May 2025 Black Hills Real Estate Market Update: What a Buyer’s Market Means for You

by Christians Team

As the fresh spring air fills the Black Hills and wildflowers start to bloom, the real estate landscape is also undergoing a seasonal—and strategic—shift. If you’ve been waiting for the “right time” to buy or wondering what your home is worth in today’s market, now is the time to pay attention.

Based on the latest May 2025 market data, nearly every city and price point across the Black Hills—Spearfish, Rapid City, Sturgis, and surrounding communities—is showing signs of a buyer’s market.

Let’s break down what that means, and more importantly, what it means for you.

🌄 What Is a Buyer’s Market?

In real estate, a buyer’s market happens when the number of homes for sale exceeds the number of active buyers. This results in more choices, longer days on market, and often, greater negotiation power for buyers.

In the Black Hills, we’re seeing this across the board:

More homes on the market
Prices starting to stabilize or adjust
Buyers getting time, space, and leverage

💡 What This Means for Buyers

This is your moment.

Whether you’ve been dreaming of a luxury mountain home in Spearfish or a downtown charmer in Rapid City, you now have the flexibility to explore without the pressure of bidding wars.

Picture this:

Having the time to compare multiple homes
Negotiating seller-paid closing costs
Possibly securing a home below list price
Choosing a home that truly fits your lifestyle, not just what’s available

In this market, buyers are regaining control—and smart buyers are acting now, while selection is strong and competition is softer.

🏡 What This Means for Sellers

If you’re thinking, “A buyer’s market means I can’t sell,” let’s clarify: Homes are still selling—but strategy matters more than ever.

Well-presented homes that are priced right are still attracting serious buyers. What’s changed is that buyers now expect value, and they’re willing to walk away if they don’t see it.

Sellers who succeed in today’s market:

Price competitively based on recent sales
Invest in presentation and staging
Work with experienced agents who know how to market emotionally and visually

When done right, many sellers are still closing quickly and close to asking price—even in a more competitive environment.

📊 National Market Trends: A Clear Buyer’s Market

Zooming out to the national level, the data is even more striking.

According to the latest Redfin analysis (April 2025):

There are now 34% more sellers than buyers in the U.S. housing market—the largest imbalance on record since 2013.
1.9 million sellers vs. 1.5 million buyers means 490,000 more listings than active buyers.
Just one year ago, sellers only outnumbered buyers by 6.5%. Two years ago, buyers outnumbered sellers.
As a result, Redfin predicts a 1% drop in home prices by the end of 2025 due to increasing competition among sellers.

“At no other point in records dating back to 2013 have sellers outnumbered buyers by this much.” — Redfin, April 2025

Segment Breakdown:

Condo market: Especially favorable for buyers, with 83% more sellers than buyers.
Single-family homes: Still leans toward buyers, with 28% more sellers than buyers.

Market Breakdown by Region:

Strongest Buyer’s Market: Miami, where sellers outnumber buyers 3 to 1.
Most Balanced Market: St. Louis.
Strongest Seller’s Market: Newark.

Additionally, Homes.com notes that inventory is up 30.6% year-over-year, and homes are still moving fairly quickly, spending a median of 50 days on the market, just four days more than last year.

🧭 What It Means

Across the country—and here in the Black Hills—this growing gap between sellers and buyers signals one thing clearly: buyers are in the driver’s seat. Sellers, meanwhile, need to be strategic, realistic, and responsive to market dynamics.

If you're considering selling, timing and pricing are crucial. And if you're buying? This market could offer you more leverage than we've seen in nearly a decade.

🎯 Final Thoughts

Whether you're looking to buy your dream home or sell with confidence, understanding what’s really happening in the market can make all the difference.

The Black Hills real estate market in May 2025 presents a unique window of opportunity:

Buyers: More choices, less pressure, and real negotiating power
Sellers: The need for precision, presentation, and experienced representation

Our team at Christians Team Real Estate is here to help you navigate this shift with clarity and confidence. Let’s talk about your goals and how we can help you achieve them—on your terms.

📩 Reach out today for a custom market analysis or home buying consultation.

Christians Team Real Estate
Your Trusted Experts in the Black Hills

Call us today, 605-340-0768.