Why Is Sioux Falls Still in a Seller’s Market?

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So far this year, Sioux Falls has been in a seller’s market. As we head into July, the strong seller’s market continues. Sellers are in control of pricing and they continue to have the leverage this summer.

Why are we in a seller’s market? It’s a simple matter of economics, or supply and demand. For instance, our sales are up 20% over last year, which means demand is up. Meanwhile, our supply is down by almost 20% from last year, so demand outweighs supply right now. Not only does this give sellers the upper hand, the current supply and demand also causes home values to rise.

While this is great news for homeowners and sellers, increasing home values might not seem so great when you’re buying a home. However, when you buy a home in this market, you know that you are investing in something that will increase in value. In other words, even though this is a seller’s market, buying a home is still a good investment.

If you have any questions about our current market, give me a call or send me an email. I look forward to hearing from you!