There Are Very Few Homes for Sale in Sioux Falls, Here’s Why
A couple of days ago I was speaking with a guy who just started working here at the radio station. He mentioned the difficulties he and his wife were having right now trying to find a home to buy in Sioux Falls.
The minute they find one they like, it typically has an offer on it within hours of them making an inquiry. A frustrating experience to say the least.
One thing is for certain, my co-worker is not the only person struggling to find a home in this tight Sioux Falls housing market at the moment. A number of local realtors claim this is the lowest housing inventory they've ever seen in the Sioux Empire.
Amy Stockberger, the owner of Amy Stockberger Real Estate, told Dakota News Now, "This will be my 22nd year in the real estate industry and this has been the lowest we’ve ever seen inventory."
What's behind the shortage?
Stockberger believes the weather is one reason, along with the rise in COVID numbers throughout the Sioux Empire.
Hey, there's no denying when Mother Nature hits us with her annual deep freeze, most people decide to retreat inside until the spring thaw. That alone can cause the housing market to slow. Then when you factor in the rise in COVID-19 cases, you get the double whammy.
There are a total of 311 homes for sale in Sioux Falls right now. That's it!
According to Dakota News Now, 38 of them are existing single-family homes, and roughly 1/3 of them are new construction homes.
If you're searching for a home right now, don't panic.
Anne Ferrell, the president of the Realtors Association of the Sioux Empire told Dakota News Now, “Work with your realtor, work with your lender, have a game plan because there are houses out there. It’s just going to take some patience and a plan of action to find the right one and make it happen."
Just give it some time, the Sioux Falls market will eventually snap out of its housing shortage. Sioux Falls remains one of the top destinations in the nation for people to move to.
As Dakota News Now reports, the city has experienced steady population growth for the past ten years and that statistic is not about to change anytime soon.
Source: Dakota News Now
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