In the August 2023 edition of the Sioux Falls Local Market Update, presented by David Shelton, broker at Century 21 Advantage, we delve into the dynamic shifts in the city's real estate landscape. This comprehensive report provides key insights for both prospective buyers and sellers.

One notable trend in the Sioux Falls market is the 1.3 percent decrease in new listings compared to the previous year. Simultaneously, closed sales have seen a year-over-year decline of 9.3 percent. While these numbers might initially seem daunting, they signal an essential shift towards affordability and equilibrium in the market.

The median sales price has dipped by a modest 0.8 percent, bringing homes closer to their asking prices. Gone are the days of bidding wars with properties selling for tens of thousands above their list prices. This newfound balance benefits both buyers and sellers, as buyers can secure homes at more reasonable prices, and sellers can anticipate more predictable transactions.

For buyers, this market update implies that now may be an excellent time to explore homeownership in Sioux Falls. With prices stabilizing and fewer bidding wars, the dream of owning a home is more achievable than ever.

Sellers, on the other hand, can leverage this equilibrium to their advantage by pricing their homes competitively and preparing them for the market. While the days of massive windfalls might be behind us, selling in this balanced market can still yield favorable results.

Stay informed about Sioux Falls' real estate landscape by watching our monthly market updates. Don't forget to like, subscribe, and share this valuable information with your network. If you're eager to discover the current value of your home or stay up-to-date with available listings, be sure to click the link below for instant access to these insights. Your journey into Sioux Falls' real estate market starts here.