Hereโ€™s a look at the Sioux Falls Real Estate Market for May 2020. According to statistics from the REALTORยฎ Association of the Sioux Falls Empire, Inc., the number of closed sales was up 4.9 percent when compared to year-over-year 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 $229,900. This amount shows an increase from the $220,575 recorded last month and an increase of 7.4 percent from the $214,000 this time last year.

The average sales price for homes in Sioux Falls is $263,574 for May, which is up from the $257,740 last month. We see an increase of 8.7 percent from the $242,482 this month in 2019.

There were 257 condominiums and single-family homes sold last month in Sioux Falls, which is up 4.9 percent from the 245 sold this time last year.

๐Ÿ“Š What Does this Data Mean?

We entered May with 891 active listings of homes for sale in Sioux Falls. The number of active listings is down 27.9 percent from 1,236 in 2019. Last month, we had 873 active listings in Sioux Falls.

The inventory for real estate in Sioux Falls is showing a 2.9 month supply of homes on the market for potential home buyers. This number is down from last year when the inventory supply was 4.5 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 380 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 417. When looking at numbers year over year, we see a decrease of 24.3 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 100% of their original asking price. Homes are staying on the market an average of 85 days, which up 0.4 percent from the 86 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 begin with a home valuation.

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 $263,574 or less.

Sioux Falls Real Estate Market Report - May 2020
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Sioux Falls Real Estate Market Report - May 2020
The average price for Sioux Falls homes this month is $263,574. Read more about this monthโ€™s trends in the May 2020 real estate market report.
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RL Real Estate Group
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