Here’s a look at the Sioux Falls Real Estate Market for August 2019. According to statistics from the REALTOR® Association of the Sioux Falls Empire, Inc., the average price of homes for sale in Sioux Falls is up 10.9 percent when compared to last year. Read more about this month’s real estate market trends.

👀 A Look at Housing Stats

We began the month of August with the median sale price for homes in Sioux Falls at $226,500. This amount shows a decrease from the $229,900 recorded last month, but we see an increase of 7.6 percent from the $210,500 this time last year.

Real Estate Market Trends Concept - Average Sale Price Sioux Falls Homes

The average sales price for homes in Sioux Falls is $270,921 for this month, which is up from the $269,674 in July. We see an increase of 10.9 percent from the $244,256 in August 2018.

There were 349 condominiums and single-family homes sold last month in Sioux Falls, which is down 3.6 percent from the 362 sold this time last year.

📊 What Does this Data Mean?

We entered August with 1,016 active listings of homes for sale in Sioux Falls. This number is down slightly from the 1,037 active listings last month and down 13.8 percent from the 1,178 in 2018. This is the first dip in active listings within the last three months for the Sioux Falls real estate market area.

The inventory for real estate in Sioux Falls is showing a 3.5 month supply of homes on the market for potential home buyers. This number is down from last year when the inventory supply was 4 months. For the real estate market to be considered balanced, there must be a 6-month supply of inventory.

💲 What does this mean for Sioux Falls home buyers?

There were 444 new listings added to the Sioux Falls real estate market inventory last month. After four months of seeing an increase in new listings, we’re noticing a drop from last month’s 535 new listings. There’s a decrease of 10.8 percent when compared to last year’s 498 new listed homes.

Real Estate Agent Showing Home Buyers a home with wooden staircase

With the drop in new listings and the decrease in the number of active listings, it’s more important than ever to stay on top of new homes as they hit the real estate market in Sioux Falls. Hold an advantage by signing up for email alerts that deliver fresh listings right to your email inbox. With these alerts, you can act quickly before your competition.

💵 What does this mean for Sioux Falls home sellers?

Sellers are currently receiving 99.5% of their original asking price. Homes are staying on the market an average of 69 days, which shows an improvement of 5.5 percent from this time last year.

Older couple standing at for sale sign

After finding out how much your home is worth, you want to make sure you are setting the asking price competitively the first time. It’s just as important to make sure your home is staged to attract a broad range of potential buyers.

🏘️ Sioux Falls Homes for Sale

See Additional Reports on the Sioux Falls Real Estate Market.

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 $270,921 or less.

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Sioux Falls Real Estate Market Report - August 2019
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Sioux Falls Real Estate Market Report - August 2019
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The average price for Sioux Falls homes rose 10.9% to $270,921. Read more about this month’s trends in the June 2019 real estate market report.
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RL Real Estate
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