Hereโ€™s a look at the Sioux Falls Real Estate Market for May 2019. According to statistics from the REALTORยฎ Association of the Sioux Falls Empire, Inc., closed homes sales rose last month but are still showing a decrease when compared to last year’s numbers. Read more about this monthโ€™s real estate market trends.

๐Ÿ‘€ A Look at Housing Stats

We began the month of May with the median sale price for homes in Sioux Falls at $213,000. This amount increased from the $201,000 recorded last month and up 0.7 percent from the $211,500 this time last year.

April 2019 Sioux Falls Closed Sales and New Listings Chart

The average sales price for homes in Sioux Falls is $238,598 for this month, which is down from the $241,116 in April. We see a drop of 3.1 percent from the $246,112 in May 2018.

There were 225 condominiumsย andย single-family homes sold last month in Sioux Falls, which is down 25.2 percent from the 301 sold this time last year. After a slump in sold homes last month, sales are on the rise again as we head into summer months.

๐Ÿ“Š What Does this Data Mean?

We entered May with 910 active listings of home for sale in Sioux Falls. This number is up from the 844 active listings last month but down 17.9 percent from the 1,108 in 2018.

The inventory for real estate in Sioux Falls is showing a 3.1 month supply of homes on the market for potential home buyers. This number is down from last year when the inventory supply was 3.9 months. For the real estate market to be considered balanced, there must be a 6-month supply of inventory.

๐Ÿ’ฒ What does this mean for Sioux Falls home buyers?

There were 451 new listings added to the Sioux Falls real estate market inventory last month. There’s an increase in new listings recorded for the last two months, with last month’s new listings at 347. When compared to last year’s 433 new listings this same month, we see an increase of 4.2 percent.

Sioux Falls New Listings and Closed Sales Year to Date

 

With more new homes hitting the market, you want to be in-the-know as soon one is listed to move quickly and step ahead of other buyers. Signing up for email alerts can give you an edge over others who are looking for the same homes!

๐Ÿ’ต What does this mean for Sioux Falls home sellers?

Sellers are currently receiving 99.5% of their original asking price, which is up from last month. Homes are staying on the market an average of 84 days, which is down 6.5 percent from this time last year.

Sioux Falls Regional Days on Market Yearly Chart
Sioux Falls Regional Stats
After finding out how much your home is worth, you want to make sure you are setting the asking price competitively the first time. It’s just as important to make sure your home is staged to attract a broad range of potential buyers.

๐Ÿ˜๏ธ Sioux Falls Homes for Sale

See Additional Reports on the Sioux Falls Real Estate Market.

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 $238,598 or less.

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Sioux Falls Real Estate Market Report - May 2019
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Sioux Falls Real Estate Market Report - May 2019
Description
The median sale price for homes in this area increased by 0.7 percent from last year. Read more about this monthโ€™s real estate market trends.
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RL Real Estate
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