Hereโ€™s a look at the Sioux Falls Real Estate Market for October 2020. According to statistics from the REALTORยฎ Association of the Sioux Falls Empire, Inc., the number of homes sold last month increased 27.7 percent. Read more about this monthโ€™s real estate market trends.

๐Ÿ‘€ A Look at Housing Stats

We began the month of October with the median sale price for homes in Sioux Falls at $242,000. This amount shows an increase from the $241,750 recorded last month and an increase of 12.8 percent from the $214,500 recorded this time last year.

The average sales price for homes in Sioux Falls is $275,860 for October, which is up from the $270,233 last month. We see an increase of 8.6 percent from the $254,101 this month in 2019.

There were 369 condominiums and single-family homes sold last month in Sioux Falls, which is up an impressive 27.7 percent from the number sold this time last year.

๐Ÿ“Š What Does this Data Mean?

We entered October with 762 active listings of homes for sale in Sioux Falls. The number of active listings is down 39 percent from 1,250 in 2019. Last month, we had 807 active listings in Sioux Falls.

The inventory for real estate in Sioux Falls is showing a 2.4 month supply of homes on the market for potential home buyers. This number is down from last year when the inventory supply was 4.6 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 376 new listings added to the Sioux Falls real estate market inventory last month. The number of new listings is showing a decrease from last month’s 427. When looking at numbers year over year, we see a decrease of 10 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 100.2% of their original asking price. Homes are staying on the market an average of 70 days, which an improvement of 9.1 percent compared to this month in 2019.

Setting the right asking price is essential. The best way to do that is to start with a home valuation. Start with a value estimate and then give us a call or text to see how we can help sell your property.

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 $275,860 or less.

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Sioux Falls Real Estate Market Report - October 2020
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Sioux Falls Real Estate Market Report - October 2020
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The average price for Sioux Falls homes this month is $275,860. Read more about trends in the October 2020 real estate market report.
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RL Real Estate Group
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