How Will We Know When the Sioux Falls Market Has Peaked?

The Sioux Falls market has been hot for the last year and a half, but we'll have to hit the market peak at some point. How will we know when that time comes?

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We know we've had a really good market here in Sioux Falls for a while, and it seems like we could hit the market peak at almost any point. So how do you know when we've hit it?

I don't believe we've hit the top of the market yet, but trying to say whether we're there yet is kind of like hiking. Sometimes as you're hiking upward you think you're at the top, but you're actually just at a false summit. In reality, there's more room to climb. Once you've hit a plateau, all the hard climbing is done and you've just got a small incline left to get to the top. 

That's what the market is like in Sioux Falls right now. We've already taken our big vertical ascent, and we're at the point where we're just inching up to the peak.

I think it will be another couple of years before we hit that peak, but we won't see that sharp appreciation that we've been seeing for the last 18 months or so.

This makes now a really great time to consider selling your house. In my opinion, we don't have much more room to grow. Properties coming on the market right now are the ones that homeowners have been meticulously preparing as they waited for this moment in a good market. They're the ones in the best locations with the best upgrades because now is the best time to list them and get maximum dollar.

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In my opinion, we don't have much more room to grow.

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All in all, you never really know when you've reached the peak of the market until you're in it. You'll certainly know when it has passed, and you definitely don't want to be behind it as a seller. We're in the period where the market probably won't go much higher than some short little increments rather than the sharp increases we've seen in recent months.  

If you have any questions or thoughts about this market, just give me a call or send me an email. I'd love to talk with you about it or help you get the top dollar for your home.