March 10, 2025

Spring might have arrived a little early in the Sioux Falls housing market with new listings up 6.3 percent in February versus a year ago.

Closed sales didn’t quite follow suit, up 1.4 percent year over year, according to the Realtor Association of the Sioux Empire Inc.

“Elevated home prices and higher interest rates continue to impact buyer activity (nationwide),” according to an analysis included with the report.

In Sioux Falls, the median home sale price was $317,250, up 7.5 percent. The average price rose 3.4 percent to $388,237. Sellers received on average 99 percent of the original list price.

Homes took on average 94 days to sell, which is 12 more days than a year ago.

The price range that tended to sell the quickest was $150,000 to $200,000 at 69 days; the price range that tended to sell the slowest was $900,000 to $1 million at 136 days.

For the 12-month period spanning March 2024 through February 2025, pending sales in the Sioux Falls region were up 10 percent overall. The price range with the largest gain in sales was $500,000 to $600,000, where they increased 34.1 percent.

Sioux Falls ended February with a 3.7-month supply of homes on the market, down 14.4 percent.