Hereโ€™s a look at the Sioux Falls Real Estate Market for March 2020. According to statistics from the REALTORยฎ Association of the Sioux Falls Empire, Inc., the number of closed sales was up an impressive 13.9 percent when compared year-over-year. Read more about this monthโ€™s real estate market trends.

๐Ÿ‘€ A Look at Housing Stats

We began the month of March with the median sale price for homes in Sioux Falls at $205,724. This amount shows a decrease from the $214,950 recorded last month and an increase of 1.5 percent from the $202,590 this time last year.

The average sales price for homes in Sioux Falls is $223,700 for March, which is down from the $238,063 last month. We see a decrease of 1.6 percent from the $227,325 this month in 2019.

There were 156 condominiums and single-family homes sold last month in Sioux Falls, which is up 13.9 percent from the 137 sold this time last year.

๐Ÿ“Š What Does this Data Mean?

We entered March with 804 active listings of homes for sale in Sioux Falls. The number of active listings is down 18 percent from 980 in 2019. Last month, we had 775 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 3.5 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 289 new listings added to the Sioux Falls real estate market inventory last month. The number of new listings is showing a drop from last month’s 312. However, when looking at numbers year over year, we see an increase of 0.3 percent.

real estate market report concept - family unpacking boxes in new home

During these times of change, the easiest 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 98.2% of their original asking price. Homes are staying on the market an average of 95 days, which is right in line with this time in 2019.

house for sale
It’s important to understand how health concerns are impacting home prices in Sioux Falls. Get a home valuation that can help you navigate setting an asking price that will attract potential buyers.

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 $223,700 or less.

Summary
Sioux Falls Real Estate Market Report - March 2020
Article Name
Sioux Falls Real Estate Market Report - March 2020
Description
The average price for Sioux Falls homes this month is $223,700. Read more about this monthโ€™s trends in the March 2020 real estate market report.
Author
Publisher Name
RL Real Estate Group
Publisher Logo
View All Sioux Falls Real Estate Market Report Posts