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Sioux Falls Housing Market On The Rise

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The real estate market is on the rise in Sioux Falls. With low interest rates and home prices increasing, some realtors are saying it's a great time to buy or sell a home.

Sale pending signs are a common sight for homes that are on the market in the Sioux Falls area.

“The percentages of listings that are coming on the market that are selling are going up and the days on the market are going down,” said Tony Ratchford of Keller Williams Realty.  

“We see that there are homes going pending everyday. Contracts are being written everyday. And we have contingent home sales. It’s just a great time to buy a property,” said Cathie Ogdie the president of the Realtor Association Of The Sioux Empire.

And with interest rates low, it's not just a buyers market.

“With these interest rates if you haven't bought a home, it's a good time to get a home,” said Ogdie.  

Perspective buyers will be able to buy more home with less money.    

“You can buy the same house and your costs are about half as much money as they were 5 years ago, 6 years ago,” said Ratchford.   

The housing market throughout the country had been struggling since it crashed in 2007 but Cathie Odgie feels the hosing situation in Sioux Falls has been resilient.

“The economy in Sioux Falls has always been a little different from what you heard about nationally,” said Odgie.  

And Ratchford has noticed an increase in the market over the past year.       

“It started last year about this time where we started to see it shifting a little bit. And, now definitely we are in a sellers market,” said Ratchford.

As more homes are built in Sioux Falls every week, realtors feel homebuyers and sellers should feel confident in the current market.
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