May 20, 2026

A house that set a record for a existing single-family listing in Sioux Falls has sold.

The home at 705 E. Silver Pond Place went on the market in September 2024 for $4.9 million. It sold late last week for $4.35 million.

“This is 9,300 square feet with all the bells and whistles,” listing agent Mark Fiechtner of Dynamic Realty said, adding that with increased construction costs, “I don’t think it could be reproduced for what it sold for.”

The house was shown about eight times in two years as “you had to get pre-approval — either funds verification or a letter of preapproval — and a lot of buyers in that range don’t want to reveal their identity.”

The deal required two appraisals for lending before closing, and “both hit,” Fiechtner said, adding that he worked with the eventual buyer for more than a year.

The home includes a 2,000-square-foot covered patio with an outdoor kitchen surrounded by remote-controlled screens, heaters in the ceiling, a tile floor, TV and fireplace. The centerpiece of the backyard is a pool with fire bowls and water features.

The kitchen features premium Thermador appliances, a built-in espresso machine and high-end Dekton counters with marble backsplash.

The master suite has its own mini bar, sitting area and jetted whirlpool.

And the lower level includes a rec room, multipurpose room, guest quarters and home theater, as well as a wine cellar, sauna and steam shower.

The buyers, who are local business owners, like the location in south Sioux Falls on a pond, as well as the amenities, Fiechtner said.

“The finishes were over the top,” he said. “The design was very contemporary, modern with a flat roof. You don’t see a lot of homes like that. Most homes in Sioux Falls are still traditional with a pitched roof and more traditional finishes.”

Even at a reduction from the original list price, the house still will rank among the most largest transactions of the past few years. The most expensive sale last year was $6.8 million, though it essentially was new construction. The original home at 4904 S. Jasmine Trail was purchased for $900,000, torn down, and a new one was built on the land.

In 2024, the largest sale was $2,745,500 at 26982 Sundowner Ave. In 2023, the largest sale was $3.7 million at 27242 Regal Court.

While this year’s leading sale is still an anomaly in the market for pricing, Fiechtner said the sale could be indicative of broader traction.

“We’re not selling at the cheapest interest rates ever, so it gives me hope that maybe people are getting used to the higher interest rates,” he said. “It probably took two years for people to realize 3 percent mortgages are not going to happen.”

Houses over $1 million are still selling, as are more entry-level homes, but “there’s a big gap in between,” he added.

“We were selling houses in Harrisburg at $375,000, and they were just flying off the shelf. We couldn’t build and still have a waiting list. So there’s a gap between that range and $1 million. I just put one under contract in southern Sioux Falls that listed at $620,000 and ended up selling $40,000 under, so they’re moving, but they take more days on market, and there’s always a discount on price.”