Perhaps you are a home owner in Sioux Falls, and are wondering if the value of your house is going up. The answer is, yes definitely.

You are probably hearing that there is a shortage of homes for sale. Right now there are more buyers than sellers.

And that's driving home prices higher. Actually the prices have been hitting new records.

It may make you wonder if we are in a housing bubble like 2007. Probably not, maybe just the opposite.

Prices will likely grow over the next several years at a 1 percent to 4 percent annual rate, thanks mostly to healthy labor markets, low mortgage rates and tight inventories of available homes for sale.

The median price of homes currently listed in Sioux Falls is $224,900.

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