July 7, 2025

There are fewer homes available to buy in Sioux Falls — and those that are on the market are selling for a bit less.

That’s according to the most recent monthly report from the Realtor Association of the Sioux Empire.

It found 840 homes on the market in June, almost 300 fewer than the same time last year and 90 fewer than one month prior.

There were 298 closed sales last month, up 3.1 percent year over year, and 460 new listings, up 2.4 percent. It still leaves the market with a 3.1-month supply of homes, down from 3.6 months in May and 4.8 months one year ago.

That’s counter to the national trend, which has seen increased inventory and pricing.

“Despite the additional supply, home prices have continued to rise nationwide, albeit at a slower pace than during the pandemic, climbing 1.3 percent year over year to $422,800 as of last measure,” according to an analysis included with the report.

In Sioux Falls, the average price of a home sold in June was $380,943, down 3.1 percent compared with a year ago. The median price was $325,000, down 1.5 percent.

The average home spent 78 days on the market before selling, one fewer than last year. Sellers received 98.3 percent of original list price, down from 98.6 percent last year.

The price range that tended to sell the quickest was $150,000 to $200,000 at 75 days; the price range that tended to sell the slowest was $900,000 to $1 million at 127 days.