Nov. 5, 2021

There might be a couple of encouraging signs for those looking to buy a home in Sioux Falls.

New listings increased 9 percent year over year in October, according to the Realtor Association of the Sioux Empire.

And while sellers still received on average 100.7 percent of original list price, that’s down a couple of percentage points from the highs seen this summer.

Closed sales fell 15 percent year over year for the month, leaving the city with a two-month supply of inventory on the market. That’s down from a three-month supply one year ago.

“As temperatures drop, existing home sales continue to be plentiful, buoyed by strong demand, low interest rates and a slight uptick in new listings in recent months, according to the National Association of Realtors,” according to an analysis included with the report.

“With interest rates inching upward and experts expecting further rate increases on the horizon, motivated buyers are hoping to lock in their home purchases to take advantage of what are still historically low rates.”

Prices also might be moderating just a bit. The average price of a home sold in Sioux Falls in October was $318,801, which is still a 12.5 percent increase year over year, while the median price is up 5 percent to $262,000.

The average house spent 66 days on the market before selling, which is 12 days fewer than a year ago.

Through October, the price range with the largest sales gain has been $700,000 to $800,000. The price range that is selling fastest is $150,000 to $200,000 at 71 days, while those taking the longest are priced at $900,000 to $1 million and average 159 days.