior54
- Office of the Secretary of the InteriorFederal government · Department of the Interior22
Federal offices come from OPM's federal workforce data (2026) and school districts from the Common Core of Data (NCES, 2023–24); FTE marks full-time equivalent staff. Not listed: many offices and banks, which need not report to OSHA; military bases, whose staff OPM withholds; and, in about half the states, city and county governments.
Natural hazards
- Winter weatherVery high
- LightningVery high
- Inland floodingVery high
- WildfireRelatively high
- HailRelatively high
- Strong windRelatively high
FEMA’s National Risk Index (December 2025) rates the risk each natural hazard poses to the people, buildings and farms in Hot Springs’ census tracts, against the rest of the country; all of them together, relatively high. It is meant for planning, not a substitute for a local risk assessment or a flood map: FEMA’s index.
From the U.S. Census Bureau’s 2020 census and its American Community Survey (2020–2024 five-year estimates), and the Bureau of Labor Statistics. A survey, so each figure has a margin of error, and figures it is not sure of are left out. More on Fall River County.
Hot Springs home values
Zillow measures a city over its municipal boundary. Against the state and national figures, mid-tier homes, smoothed and seasonally adjusted.
- Hot Springs$332,744
- South Dakota$317,874
- United States$366,157
Sellers are cutting prices on about 1 in 4 Hot Springs listings — the market is roughly in balance.
When this market ran hot
Each cell is that month's year-on-year home-value growth. Read left to right, top row is the latest year — the 2021–22 band is the boom.
Market heat, inside the city limits
Share of listings with a price cut
The early-warning dial: sellers cut when buyers stop reaching. Rising cuts cool a market months before prices notice.
- Hot Springs27.66%
- United States26.90%
Homes for sale
Active for-sale inventory. More supply hands power to buyers.
- Hot Springs86
New listings per month
Sellers arriving at the market.
- Hot Springs13
Zip codes with a Hot Springs address
A different geography, not a breakdown. The figure above covers the municipality; these zips cover everywhere the Post Office calls Hot Springs — often including townships beyond the city limits. Both come straight from Zillow, and they are not expected to average out.