Sioux Falls Real Estate Market Report - October 2019

Here’s a look at the Sioux Falls Real Estate Market for October 2019. According to statistics from the REALTOR® Association of the Sioux Falls Empire, Inc., the average price of homes for sale in Sioux Falls is up 8.6 percent when compared to last year. Read more about this month’s real estate market trends.

Click Here for a Free Home Value Estimation!

👀 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

We began the month of October with the median sale price for homes in Sioux Falls at $212,900. This amount shows a decrease from the $224,000 recorded last month, but we see an increase of 5.4 percent from the $202,000 this time last year.

real estate market report concept icons

The average sales price for homes in Sioux Falls is $273,703 for October, which is up from the $273,703 in September. We see an increase of 8.6 percent from the $233,632 this month in 2018.

There were 257 condominiums and single-family homes sold last month in Sioux Falls, which is down 13.8 percent from the 298 sold this time last year.

📊 What Does this Data Mean?

We entered October with 1,046 active listings of homes for sale in Sioux Falls. The number of active listings is down 9.5 percent from 1,156 in 2018. It’s not unusual to see a decrease in active listings as we move into holiday months.

The inventory for real estate in Sioux Falls is showing a 3.7 month supply of homes on the market for potential home buyers. This number is down from last year when the inventory supply was 4 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?

There were 404 new listings added to the Sioux Falls real estate market inventory last month. The number of new listings is showing a marked decrease from last month’s 474 recorded. There’s a drop of 10.4 percent when compared to last year’s 451 new listed homes.

Home buyers with real estate agent having coffee

The best way to stay informed when it comes to new listings in the Sioux Falls area is to sign up for free e-mail alerts. It’s as easy as putting in the search criteria you find essential in a home, and we send you new listings that match as soon as they come on the market.

Get email updates when new properties hit the market!

💵 What does this mean for Sioux Falls home sellers?

Sellers are currently receiving 98.8% of their original asking price. Homes are staying on the market an average of 77 days, which is a slight increase of 1.6 percent from last year.

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

Sellers Looking at Sold Sign

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.