April 7, 2025

More homes were listed and sold in March in Sioux Falls compared with the same time last year.

The monthly report from the Realtor Association of the Sioux Empire found closed sales increased 5.3 percent year over year, while new listings were up 5.1 percent.

“While mortgage rates have remained in the mid-to-high 6 percent range, the additional supply appears to have helped bring some buyers out of the woodwork, even as sales prices continue to rise nationwide,” according to an analysis included with the report.

In Sioux Falls, prices remained stable compared with 2024, with the median price dropping 0.9 percent to $315,000. The average price, $367,058, was up 0.1 percent.

Sellers received on average 97.6 percent of original list price, down from 98.2 percent last year.

The average house spent 90 days on the market before selling — exactly the same as a year ago.

The price range that tended to sell the quickest was $150,000 to $200,000 at 71 days; the price range that tended to sell the slowest was $900,000 to $1 million at 132 days.

The market ended the month with a four-month supply of homes, down from a 4.7-month supply a year ago.