Hereโ€™s a look at the Sioux Falls Real Estate Market for August 2020. According to statistics from the REALTORยฎ Association of the Sioux Falls Empire, Inc., the number of new homes sold this month increased by nearly 10 percent. Read more about this monthโ€™s real estate market trends.

๐Ÿ‘€ A Look at Housing Stats

We began the month of August with the median sale price for homes in Sioux Falls at $236,900. This amount shows an increase from the $229,775 recorded last month and an increase of 3.8 percent from the $228,250 this time last year.

The average sales price for homes in Sioux Falls is $273.898 for August, which is up from the $264,630 last month. We see a small rise of 0.8 percent from the $271,653 this month in 2019.

There were 400 condominiums and single-family homes sold last month in Sioux Falls, which is up 9.9 percent from the number sold this time last year.

๐Ÿ“Š What Does this Data Mean?

We entered August with 827 active listings of homes for sale in Sioux Falls. The number of active listings is down 35.8 percent from 1,288 in 2019. Last month, we had 867 active listings in Sioux Falls.

The inventory for real estate in Sioux Falls is showing a 2.6 month supply of homes on the market for potential home buyers. This number is down from last year when the inventory supply was 4.7 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 470 new listings added to the Sioux Falls real estate market inventory last month. The number of new listings is showing an increase from last month’s 450. When looking at numbers year over year, we see a decrease of 2.1 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 99.9% of their original asking price. Homes are staying on the market an average of 69 days, which shows consistency when compared to this month in 2019.

Setting the right asking price is more important than ever as we continue to deal with the Coronavirus pandemic. The best way to do that is to start with a home valuation. With proper planning and the use of virtual tours, buying a home in Sioux Falls is still encouraged.

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 $273,898 or less.

Summary
Sioux Falls Real Estate Market Report - August 2020
Article Name
Sioux Falls Real Estate Market Report - August 2020
Description
The average price for Sioux Falls homes this month is $273,898. Read more about trends in the August 2020 real estate market report.
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RL Real Estate Group
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