Real estate prices are booming in Sioux Falls. Some homes are selling before they hit the MLS or popular sites like Realtor and Zillow. Others are selling for more than the asking price.

Fierce bidding wars are occurring over a desirable property. I heard of, a home that received an offer of $80,000 over the asking price. Needless to say, the sellers took that offer.

According to Zillow, the average price of a Sioux Falls home in 2017 was $197,000. In May of 2021, the average price increased to $253,000, a jump of $56,000 or 22%.

Get our free mobile app

So what does someone do if they want to get over the fear of missing out on rising prices? Record low-interest rates help people get bigger mortgages to keep up with the climbing prices. One thing to keep in mind is prices will continue to climb until they don't. The housing crash of 2008 wasn't that long ago and many of the same things that happened then are happening now, but that's another article.

The other option is to buy an inexpensive home. What is considered the most "inexpensive" home in this market? I searched Zillow for the least expensive, single-family home for sale in Sioux Falls as of June 11, 2021.

The property is 1315 North Main. Zillow says it was built in 1880, older than South Dakota. The home is in foreclosure and it's safe to say it's a "fixer-upper." It is 1,145 sq ft featuring 4 bedrooms and 1 bathroom. There is a three-car garage in the back and the home sits on a large lot. It could be a charming home with a little work.

What is the asking price of the least expensive home in Sioux Falls? $54,900. The seller seems motivated as the price was dropped by $12,600 in April.

Sioux Falls Cheapest Home

One of The Most Expensive Sioux Falls Home on the Market