The Housing Market in Sioux Falls ISN'T Following the Nation Trends

The Housing Market in Sioux Falls ISN'T Following the Nation Trends

Sioux Falls Real Estate Market Update: Home Prices Increase by 7.2% in February

Are you ready to spring into action in the Sioux Falls real estate market? The February stats are in, and we have good news to share! According to the Multiple Listing Service (MLS), single-family home prices have increased by 7.2% month over month. This is different from what you may be hearing on national news channels, but we want to bring you the hyper-local news you need to know about Sioux Falls and the surrounding area.

Let's dive into the numbers. The price range with the strongest sales is $900,000 to $1 million, up 8.1% from just a few months ago when it was $600,000 to $700,000. New construction had the strongest sales, and condo and attached homes were slightly down in the number of units sold but still strong overall.

The median sales price is up 14% to $297,000, and the construction type with the largest price gain was new construction, with prices increasing by 14.3% to $350,000. Homes in the price range of $200,000 to $250,000 tend to sell the quickest, while homes over $1 million took an average of 98 days on the market but still sold.

While we have low inventory, buyers are plentiful. With unemployment at record lows and new businesses starting up, Sioux Falls is a growing market. Apartment buildings are being built rapidly to accommodate people moving to our area, and employers are doing whatever it takes to get people employed.

If you're thinking about selling your home, now is a great time. We have over 20,000 people in our database looking to buy or sell right now, and we're re-engaging with them in new ways. Don't wait until the spring or late spring to bring your home to the market. Take advantage of the current market conditions and let us help you sell your home quickly.

At Century 21 Advantage, we are committed to bringing you the most up-to-date and accurate information about the Sioux Falls real estate market. Contact us today to learn more about how we can help you buy or sell a home in this thriving market.

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