Hereโ€™s a look at the Sioux Falls Real Estate Market for February 2020. According to statistics from the REALTORยฎ Association of the Sioux Falls Empire, Inc., the median price of homes for sale in Sioux Falls is up 2.8 percent when compared to last year. Read more about this monthโ€™s real estate market trends.

๐Ÿ‘€ A Look at Housing Stats

We began the month of February with the median sale price for homes in Sioux Falls at $214,950. This amount shows a slight increase from the $213,400 recorded last month and an increase of 2.8 percent from the $209,000 this time last year.

real estate market report concept - man pointing at house icon on screen

The average sales price for homes in Sioux Falls is $238,063 for February, which is down from the $257,307 last month. We see a decrease of 3 percent from the $245,436 this month in 2019.

There were 152 condominiums and single-family homes sold last month in Sioux Falls, which is up 8.6 percent from the 140 sold this time last year.

๐Ÿ“Š What Does this Data Mean?

We entered February with 775 active listings of homes for sale in Sioux Falls. The number of active listings is down 14.7 percent from 909 in 2019. Last month, we had 763 active listings in Sioux Falls.

The inventory for real estate in Sioux Falls is showing a 2.7 month supply of homes on the market for potential home buyers. This number is down from last year when the inventory supply was 3.2 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 312 new listings added to the Sioux Falls real estate market inventory last month. The number of new listings is showing a significant drop from last month’s 167. However, when looking at numbers year over year, we see a decrease of 2.8 percent.

real estate market report concept - young couple looking at paperwork to buy a home

If one of your goals is to purchase a new home in 2020, you’ll want to stay on top of new listings in Sioux Falls by signing up for free e-mail alerts. Simply 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 98.8% of their original asking price. Homes are staying on the market an average of 98 days, which is up 9.2 percent from last year’s 89 days.

Don’t risk losing money on the sale of your home. Get a home valuation that will help when setting the asking price on your home. Make sure your home is staged to attract buyers in the Sioux Falls area.

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 $238,063 or less.

Sioux Falls Real Estate Market Report - February 2020
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Sioux Falls Real Estate Market Report - February 2020
The average price for Sioux Falls homes this month is $238,063. Read more about this monthโ€™s trends in the February 2020 real estate market report.
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RL Real Estate Group
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