May 9, 2024

April proved to be a big month for selling houses in Sioux Falls.

Closed sales increased 24.6 percent compared with a year ago, according to the Realtor Association of the Sioux Empire Inc., representing 218 closed sales.

New listings increased 7.4 percent on a year-over-year basis, with 450 new homes coming onto the market.

That left the city with a 3.6-month supply, down almost 13 percent from April 2023.

“Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season,” according to an analysis included with the report.

“Nevertheless, demand continues to outpace supply, and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before.”

In Sioux Falls, the typical home spent 79 days on the market, two more than the same time last year.

Prices began to show some downward movement after steady increases. The median sales price, $316,000, was down 4.2 percent from a year ago. The average sales price, $356,283, essentially was flat with last year.

Sellers received 99.4 percent of the original list price, down less than 1 percentage point from last year.

For the 12-month period spanning May 2023 through April 2024, pending sales in the Sioux Falls region were up 4.5 percent overall. The price range with the largest gain in sales was $800,000 to $900,000, where they increased 81.8 percent.