Oct. 8, 2025

Closed sales for houses in Sioux Falls dropped more than 20 percent in September versus the same time last year, while prices trended up.

There were 174 homes sold last month in the city, compared with 220 a year ago, according to the Realtor Association of the Sioux Empire Inc.

Meanwhile, “U.S. existing-home sales were virtually unchanged from the previous month, dipping just 0.2 percent to a seasonally adjusted annual rate of 4 million units, according to the National Association of Realtors,” noted an analysis included with the report.

“Most of these transactions went under contract in June and July, when mortgage rates were 40 to 50 basis points higher than current levels. Year over year, sales increased 1.8 percent, with the strongest activity occurring in the Midwest, where the typical home price is 22 percent below the national median.”

New listings in Sioux Falls essentially were flat at 442 homes versus 441 a year ago.

The median sales price of a home increased 6 percent to $338,400 while the average sales price was up 3.7 percent to $386,583.

The average home also spent almost two weeks longer on the market before selling at 88 days versus 75 days in September 2024.

Sellers received on average 96.9 percent of the original list price compared with 98.3 percent a year ago.

And the overall inventory of homes on the market fell 29 percent to a 3.7-month supply versus a 5.2-month supply last year. Much of that absorption is in new construction, where inventory dropped 13.3 percent.

The price range that’s selling the slowest is homes over $2 million, while those selling the fastest are in the $200,000 to $250,000 range.