June 5, 2025

Closed home sales dropped while new listings increased in May in Sioux Falls.

There were 283 closed sales for the month, according to the Realtor Association of the Sioux Empire Inc. That’s 11.3 percent fewer than May 2024.

New listings totaled 505 houses and represented a 7 percent year-over-year increase.

The average price of a home sold at $374,975 was down less than 1 percent.

The median price at $330,000 was down 1.5 percent.

Sellers received 97.7 percent on average of their original list price, down from 98.3 percent last year.

The average house spent 88 days on the market before selling, which is a week longer than a year ago.

The city ended May with a 3.6-month supply of homes, down from a 4.8-month supply last year.

The price range that sold the quickest was $150,000 to $200,000 at 75 days, while those that took the longest to sell were $900,000 to $1 million at 126 days.