South Dakota Housing Market: November 2024 Analysis
The South Dakota housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes stands at $321,300, reflecting a decrease of 3.2% year-over-year (YoY). In contrast, the Median List Price has increased by 1.4% YoY, reaching $320,500. This divergence suggests a potential shift in market dynamics, where sellers are adjusting their expectations in response to buyer behavior.
Price Per Square Foot metrics further illustrate this trend. The median Price Per Square Foot has risen by 3.3% YoY to $173, while the Median List Price per square foot has seen a more significant increase of 4.2% YoY, reaching $191. These figures indicate a growing demand for space, possibly driven by buyers prioritizing larger homes or more desirable locations.
Sales activity in South Dakota is robust, with 687 Homes Sold, marking a 6.5% increase YoY. Pending Sales have surged by 17.0% YoY, totaling 708, suggesting strong buyer interest and potential future sales growth. However, New Listings have declined by 2.9% YoY to 634, which could lead to tighter inventory levels if the trend continues.
Inventory levels have increased significantly, with a 16.7% YoY rise to 2,861 homes. This increase, coupled with a 40.0% YoY rise in Months of Supply to 4.20, indicates a shift towards a more balanced market, potentially easing the competitive pressure on buyers. The Median Days on Market have also increased by 14.0% YoY to 69 days, suggesting that homes are taking longer to sell compared to the previous year.
The average sale to list ratio remains steady at 97.9%, unchanged from the previous year, indicating that homes are generally selling close to their asking prices. The percentage of Homes Sold above list price has slightly decreased by 0.4% YoY to 17.8%, while Price Drops have marginally decreased by 0.2% YoY to 16.6%. These figures suggest a stabilization in pricing strategies among sellers.
Finally, the percentage of homes going off the market within two weeks has increased by 3.2% YoY to 27.9%, highlighting a segment of the market where demand remains strong and homes are selling quickly.
