Drop in new home listings in Sioux Falls causes inventory to plunge

Home sellers apparently weren’t in the mood to list in April.

New listings in Sioux Falls dropped 18.6 percent on a year-over-year basis, with 424 homes coming on the market, compared with 521 for the same time last year, according to the Realtor Association of the Sioux Empire Inc.

Closed sales edged up 1.9 percent compared with April 2025.

“Nationally, pending home sales rose 1.5 percent month over month, exceeding economists’ expectations and marking the second consecutive monthly increase,” according to an analysis from the National Association of Realtors included with the report.

“Contract signings advanced in the South and Northeast but declined in the Midwest and West.”

In Sioux Falls, the average price of a home sold in April was $381,650, up 4.9 percent from a year ago. The median price was $333,250, up 4.8 percent.

The average house spent 92 days on the market before selling, three more than last year. Sellers received on average 98 percent of original list price, the same as last year.

The price range that tended to sell the quickest was $150,000 to $200,000 at 81 days; the price range that tended to sell the slowest was $2 million and more  at 197 days.

The month isn’t necessarily indicative of a larger trend, though.

For the 12-month period spanning May 2025 through April 2026, pending sales in the Sioux Falls metro area were up 15.1 percent overall. The price range with the largest gain in sales was $1.5 million to $2 million, where they increased 61.5 percent.

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