Sioux Falls, South Dakota

New residential real estate has been on the slow side in the first quarter of 2018, for Sioux Falls, South Dakota. However, their economy that has been improving on a consistent basis, and the housing market is showing resilience.

In the Sioux Falls area, there were 10.5 percent fewer new listings, from 2017, for a total of 552. Pending sales increased 35.2%. The amount of inventory decreased 20.7%, going down to 1,229 units. Lower inventory with a strong economy has been fertile ground for increasing prices.

The median sales cost went up 8.4%; now at $200,500. The number of days on the market is 93 days.

There was a very large decrease of 25.6% in months of supply of homes on the market, to a supply of 2.9 months. This is very positive news for those who are selling their homes.

The overall median sales increased 5.2% to $192,500. Previously owned homes had the biggest gain of 5.6% at a median price of $187,950. Homes that sold the fastest were closed at a range of $100,000 to $150,000 within 72 days. The $1M and higher price range homes usually sold the slowest at an average of 185 days.

The median household income in Sioux Falls South, Dakota is $52,607.