Property Makler
Advanced analytics for residential real estate investing

Sioux Falls, SD housing market

Housing market indicators

Indicator	2022	2023	2024	2025*	2022	2023	2024	YTD
Median Listing Price per Square Feet	$188	$209	$202	$203	9.9%	11.2%	-3.3%	0.5%
Active Listing Count	980	931	1,080	1,403	20.7%	-5%	16%	29.9%
Median Days on Market	51	58	61	52	4.1%	13.7%	5.2%	-14.8%
Share of listings with price increase	1.2%	0.4%	0.3%	0.3%
Share of listings with price decrease	5.5%	7.4%	9.1%	11.2%

* last available value

Note: 12M MA - 12 months moving average, Permits - New Private Housing Structures Authorized by Building Permits. Source: FRED

The Sioux Falls Metropolitan Statistical Area (MSA) includes four counties in South Dakota (Lincoln, Minnehaha, McCook, Turner) and one in Minnesota (Rock County), anchored by Sioux Falls.
Total MSA population estimated at 308,266 as of 2024, up from 276,730 in 2020, reflecting 7.6% growth from 2020-2024, the fastest in the Midwest.
Sioux Falls city population around 209,289-220,000 in 2025, with metro projected to reach 500,000 by 2050.
Key geographic regions: core urban Sioux Falls, southern suburbs (e.g., Tea, Harrisburg), northern towns (e.g., Dell Rapids, Brandon), eastern rural areas (e.g., Garretson), and western extensions (e.g., Hartford).

Area	City/Town	Population	Density	Income	Quality of Schools	Crime Level	Property Tax (%)	Comments
Core Urban	Sioux Falls	209,289 (2025 est.)	High (urban)	Medium-High	GreatSchools 5-9	Medium	1.0-1.2	Economic hub, diverse population 80% White, 7% Black.
Southern Suburbs	Tea	~5,000	Medium	High	GreatSchools 6-8	Low	1.1	Rapid growth, family-oriented.
Southern Suburbs	Harrisburg	~8,000	Medium	High	GreatSchools 7-9	Low	1.0	Suburban expansion near Sioux Falls.
Northern Towns	Brandon	~11,000	Low-Medium	Medium	GreatSchools 6-8	Low	1.2	Commute to Sioux Falls, rural feel.
Northern Towns	Dell Rapids	~2,500	Low	Medium	GreatSchools 5-7	Very Low	1.3	Small town, quartzite quarries nearby.
Eastern Rural	Garretson	~1,200	Low	Low-Medium	GreatSchools 4-6	Low	1.4	Near Devil's Gulch, tourism.
Western	Hartford	~4,000	Low	Medium	GreatSchools 5-7	Low	1.2	Agricultural base, growing commuter town.
Outlying	Canton	~3,500	Low	Low-Medium	GreatSchools 4-6	Low	1.3	Near MN border, rural.

To view all table columns, please open this table on a laptop or desktop screen.

MSA median household income around $65,000-$75,000, higher than state average due to urban concentration.
Sioux Falls personal income per capita exceeds $60,000, driven by professional services.
Education: 30-35% hold bachelor's degree or higher in Sioux Falls, lower in rural towns (20-25%).
High school graduation rates 90%+ across MSA, with strong community colleges like Southeast Tech.
Workforce skews toward working-age adults (18-64 years: ~60% of population).

Financial services: Headquarters for major banks, credit card processing (e.g., Citi, Wells Fargo).
Healthcare: Sanford Health and Avera systems employ thousands.
Agribusiness and food processing: Ethanol plants, meatpacking.
Retail and distribution: Logistics hub due to central location, I-29/I-90 intersection.
Manufacturing: Light industry, medical devices.
Tourism and hospitality growing with population influx.

Zoning openness: Sioux Falls relatively permissive, with planned expansions to 137 sq mi by 2050; suburbs faster approvals.
Regulatory strictness: Moderate; streamlined permitting in city core, stricter environmental rules in rural areas.
Construction workforce cost: Low compared to national, benefits from local labor pool and no state income tax attracting workers.
New construction booming: 2,000+ units annually in metro, focused on single-family in suburbs.
Land availability: Abundant in outskirts, driving peripheral growth.

Net migration in: +21,829 residents 2020-2024, fueled by no state income tax, low cost of living.
Growing industries: Finance and healthcare adding 5,000+ jobs yearly, attracting young professionals.
Remote workers influx from high-tax states (MN, CA), boosting suburban demand.
Declining sectors minimal impact; agriculture stable, no major outflows.
Family migration for safety, schools; metro growth rate 1.6% annually.

Inventory shortage: Demand outpaces supply, median days on market under 30.
Affordability pressure: Home prices up 20-30% since 2020, median ~$320,000.
Interest rate sensitivity: Higher rates slow sales despite growth.
Labor shortages in construction delaying projects.
Rural-urban divide: Suburbs strain infrastructure, core sees rental competition from migrants.
Projected 2050 population doubles demand, risks overbuilding if migration slows.

Area	Appreciation Potential	Risk	Key Drivers
Core Sioux Falls	High	Medium	Job centers, rental demand, urban renewal.
Southern Suburbs (Tea, Harrisburg)	High	Low	Population boom, new schools, highway access.
Northern Towns (Brandon)	Medium-High	Low	Commuter growth, affordable entry prices.
Eastern Rural (Garretson)	Medium	Medium	Tourism limited, slower migration.
Western (Hartford)	Medium	Low-Medium	Ag stability, potential spillover growth.
Outlying (Canton)	Low	High	Rural stagnation, border proximity risks.