Realtors Optimistic For Sioux Falls Housing Market Rebound

A long-anticipated project by Sanford Health is going to open a lot of new doors in the medical field, but Realtors in the South Dakota housing market see it as a window of opportunity for their own careers.

It’s been the cold reality of home sales across the country.

Hundreds of new listings on the market for more than a year with no buyers, with prices flat if not falling. Here is no exception, with South Dakota mortgage demand remaining tepid at best.

But Sioux Falls realtors think for sale signs will soon read “pending.”

“Our market share will actually go up as far as people out there looking for homes,” said Clark Kelly, a real estate agent with Dunham Company.

Clark Kelly says realtors with Dunham talked about the opportunities that will come to Sioux Falls with Sanford Health promising to bring in 9,200 new workers over the next 10 years.

There are 1,600 homes to choose from right now in Sioux Falls. Kelly says as more people move to town looking for a place to live, the price of homes could jump.

“It certainly could strengthen the market as far as a seller’s side, a seller could feel that it could strengthen the area’s housing prices a little bit.”

The Sioux Falls housing market saw about a three month lull last summer, but it’s rebounded since then. Minnesota and Iowa mortgage activity has also picked back up in the areas of those neighboring states closest to South Dakota.

Now, with the announcement of Sanford Health planning to expand, Realtor groups and other real estate professionals are hoping that upward trend will continue.

“We had a very strong year again last year, but this will certainly force and expand the opportunity that’s going on in Sioux Falls, we’re going to have a very strong market for the next five years now because of this,” said Kelly.