Sioux Falls, SD—57108
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Sioux Falls, SD
As of Oct '25, the median home price in Sioux Falls, SD is $424,000, with a year-over-year change of 3.4%. This indicates that home prices in Sioux Falls, SD are increasing. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $424,000 | 3.4% |
| Single Family | $435,000 | 3.6% |
| Condos | $225,000 | 6.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $307,000 | 2.7% |
3 Bed | $360,000 | 2.0% |
4 Bed | $484,000 | 4.3% |
| 5 Bed | $652,000 | 4.0% |
% of Housing Stock
Rental Trends — Sioux Falls, SD
As of July '25, Rentcast reports the average rent in Sioux Falls, SD is $1,450, with a year-over-year rent change of -12.7%. Per bedroom, the median rent as of July '25 in Sioux Falls, SD is studios: $837, 1-bedrooms: $978, 2-bedrooms: $1,160, 3-bedrooms: $1,870, 4-bedrooms: $2,760. The most common rental property sizes in Sioux Falls, SD are 2-bedroom and 1-bedroom, accounting for 38.2% and 30.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,240 | $1,450 |
| Studio Rent | $830 | $837 |
| 1 Bed Rent | $900 | $978 |
| 2 Bed Rent | $1,130 | $1,160 |
| 3 Bed Rent | $1,900 | $1,870 |
| 4 Bed Rent | $2,400 | $2,760 |
% of Rental Stock
Property Listings — Sioux Falls, SD
As of Oct '25, Realtor.com reports that the median days on market for a home in Sioux Falls, SD is 39. This is a increase of 9.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 22.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $381,000 | -1.0% |
Listing Count | 260 | -6.0% |
| Listings as % of Homes | 1.1% | -6.0% |
Days on Market | 39 | 9.0% |
Demographics — Sioux Falls, SD
As of the latest ACS Survey released in 2023, Sioux Falls, SD has a population of 32,900, which has increased by 46.5% over the past 5 years. Sioux Falls, SD is a moderately popular place for families, as children make up 24.8% of the population. The area has a highly educated workforce, with 53.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 32,900 | 46.5% |
% Under 18 | 24.8% | -8.8% |
% Seniors | 17.3% | 16.1% |
% WFH | 9.5% | 69.6% |
% w/ College Degree | 53.7% | 6.3% |
As of the latest ACS Survey released in 2023, Sioux Falls, SD is a predominantly white area, with 88.8% of the population identifying as white. The white population has shrunk by 5.0% in the last 5 years. The second most common race or ethnicity in Sioux Falls, SD is hispanic, making up 2.9% of the population. Foreign-born residents account for 7.1% of the population in Sioux Falls, SD, and this percentage has increased by 115.2% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 88.8% | -5.0% |
% Black | 2.7% | 575.0% |
% Hispanic | 2.9% | 20.8% |
% Asian | 2.8% | 27.3% |
% Foreign Born | 7.1% | 115.2% |
Mortgage and Risk — Sioux Falls, SD
According to HUD data as of 2023, there were 637 mortgage originations in Sioux Falls, SD, of which 88.0% of loans were conventional mortgages. The average loan-to-value was 57.0%, with 16.0% above 90% LTV (elevated). This implies medium mortgage risk in Sioux Falls, SD. Investor activity is low, as 2.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 637 |
% Conventional Loans | 88.0% |
% Government Loans | 12.0% |
% Investor Loans | 2.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Sioux Falls, SD
As of 2024, the percent of homes in Sioux Falls, SD under the Section 8 program is 2.0%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Sioux Falls, SD, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 131 |
Total Units Section 8 | 131 |
% Rentals under Section 8 | 2.0% |
% Occupied Section 8 | 86.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $240 | $900 | $1,140 |
| 2 Bedroom | $200 | $1,130 | $1,330 |
| 3 Bedroom | -$80 | $1,900 | $1,820 |
| 4 Bedroom | -$170 | $2,400 | $2,230 |
Affordability — Sioux Falls, SD
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.1 |
| Median Home Price | $424,000 |
| Median Household Income | $96,200 |