Sioux Falls, SD—57104
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 $218,000, with a year-over-year change of 1.8%. 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 | $218,000 | 1.8% |
| Single Family | $217,000 | 1.4% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $145,000 | -0.7% |
2 Bed | $190,000 | 1.6% |
3 Bed | $228,000 | 1.3% |
4 Bed | $260,000 | 1.6% |
| 5 Bed | $307,000 | 1.7% |
% of Housing Stock
Rental Trends — Sioux Falls, SD
As of July '25, Rentcast reports the average rent in Sioux Falls, SD is $974, with a year-over-year rent change of -12.3%. Per bedroom, the median rent as of July '25 in Sioux Falls, SD is studios: $736, 1-bedrooms: $778, 2-bedrooms: $1,060, 3-bedrooms: $1,370, 4-bedrooms: $1,660. The most common rental property sizes in Sioux Falls, SD are 2-bedroom and 1-bedroom, accounting for 41.3% and 39.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $850 | $974 |
| Studio Rent | $650 | $736 |
| 1 Bed Rent | $750 | $778 |
| 2 Bed Rent | $895 | $1,060 |
| 3 Bed Rent | $1,400 | $1,370 |
| 4 Bed Rent | $1,650 | $1,660 |
% 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 45. This is a increase of 37.0% 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 20.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $250,000 | 5.0% |
Listing Count | 111 | 37.0% |
| Listings as % of Homes | 0.4% | 37.0% |
Days on Market | 45 | 37.0% |
Demographics — Sioux Falls, SD
As of the latest ACS Survey released in 2023, Sioux Falls, SD has a population of 27,400, which has increased by 5.2% over the past 5 years. Sioux Falls, SD is a moderately popular place for families, as children make up 19.9% of the population. The area has a poorly educated workforce, with 24.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 27,400 | 5.2% |
% Under 18 | 19.9% | -12.3% |
% Seniors | 12.1% | 9.0% |
% WFH | 9.1% | 333.3% |
% w/ College Degree | 24.6% | 21.2% |
As of the latest ACS Survey released in 2023, Sioux Falls, SD is a predominantly white area, with 66.6% of the population identifying as white. The white population has shrunk by 7.0% in the last 5 years. The second most common race or ethnicity in Sioux Falls, SD is black, making up 11.1% of the population. Foreign-born residents account for 12.7% of the population in Sioux Falls, SD, and this percentage has increased by 10.4% 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 | 66.6% | -7.0% |
% Black | 11.1% | -8.3% |
% Hispanic | 9.0% | 73.1% |
% Asian | 1.5% | -16.7% |
% Foreign Born | 12.7% | 10.4% |
Mortgage and Risk — Sioux Falls, SD
According to HUD data as of 2023, there were 448 mortgage originations in Sioux Falls, SD, of which 73.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 35.0% above 90% LTV (very high). This implies large mortgage risk in Sioux Falls, SD. Investor activity is low, as 4.0% of loans were by investors. 16.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 448 |
% Conventional Loans | 73.0% |
% Government Loans | 27.0% |
% Investor Loans | 4.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 16.0% |
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 10.3%. 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 | 801 |
Total Units Section 8 | 786 |
% Rentals under Section 8 | 10.3% |
% Occupied Section 8 | 87.6% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $50 | $750 | $800 |
| 2 Bedroom | $45 | $895 | $940 |
| 3 Bedroom | -$120 | $1,400 | $1,280 |
| 4 Bedroom | -$50 | $1,650 | $1,600 |
Affordability — Sioux Falls, SD
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.3 |
| Median Home Price | $218,000 |
| Median Household Income | $59,200 |