Housing Market in Sioux Falls Sees Shortage of Homes

SIOUX FALLS, S.D.- Home buyers in the Sioux empire are seeing a shortage in homes and competition among buyers continues as well.

“We have a good number of buyers that are looking to purchase a home,” says Marcus Walgrave, Broker Associate for Hegg Realtors.

Walgrave has been in the real estate business for about three years now. He says with the population in Sioux Falls increasing, so is the demand for homes.

“Our medium sales price has been on the rise, it’s about five percent. One of the reasons, too, is the American wages are increasing as well. So it’s kind of reflecting that, “says Walgrave.

With home prices on the rise and competition among buyers; agents say fewer homes are becoming available.  But, there’s some good news.

“Our inventory is going to pick up, the number of the lowest inventory is this time of year.  So when we start getting into April, May, and June that’s when we have the highest amount of inventory.  So definitely don’t get discouraged if you’re not seeing what you are looking for today, “says Walgrave.

For homebuyers who are looking to be a first-time buyer, there is still hope to get your dream home without competing with other buyers, by starting from scratch.

“You can just go and reach out to your real estate professional and find out what builders have. Spec homes that are available and you can start creating a timeframe where the new construction home might be completed, “says Walgrave.

Agents recommend reaching out to your mortgage banker and talking about your pre-approval status before starting to make offers on homes.

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