Home Prices At Historic Highs In South Dakota

Anyone who has shopping for a home in Sioux Falls recently might be experiencing sticker shock.  That's because home prices in Sioux Falls, and in South Dakota, are at all-time highs.

Home values in South Dakota are hot, up 6.6% from a year ago.  The median value of a single-family home is now $194,400, according to Zillow.

The average home price in Sioux Falls is $197,400, up 5.2% from last year.

According to mortgage company Freddie Mac, the average interest rate on a 30-year fixed-rate mortgage is a low 3.57%.

Doing the rough math, a 30-year mortgage rate of 3,57% and the median home price for South Dakota at $194,400 would add up to a monthly mortgage payment of around $881.  (Your mileage may vary with down payment amount and other variables.)

Zillow predicts U.S. home values will rise 2.2% over the next year.  In South Dakota, prices should rise 2.7% and should increase 2.5% in Sioux Falls, assuming the U.S. economy continues at the same upward pace.

Source: Zillow