Sioux Falls Real Estate Market Report - September 2019

Here’s a look at the Sioux Falls Real Estate Market for September 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 19.7 percent when compared to last year. Read more about this month’s real estate market trends.

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👀 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 September with the median sale price for homes in Sioux Falls at $224,000. This amount shows a decrease from the $226,500 recorded last month, but we see an increase of 9.3 percent from the $205,000 this time last year.

The average sales price for homes in Sioux Falls is $273,703 for September, which is up from the $270,921 in August. We see an increase of 19.7 percent from the $228,650 this month in 2018.

There were 335 condominiums and single-family homes sold last month in Sioux Falls, which is down 7.2 percent from the 361 sold this time last year.

📊 What Does this Data Mean?

We entered September with 1,046 active listings of homes for sale in Sioux Falls. This number is up from the 1,016 active listings last month and down 7.8 percent from the 1,135 in 2018. After a slight decrease seen in our last report, the active numbers are again on the rise for the Sioux Falls real estate market area.

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 3.9 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 474 new listings added to the Sioux Falls real estate market inventory last month. New listings are showing a slight increase this month after the decrease we noted in last month’s report. There’s an increase of 5.3 percent when compared to last year’s 450 new listed homes.

Real Estate Market Concept - Home Buyers

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.

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💵 What does this mean for Sioux Falls home sellers?

Sellers are currently receiving 99.1% of their original asking price. Homes are staying on the market an average of 73 days, which is a slight decrease of 1 percent from last year.

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

Real Estate Market Report Concept - House for Sale

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.