SIOUX FALLS, S.D. (KELO) — The real estate market in South Dakota’s largest cities has exploded over the past two years with a more than 20 percent increase in prices since last year. Inventory remains incredibly low which has houses selling fast, often with dozens of offers.
While the competition is the highest in Sioux Falls and Rapid City, the rural real estate market is also changing.
“It just seems like these days it doesn’t really matter where it is, homes values are increasing and they’re selling and people are looking to move and they like to move to South Dakota,” Fischer Rounds Real Estate Broker Micah Volmer said.
Small farming communities of just a few hundred people are scattered all across South Dakota, homes that historically had trouble finding a buyer.
“Historically buyers had a lot of the negotiating power in that market too, now it’s completely different,” Priority Real Estate & Development…