Jan. 8, 2025

Home sales shot up in Sioux Falls to close the year.

There were 212 closed sales in December, up 27 percent year over year, according to the Realtor Association of the Sioux Empire Inc.

New listings increased 9 percent to 231 houses.

Prices saw a rare downturn, with the average price of a house sold for the month falling 8.5 percent to $350,366 compared with December 2023. The median price ticked up 1.6 percent to $310,000.

Sellers received on average 98.8 percent of original list price, up 1.1 percent.

Nationwide, “inventory remains below the five to six months’ supply of a balanced market, and the limited number of homes for sale continues to put upward pressure on sales prices nationwide,” according to an analysis included with the report.

Sioux Falls closed the year with a 3.7-month inventory of homes on the market, down 10.1 percent from the end of 2023.

The average house in the city spent 79 days on the market before selling, which is six more days than a year ago.

The price range that tended to sell the quickest was the $150,000 to $200,000 range at 70 days; the price range that tended to sell the slowest was the $900,000 to $1 million range at 139 days.