Feb. 10, 2025

The Sioux Falls real estate market has some additional options for homebuyers to start the year.

New listings increased 14 percent year over year in January, according to a report from the Realtor Association of the Sioux Empire Inc.

Closed sales dropped 8.8 percent.

Prices showed some downward movement, with the average price of a home sold for the month at $355,070, down 7.3 percent from the same time last year. The median price at $321,250 was up 2 percent.

Nationwide, “housing supply remains down compared to pre-pandemic levels, and the limited number of homes on the market continues to push sales prices higher nationwide,” according to an analysis included with the report.

The average home in Sioux Falls spent 89 days on the market before selling last month, which is a week longer than last year.

Sellers received on average 98.5 percent of original list price, the same as last year.

The market ended the month with a four-month supply of homes on the market, down 6.2 percent from last year.