June 2021 Sioux Falls Housing Market Statistics
RASE June 2021 Housing Market Statistical Reporting
Sioux Falls, SD – July 7th, 2021
Monthly Market Indicators
School’s out, and as vaccination rates rise and America enters a new normal, the U.S. housing market continues along at a frenzied pace, with low interest rates and limited inventory fueling record high sales prices. May saw the median existing-home sales price exceed $350,000, a 24% increase and the largest yearover-year increase since 1999, according to the National Association of REALTORS®. Eager buyers are making multiple offers, some for well over asking price, while others are making offers on homes sight unseen.
New Listings in the Sioux Falls region decreased 6.1 percent to 665. Pending Sales were up 39.5 percent to 784. Inventory levels fell 43.5 percent to 1,063 units.
Prices continued to gain traction. The Median Sales Price increased 15.9 percent to $266,500. Days on Market was down 8.8 percent to 73 days. Sellers were encouraged as Months Supply of Homes for Sale was down 53.3 percent to 2.1 months.
The increase in sales prices comes with a slight decline in existing home sales nationwide, as homebuyers struggle with declining affordability amid a lack of inventory, forcing some buyers to simply wait it out in hopes of more inventory and less competition. Meanwhile, home builders are trying to meet the increased market demand, with housing starts up 3.6% in May from April, according to the Commerce Department. As we ease into new routines and look forward to a post-pandemic future, one thing remains certain: America desperately needs more homes.
Housing Supply Overview
Summer’s here, and with vaccination rates on the rise, buyers continue to flood the market in search of their next home, with rock bottom inventory and record high sales prices reported throughout much of the country. Although closed sales were down nationally, overall demand for housing remains high, in part due to attractively low interest rates, offering buyers some relief and affordability in a fiercely competitive market. For the 12-month period spanning July 2020 through June 2021, Pending Sales in the Sioux Falls region were up 19.4 percent overall. The price range with the largest gain in sales was the $500K to $600K range, where they increased 100.0 percent.
The overall Median Sales Price was up 9.1 percent to $240,000. The construction type with the largest price gain was the Previously Owned segment, where prices increased 9.6 percent to $235,000. The price range that tended to sell the quickest was the $200K to $250K range at 73 days; the price range that tended to sell the slowest was the $900K to $1M range at 174 days.
Market-wide, inventory levels were down 43.5 percent. The construction type that lost the least inventory was the Previously Owned segment, where it decreased 40.1 percent. That amounts to 2.1 months supply for Single-Family homes and 2.1 months supply for Condos.
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