Sioux Falls housing market keeps climbing

Your Money Matters

SIOUX FALLS, S.D. (KELO) — The Sioux Falls housing market continues to climb. If you’re looking to buy a home, the pickings are slim. If you’re trying to sell, you may get more money than you ever imagined. 

According to the Realtor Association of the Sioux Empire, new listings in the city increased by nearly 8-percent for the first quarter of 2019. Pending sales were up 24-percent!

The housing market is all about supply and demand. Right now, that demand is for homes in a moderate price range.

“If you are looking in that range, under 200 thousand. Specifically under 170 or 150, you need to be prepared. You need to be talking to your lender before you even  go looking so you’re pre-approved. You need to know what’s important to you so that when those houses come on the market, you’re ready to roll. Because those are going quickly,” said Nelson.

These lower cost homes aren’t the only ones selling, though! The 250,000 dollar range is also moving quickly.

Anne Nelson with the Realtors Association of the Sioux Empire says we’re currently in a housing shortage. Which means homes are selling in record time.

“Some of them in as much as a few hours, and there are some that will be a week or two. Every now and then someone will say to me, well what’s wrong with it? It didn’t move fast. Well, it’s not necessarily that something is wrong with it. It might just be it came on right before Memorial Day weekend and people are out of town. It might be that we got a huge rain fall for three days straight and nobody wanted to look,” said Nelson.

Nelson suggests meeting with your realtor early on so you can start on any improvements needed to make your home more appealing to buyers. Time shouldn’t be an issue. Experts predict the Sioux Falls economy to keep going strong.

“We’re doing really well here in Sioux Falls. We can see the growth coming in our community over the next few years. So we’re anticipating a strong market for homes over the next few years. If you really see something you like, I would say don’t hold back. Go for it. Just be prepared,” said Nelson. 

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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