April 8, 2024

Sioux Falls’ housing market saw a drop in new listings and a slight decline in closed sales in March.

There were 336 new homes listed, down 9 percent from the same time last year, and 182 closed sales, which is five fewer than March 2023, according to the Realtor Association of the Sioux Empire.

Nationwide, there was improvement of home sales, which saw their largest monthly gain in a year.

“The rebound in home sales comes amid fluctuating mortgage rates and elevated sales prices, indicating there is plenty of buyer demand heading into the spring selling season,” according to an analysis included with the report.

“The recent surge in home sales was likely due to a dip in mortgage rates in December and an increase in housing supply nationwide.”

In Sioux Falls, the market is showing a 3.4-month supply, which is the same as a year ago.

The average price of a home sold in the city last month was $367,894, up more than 12 percent from a year ago. The median price, $318,800, was up 9 percent.

The average house spent 85 days on the market before selling, which is one day more than last year. Sellers received 98.9 percent of original list price, essentially flat with last year.

The price range that tended to sell the fastest was $200,000 to $250,000 at 63 days, while the slowest to sell was $800,000 to $900,000 at 103 days.

Looking for a first home? Prepare for a hunt, despite new options coming to the market