What Can You Expect to See in Sioux Falls in 2015?

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The end of the year is upon us, which means it's time to take a look back on what we saw in Sioux Falls real estate over the last year.

This has been a great year for real estate in Sioux Falls. We saw home prices appreciate at very strong levels throughout 2014, which we didn't see much of from 2008 to 2013. As far as home sales are concerned, home sales are up 3% in our area. Since average home price is at $186,000, if you own an average-priced home in Sioux Falls, you made $5,600 in your home's value over the last 12 months.   

Another important aspect of our market is interest rates. Throughout 2014, interest rates have been at an all-time low. Currently, rates are just below 4%, which is an incredibly favorable rate. The average days on market dropped to 91 days in 2014, compared to the 97 days it took to sell a home in 2013. We would like that number to be around 60 or 70 days, but it appears we're moving in the right direction. 

Looking at the 2015 Sioux Falls real estate market, we're expecting and hoping to see more appreciation this next year. We also expect interest rates to remain in the 3% to 5% range. If you're a homeowner, this is all great news, as it means your investment is doing what you hoped it would do when you bought it. As a home buyer, you may have to pay a little more for a home this, but you can rest assured knowing the property you're purchasing is going up in value.

Overall, we're seeing great signs for our market moving into the new year. If rates remain under 5.5%, we're probably going to see a very strong and active market in 2015.

If you have any questions about market conditions, or need help buying or selling real estate in Sioux Falls, give us a call. We would love to be your area real estate resource!