Sioux Falls, SD 57104 Real Estate Market Report

ZIP Code: 57104
Report Date: April 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The median sold price in Sioux Falls is $244,950, reflecting a stable market despite recent month-over-month price softening. Year-over-year, prices are up, indicating a resilient demand amidst a shifting market landscape. The current market conditions suggest a transition towards a buyer-friendly environment, characterized by longer selling times and elevated inventory levels. The median days on market stands at 280, which indicates a slower sales velocity, potentially impacting liquidity as homes take longer to transact.

With a median listing price of $235,000, there appears to be a notable gap between asking prices and sold prices, which may suggest pricing friction as sellers adjust expectations to align with market realities. The local economy remains strong, but elevated interest rate pressure, with current mortgage rates averaging 6.64%, may further influence buyer activity and market dynamics moving forward.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

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Property Taxes

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Liquidity & Velocity

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Sioux Falls, SD are averaging 6.64%, which is 0.26% higher than the 6.38% average recorded in March 2025.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. The median sold price of $244,950 indicates a stable market, with prices remaining up year-over-year.

2. Homes are taking longer to sell, as evidenced by the median days on market of 280, reflecting a slower sales velocity.

3. The median listing price of $235,000 shows a significant gap compared to the sold price, suggesting pricing friction in the market.

4. Current mortgage rates at 6.64% indicate elevated interest rate pressure, which may dampen buyer enthusiasm.

5. The market temperature is described as neutral, indicating a balanced environment despite the elevated inventory levels.

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Notable Properties

The following 7 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.