Home Values in Sioux Falls, South Dakota — 2026 Market Report
Updated March 2026 | Balanced Market | +3.5% YoY
The median home value in Sioux Falls, South Dakota is $285,000 as of March 2026, which is below the national median of $400,000. Home values in Sioux Falls have increased by 3.5% over the past year and 18.8% over the last five years. With a population of 192,517 and a median household income of $60,825, the price-to-income ratio stands at 4.7x, making Sioux Falls affordable for the average household.
Sioux Falls Housing Market Conditions
| Metric | Sioux Falls | National Avg |
|---|---|---|
| Median Home Value | $285,000 | $400,000 |
| YoY Appreciation | +3.5% | +3.8% |
| 5-Year Appreciation | +18.8% | +22.4% |
| Price per Sq Ft | $107 | $222 |
| Days on Market | 58 days | 45 days |
| Months of Supply | 4.1 | 3.5 |
| List-to-Sale Ratio | 98.7% | 98.5% |
| Monthly Homes Sold | 100 | — |
| Foreclosure Rate | 0.56% | 0.3% |
Home Value Trends in Sioux Falls
A homeowner who purchased at the median price of $239,899 five years ago in Sioux Falls would have gained approximately $45,101 in equity, representing a 18.8% return on investment. Over the past year alone, the typical homeowner gained $9,638 in home equity.
Affordability in Sioux Falls, SD
With a median household income of $60,825 and a median home price of $285,000, the price-to-income ratio in Sioux Falls is 4.7x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $1,858 compared to estimated monthly ownership costs of $1,644 gives a rent-vs-buy ratio of 0.88. In Sioux Falls, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in Sioux Falls
The effective property tax rate in South Dakota is 1.22%. On a home valued at $285,000, the estimated annual property tax bill is $3,477, or approximately $290/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Sioux Falls is 91.5 (100 = national average), indicating living costs are below the national average.
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Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Sioux Falls, SD?
The median home value in Sioux Falls, South Dakota is $285,000 as of March 2026. Home values have changed +3.5% over the past year, with a 5-year appreciation of 18.8%.
Is Sioux Falls a buyer's or seller's market?
Sioux Falls is currently a balanced market with 4.1 months of housing supply. Homes spend an average of 58 days on market, and the list-to-sale price ratio is 98.7%. Supply and demand are relatively balanced.
Are home values going up in Sioux Falls?
Yes, home values in Sioux Falls have increased by 3.5% over the past year. The 5-year appreciation rate is 18.8%, meaning a home worth $239,899 five years ago is now worth $285,000.
Is it better to rent or buy in Sioux Falls?
The average monthly rent in Sioux Falls is $1,858, while estimated monthly homeownership costs are approximately $1,644. The price-to-rent ratio is 12.8. Based on current conditions, buying may be more cost-effective than renting in this market.
Home Values in Other South Dakota Cities
Related Resources
Disclaimer: Home value data for Sioux Falls, South Dakota is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.