Sioux Falls Real Estate Market Report

Here’s a look at the Sioux Falls Real Estate Market for January 2019. According to statistics from the REALTOR® Association of the Sioux Falls Empire, Inc., the number of new listings to come on the market has shown a decrease again this month. Read more about this month’s real estate market trends.

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👀 A Look at Housing Stats
📊 What Does this Data Mean?
💲 What does this mean for Sioux Falls home buyers?
💵 What does this mean for Sioux Falls home sellers?
🏘️ Sioux Falls Homes for Sale

👀 A Look at Housing Stats

Welcome to the new year! We began the month of January with the median sale price for homes in Sioux Falls at $205,000. This is up from the $198,950 we saw in December’s report and up 5.1 percent from the median sale price of $195,000 this time last year.

The average sales price for homes in Sioux Falls is currently $237,868. This amount is up 1.8 percent from last year’s $233,636.

There were 176 condominiums and single-family homes sold last month in Sioux Falls, which is down 31.5 percent from the 257 sold this time last year and shows a drop from the 264 sold last month.

📊 What Does this Data Mean?

We entered January with 757 active listings of home for sale in Sioux Falls. This number is down from the 874 active listings in December and down 13 percent from the 870 in January 2018.

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 3.1 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?

laughing man and woman holding house keys in front of a sold sticker on a for sale sign

There were 153 new listings added to the Sioux Falls real estate market inventory last month. This number is down dramatically from the 262 new listings noted in December’s report and is down 10 percent from the 170 new listings this same time last year.

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With the number of new listings on the market on the decline, it’s more important than ever that buyers in Sioux Falls get alerted immediately when a new home is listed. This alert could mean the difference between getting the home of your dreams or having to settle on one that is the next best thing.

💵 What does this mean for Sioux Falls home sellers?

couple selling a house sitting in front of real estate agent at desk

Sellers are currently receiving 98.6% of their original asking price, which is down slightly from last month. Homes are staying on the market an average of 77 days, and this number remains consistent from last month and this time last year.

How much is your home worth today? Find out here!

If you’re thinking about choosing the for sale by owner option when listing your home, you’ll want to check out our helpful guide. Of course, we look forward to helping you sell your home successfully by helping you set your asking price correctly.