Incredible Sioux Falls: A 15-Year History

Sioux Falls has an unusual but beneficially distinctive market. 

What has Sioux Falls done in the last 15 years? Today I’m sharing some data about Sioux Falls’ population growth, unemployment, and real estate industry during that time.

In the last 15 years, the city’s population has grown. There's only one year (2010) when we didn't have positive growth. We've grown by 51,070 people in total, and by 6,000 people in 2022. We predict that this is going to continue to climb because we’re in the top ten cities for young professionals, among the best cities in the country to start a career, have one the top ten hottest job markets, and are considered one of the most recession-resistant cities in America. Also, Sioux Falls was voted in the top 25 places for stability. 

As for Sioux Falls’ unemployment rate compared to that of the entire country, we were lower every year for the last 15 years. At one point, the country was at 9.6% and Sioux Falls was at 4.8%. That is a big difference.

"In the last 15 years, the city’s population has grown."

The city had the lowest number of homes closed in 2022 compared to the last 15 years. The highest increase was 19.9% in 2013. This year, we were down 15.6%. Meanwhile, we had the fewest new listings in 2022 at 3,799. The highest number of new listings was 6,101 in 2009.

Another good stat to look at is the month's supply of inventory, which is how long it would take for all of the homes in our market to sell if no new houses entered the market. A balanced market tends to have four to six months of inventory. When it's below four months, it’s a seller's market because there's less supply. When inventory is abundant and the supply is over six months, buyers have the upper hand because there are more homes to choose from. 2022 ended with a 1.8 months supply of inventory.

Furthermore, over the last 15 years, we have more than doubled our average sales price. 2008 and 2009 were the years when we took the biggest hits—a 3.7% decrease. In 2021 and 2022, we had double-digit appreciation. During the last 15 years, the city has experienced a 4.84% annual appreciation on average. The beautiful thing about real estate is that if you can hold on to a property long enough, you can come back from anything that happens.

Overall, Sioux Falls has been a great city and will continue to be. If you have any questions or you're just curious about something, please call or email us. We're here to help!