Hereโ€™s a look at the Sioux Falls Real Estate Market for July 2020. According to statistics from the REALTORยฎ Association of the Sioux Falls Empire, Inc., even with the current pandemic, current housing prices remain consistent with those at this same time last year. Read more about this monthโ€™s real estate market trends.

๐Ÿ‘€ A Look at Housing Stats

We began the month of July with the median sale price for homes in Sioux Falls at $229,775. This amount shows a slight decrease from the $229,900 recorded last month and an increase of 0.1 percent from the $229,550 this time last year.

The average sales price for homes in Sioux Falls is $264,630 for July, which is up from the $263,574 last month. We see a small drop of 1 percent from the $264,630 this month in 2019.

There were 368 condominiums and single-family homes sold last month in Sioux Falls, which is down 1.6 percent from the 374 sold this time last year. However, that number shows an increase from last month’s 257 sold.

๐Ÿ“Š What Does this Data Mean?

We entered July with 867 active listings of homes for sale in Sioux Falls. The number of active listings is down 33.3 percent from 1,299 in 2019. Last month, we had 891 active listings in Sioux Falls.

The inventory for real estate in Sioux Falls is showing a 2.8 month supply of homes on the market for potential home buyers. This number is down from last year when the inventory supply was 4.8 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 450 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 380. When looking at numbers year over year, we see a decrease of 21.9 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 99.4% of their original asking price. Homes are staying on the market an average of 75 days, which shows an improvement of 1.7 percent from the 77 days 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 $264,630 or less.

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Sioux Falls Real Estate Market Report - July 2020
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Sioux Falls Real Estate Market Report - July 2020
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The average price for Sioux Falls homes this month is $264,630. Read more about this monthโ€™s trends in the July 2020 real estate market report.
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RL Real Estate Group
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