Sioux Falls, South Dakota Housing Market Prices
Sioux Falls Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
-
Median home price 53% above the South Dakota median$140,576
-
Median rent 6% above the South Dakota median$1,004
Housing Market Overview
| Metric | Sioux Falls | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $140,576 | $92,142 | $248,835 |
| Price Trend (Annual %) | -1.2% | -1.1% | 7.5% |
| Median Gross Rent | $1,004 | $946 | $1,407 |
| Rent Trend (Annual %) | 3.9% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Sioux Falls is about 53% higher than in South Dakota. Rent is about 6% higher than the South Dakota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Sioux Falls: home prices fell about 1.2% a year while rent rose about 3.9% a year. That is an unusual pattern worth watching.
Median rent in Sioux Falls rose about 39.6% between 2015 and 2024, from $720 to $1,004. Over the same span, rent in South Dakota rose about 44.4%.
Affordability
On average, housing unit costs 1.9 yearly household incomes in Sioux Falls.
Buying the median-priced home in Sioux Falls costs roughly 11.7 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Sioux Falls. The price-to-rent ratio in South Dakota is about 8.1.
| Metric | Sioux Falls | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $140,576 | $92,142 | $248,835 |
| Median Household Income | $74,541 | $75,087 | $80,455 |
| Price-to-Income Ratio | 1.9 | 1.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Sioux Falls fell about 0.9%, while median household income rose about 46.0% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Sioux Falls | South Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.8% | 61.3% | 58.5% |
| Rental Rate | 38.1% | 28.1% | 31.2% |
| Vacancy Rate | 5.0% | 10.5% | 10.2% |
| Median Tenure (years) | 11.0 | 15.0 | 15.0 |
| Median Year Moved In | 2015 | 2011 | 2011 |
Sioux Falls has a homeownership rate of 56.8%, lower than the South Dakota average of 61.3%. Its housing vacancy rate is 5.0%, compared with 10.5% in South Dakota.
Housing Stock
| Metric | Sioux Falls | South Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.27 people | 2.40 people | 2.53 people |
| Median Structure Built Year | 1986 | 1980 | 1978 |
| Median Number of Rooms | 5.6 | 5.9 | 5.5 |
The typical housing unit in Sioux Falls was built around 1986. On average, 2.3 people live in a home with about 5.6 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Sioux Falls, South Dakota.
What is the median home price in Sioux Falls, South Dakota?
The median home price in Sioux Falls, South Dakota is $140,576, higher than the South Dakota average of $92,142.
What is the average home price in Sioux Falls, South Dakota?
The typical home price in Sioux Falls, South Dakota, reported as the median sale price, is $140,576. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Sioux Falls, South Dakota?
The median gross rent in Sioux Falls, South Dakota is $1,004 per month, higher than the South Dakota average of $946.
What was the median gross rent in Sioux Falls in 2020?
In 2020, the median gross rent in Sioux Falls, South Dakota was $828 per month.
What is the price-to-rent ratio in Sioux Falls, South Dakota?
The price-to-rent ratio in Sioux Falls, South Dakota is about 11.7, meaning it would take roughly 11.7 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Sioux Falls.
Are home prices or rent rising faster in Sioux Falls, South Dakota?
Home prices and rent are moving in opposite directions in Sioux Falls: home prices fell about 1.2% a year while rent rose about 3.9% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Sioux Falls, South Dakota?
56.8% of households in Sioux Falls, South Dakota own their home, lower than the South Dakota average of 61.3%.
What is the vacancy rate in Sioux Falls, South Dakota?
The housing vacancy rate in Sioux Falls, South Dakota is 5.0%, lower than the South Dakota average of 10.5%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →