Oct. 7, 2024

Home sales in Sioux Falls dropped in September, while prices essentially remained level.

There were 208 closed sales in the city for the month, down 21.2 percent on a year-over-year basis, according to the Realtor Association of the Sioux Empire Inc.

New listings rose 3.4 percent.

That left the market with a 4.3-month supply of homes, down 8.1 percent from the same time last year.

Nationwide, “while monthly existing-home sales were lower than expected this period, NAR (National Association of Realtors) chief economist Lawrence Yun believes that the rise in inventory, along with lower mortgage rates, should help sales improve in the months ahead,” according to an analysis included with the report.

The average price of a home sold in Sioux Falls last month was $373,574, down 2.4 percent. The median price was $319,200, up 2.1 percent.

Sellers received 99 percent of the original list price, with the average home taking 74 days to sell — one day more than a year ago.

The price range that tended to sell the quickest was the $150,000 to $200,000 range at 68 days; the price range that tended to sell the slowest was the $800,000 to $900,000 range at 117 days.