As we move through September 2024, it’s the perfect time to reflect on the latest real estate data from August for the Sioux Falls metro area. Here’s what we’re seeing:

New Listings

The number of new homes hitting the market has remained relatively flat, down by just 0.2%. In August 2023, there were 613 new listings, while this year we saw 612. This slight decrease reflects a stable market, where new listings are keeping pace with demand.

Closed Sales

Closed sales have dropped by 9.4%. Last year, 374 homes closed in August, compared to 339 this year. This decline points to potential buyer hesitation due to higher interest rates and rising living costs.

Median Sales Price

Despite fewer closed sales, the median sales price in the Sioux Falls area rose by 1.1%, from $326,000 in 2023 to $329,900 in 2024. While this increase isn’t dramatic, it’s indicative of a stable, growing market.

Key Market Segments

Interestingly, the strongest sales have been in homes priced over $1M. Sales in this segment increased by a staggering 49%. This growth shows continued demand for luxury homes, despite broader concerns about affordability.

New Construction

New construction is up 20.8%, signaling a robust demand for newly built homes. Developers are working hard to meet this demand, although construction costs are still high due to rising materials and infrastructure fees.

Affordability and Demand

Many buyers are opting for more affordable homes with manageable payments to balance their cost of living. This trend underscores the importance of affordability in today’s market, especially with interest rates remaining high.

What Does This Mean for You?

Whether you're buying or selling, these trends offer important insights. If you own a home, now could be a great time to assess its value, especially if you're considering selling or upgrading to a new property. And if you’re a buyer, understanding market trends will help you make informed decisions.

Links to Data & Analysis

August 2024 Housing Supply Overview

August 2024 Monthly Indicators

August 2024 Sioux Falls Metro Statistics Area Local Market Update

August 2024 City of Sioux Falls Local Market Update

For more detailed market stats and personalized advice, feel free to contact us. We’d be happy to discuss your real estate goals and how to achieve them in today’s market.