South Dakota’s housing market is turbulent. The cost of new construction is up and there’s a shortage of homes on the market.
Heather Nagel is a real estate agent in Sioux Falls. She says homes on the market are selling fast.
“Currently what I’m seeing, and I think the majority of us are seeing is just the shortage of inventory and really a chase, if not a race to the property.”
Increased demand for homes is driving up listing prices.
Cheri St. Pierre is a real estate agent in Rapid City. She says homes are selling over their list price at levels she hasn’t seen in her two decades in the business.
“Buyers have to have more disposable money to purchase what they’re looking to purchase. [They have to] be more competitive in purchasing.”
Both Williams and Nagel say it is important for people to educate themselves about the market before they consider buying or selling.