Hereโ€™s a look at the Sioux Falls Real Estate Market for April 2020. According to statistics from the REALTORยฎ Association of the Sioux Falls Empire, Inc., the number of closed sales was up 19.6 percent when compared to year-over-year numbers. Read more about this monthโ€™s real estate market trends.

๐Ÿ‘€ A Look at Housing Stats

We began the month of April with the median sale price for homes in Sioux Falls at $220,575. This amount shows an increase from the $205,724 recorded last month and an increase of 10.3 percent from the $200,000 this time last year.

The average sales price for homes in Sioux Falls is $257,740 for April, which is up from the $223,700 last month. We see an increase of 7.1 percent from the $240,710 this month in 2019.

There were 238 condominiums and single-family homes sold last month in Sioux Falls, which is up 19.6 percent from the 199 sold this time last year.

๐Ÿ“Š What Does this Data Mean?

We entered April with 873 active listings of homes for sale in Sioux Falls. The number of active listings is down 18.8 percent from 1,075 in 2019. Last month, we had 804 active listings in Sioux Falls.

The inventory for real estate in Sioux Falls is showing a 2.9 month supply of homes on the market for potential home buyers. This number is down from last year when the inventory supply was 3.9 months. For the real estate market to be considered balanced, there must be a 6-month supply of inventory.

๐Ÿ“ฑ Contact RL Real Estate Group

We can help!
Whether you’re buying a home or selling a property in Sioux Falls, we can help. Weโ€™ll be with you from the start through the closing and beyond! โ˜Ž๏ธ Call us at 605-212-8431. ๐Ÿ“ฑ You can also text us!

๐Ÿ’ฒ What does this mean for Sioux Falls home buyers?

There were 417 new listings added to the Sioux Falls real estate market inventory last month. The number of new listings is showing a significant increase from last month’s 289. When looking at numbers year over year, we see an increase of 7.2 percent.

The best way to stay current on new listings in Sioux Falls is by signing up for free e-mail alerts. Put in your search criteria, and we’ll let you know when a new home comes on the market that meets your needs.

๐Ÿ’ต What does this mean for Sioux Falls home sellers?

Sellers are currently receiving 99.1% of their original asking price. Homes are staying on the market an average of 94 days, which up 2 percent from the 92 days this month in 2019.

Even with current health concerns over the COVID-19 pandemic, the number of pending sales increased 14.1 percent last month. Setting the right asking price is essential at this time. The best way to do that is to begin with a home valuation.

๐Ÿ˜๏ธ Sioux Falls Homes for Sale

Here are the most recent home listings just added to the database in the average sale price range for Sioux Falls. All homes here are priced at $257,740 or less.

Sioux Falls Real Estate Market Report - April 2020
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Sioux Falls Real Estate Market Report - April 2020
The average price for Sioux Falls homes this month is $257,740. Read more about this monthโ€™s trends in the April 2020 real estate market report.
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RL Real Estate Group
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