The Sioux Falls housing market continues to impress, proving its resilience and attractiveness even as national markets slow. Here’s what you need to know:

Key Highlights for November 2024:

  • Median Sales Price: $315,000 (up 1.6% compared to last year)

  • Pending Sales: 25.3% increase, showing strong buyer demand heading into the holidays.

  • Homes Selling at List Price: 98.5% – Buyers are serious and competitive.

  • Inventory: 1,731 homes, up 4.7% but still tight for demand.

Luxury Market Booming

One of the standout trends is the surge in luxury home sales. Homes priced over $1M saw a massive 47.2% increase in sales, highlighting Sioux Falls as a destination for buyers relocating from higher-cost markets.

What This Means for Buyers and Sellers

For sellers, now is an ideal time to list. Demand is strong, and homes are selling near asking prices. Buyers need to act quickly, especially in high-demand price ranges like under $250K or above $1M.

National Comparison

While the U.S. market saw a 17.3% decline in sales month over month, Sioux Falls continues to buck the trend with healthy indicators across the board.

What’s Next?

With major employment opportunities and a growing population, Sioux Falls remains a dynamic and competitive housing market.

Links to Data & Analysis

November 2024 Housing Supply Overview

November 2024 Monthly Indicators

November 2024 Sioux Falls Metro Statistics Area Local Market Update

November 2024 City of Sioux Falls Local Market Update

🔗 Want more personalized insights? Schedule a free 15-minute consultation with our team today to explore how these trends impact your real estate goals.

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