The Lawrence County housing market may be leveling out after several years of volatility, according to the county’s latest Board of Equalization review.
The county’s preliminary sales ratio — a measure comparing assessed values to market prices — rose from 86.2% last year to 86.96% in 2026, suggesting assessed values are moving closer to true market value. Director of Equalization Brett Runge said sales prices are beginning to stabilize, requiring smaller jumps in assessed values to reach that ratio.
Overall county value increased about 5% this year, compared to nearly 10% last year. Runge reported 625 qualifying “good sales” outside of agriculture, up from the previous year, providing a stronger data set for valuation analysis.
Under state law, the Department of Revenue will issue a factor to adjust assessments to taxable value, which is expected to be close to the county’s preliminary estimate. New legislation passed in 2025 has limited how much owner‑occupied property values can rise through reappraisal and reduced how growth from building improvements is counted.
Countywide assessed value rose by nearly $297 million from 2024, though totals were lower than in recent years due to those legislative changes. Growth also increased significantly after four tax increment financing districts in Spearfish and Deadwood dissolved, adding previously excluded value back onto the tax rolls.
The county recorded 919 building permits over the past year — slightly higher than last year — and added more than 230 parcels. Runge said development remains strong, particularly around Spearfish, Whitewood, and the Powder House area.
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