Sioux Falls May 2024 Housing Market Report May 2024

The real estate market in Sioux Falls, South Dakota, presents an interesting analysis when considering the latest data from May 2024. In this report we’ll look at prices, house values, and overall sales activity levels shaping the housing market scenario within the city and its comparisons with neighboring cities.

The property market activity is robust, with 460 homes; recently, 467 homes were sold, so there is strong demand in Sioux Falls homes.

Overall Market Trends in Sioux Falls

In Sioux Falls, the average value of a property in May 2024 stands at $359,900, while the average sale price is notably lower at $322,625. This recurring trend of sale prices lagging behind listed values is usually the result of negotiating prices downwards or choosing less expensive properties. Worth noting is that there is a significant spread in the average price per square foot, with listed properties at $186 and sold properties at a higher $267.

Comparative Analysis with Nearby Cities

Let’s take a look at how Sioux Falls stacks up again nearby cities like Renner, Tea, Brandon, Harrisburg, and Crooks:

1. Renner stands out with a high average property value at $489,000 and an average sale price of $404,500. The average sold price per square foot is also robust at $273 compared to Sioux Falls’ $267.
2. The city of Tea shows the highest average value among the cited cities at $520,000, though data on sold properties is missing for May 2024.
3. Brandon features a similar average property value to Renner at $492,450 but a much lower average sale price of $335,000, which is intriguing and suggests potential market differences or buyer preferences between these areas.
4. Harrisburg has an average value of $374,900, positioning it closer to Sioux Falls in terms of market entry points. Again, sold data is not available for comparison in May 2024.
5. Crooks, despite having a very high average property value of $872,500 and a staggering price per square foot at $548, shows an average sale price of only $350,945. The stark contrast in listed and sold values could indicate unique local market conditions or possibly a small sample size affecting the average calculations.

While Sioux Forces generally offers more affordable real estate options compared to some neighbors, the fluctuations in the average sold price per square average price per foot across the cities suggest varying levels of market heat and buyer interest. The market remains active, with home sales volumes typically exceeding available properties for sale. Compared to neighboring cities, Sioux Falls provides competitive but relatively more affordable housing options, albeit with significant price negotiations apparent in concluded sales.