Navigating the Crazy Housing Market in Sioux Falls
If you have a home in Sioux Falls and no plans to move in the near future, consider yourself lucky. The housing market in the Sioux Falls area is extremely competitive, and prices continue to rise across the map.
According to this site, Sioux Falls had an average home value of $232,451 in 2021. This increase in value is paired strongly with rapid population growth in the area, per Wikipedia: "Sioux Falls has grown at a rapid pace since the late 1970s, with the city's population increasing from 81,182 in 1980 to 192,517 in 2020."
We'll take a look at some of the safest, most expensive, and highest appreciating areas in and around Sioux Falls.
Everyone wants to live in a safe area. It's a comfort of calling a house a home, and is a very important factor in every home search. Here's a 2021 map illustrating the safest areas relative to crime rates in Sioux Falls.
*All maps from neighborhoodscout.com.
In this map, the darker the color, the worse the crime rate.
Another key factor when looking for a home is landing in a desirable area. The market is hot all around, but some areas more than others in Sioux Falls. According to neighborhood scout, real estate in the Sioux Empire has appreciated roughly 94% since the year 2000.
It is clear that the suburban area of Sioux Falls is on the rise with a ton of new construction. Most of the new construction in our area falls in the market's "Sweet Spot," as nearly 70% of Sioux Falls real estate is valued in the $131,000-$394,000 range.
Lastly, those in need of a home are looking to find the best bang for their buck, or value. Here is a map of the most expensive areas in Sioux Falls in 2021.
Again, you can start to see a trend that the new construction areas are more expensive, safer, and offer good appreciation values as well per the maps from 2021.
Overall, it's an exciting but challenging market to be in. Those are some key factors to consider and review while on the hunt for something new in the Sioux Empire. As you and/or your family consider jumping in, be sure to stay informed on all of the latest data from schools to proximity to fun attractions.
Sources: Wikipedia and Neighborhoodscout