It seems the numbers for residential housing are way down, and developers are pushing towards building apartments;

The most noticeable drop is in new housing construction, which totaled $34.6 million, or 77 single-family homes, through April. Last year, it was $98.2 million, or 281 homes, and in 2021 it was $110.8 million, or 321 homes.

What is even more shocking is how the average price of a home in Sioux Falls is $100k more in just one year; 2021 ($345K) 2022 ($350K) 2023 ($450K). With an average mortgage rate of $4,000 a month. Real affordable? Huh? You would have to have a yearly household income of around $150k to afford this.

It is becoming more and more expensive to own a home in Sioux Falls.

9 Thoughts on “The Average Cost of a Sioux Falls home went up $100K from last year

  1. Steve on May 2, 2023 at 1:10 pm said:

    I am sure Mike will write a 7 paragraph soliloquy citing a bunch of made up things, so let me summarize first: everything has gotten more expensive in the last year.

  2. Very Stable Genius on May 2, 2023 at 2:42 pm said:

    Property taxes are a discriminatory practice. They make it harder to afford a home or to afford your home.

    Using property taxes to fund our local governments is attend to Jim Crowe legislation, that discriminates often based on race and incomes and I would allege with intent.

    Recently, just for fun, I checked the Zillow market for homes in the Hollywood Hills and found that a $10,000,000 home there pays in property taxes $10,000 a year. But how many homes in Sioux Falls worth $300,000 pay only $300 a year in property taxes?

    The local developers Soviet approach to housing, which is more apartments and less conventional houses, causes the price of homes to continue to rise, thus, pricing many out of the conventional housing market. But, I would allege some want it that way so they can protect neighborhoods, have the neighborhoods they want, and to further the Tale of Two Cities approach which many of our local leaders seem to continue to push for or are at least enablers to.

    Slogans like One Sioux Falls sound great, but the reality is that the One is for the few, or to the degree it is for the many, its found in the commonality of apartment living only.

  3. "Woodstock" on May 2, 2023 at 5:49 pm said:

    “Say, VSG, we better catch this before the anti-quotation boy does”… “That should be ‘akin’ and not ‘attend’, and Crow doesn’t have a final ‘e’….” 🙂

  4. D@ily Spin on May 2, 2023 at 6:04 pm said:

    Lots of jobs but nowhere to live. Food and cars are double from just 3 years ago. Much of the country is 8% inflation. Why is it 33% here? I’m guessing Amazon regrets coming here. There are big home builders who would come here if they could get past Lloyd and City Hall. I’d like to see a consortium of NYSE home builder corporations bring a major antitrust lawsuit. It’s become necessary to break up the real estate crime syndicate.

  5. D@ily Spin on May 2, 2023 at 9:23 pm said:

    Home Builder stocks that could each build 40 affordable homes in new subdivisions and offer mortgages 1 point cheaper. Within 3 years there could be 400 new homes.

    KB Home
    DR Horton
    Toll Brothers
    Pulte Group
    + 20 more

    They’re being kept out because of corrupt government, ridiculous zoning, and ordinance conflicts. Result: Inferior overpriced housing and lack of construction management.

  6. D@ily Spin on May 2, 2023 at 9:37 pm said:

    Humorous and sad:
    I went to a zoning board hearing. Rednecks on the panel gloated about a few streets where they were involved with curbs and compacted center. I was surveyor for Flower Mound TX. Street sections were professionally poured miles at a time. A whole suburb was finished in a year. Put those idiots back on the farm and bring in professionals.

  7. Big T on May 3, 2023 at 9:04 am said:

    Funny how none of the city meetings where people appeal property valuations are recorded. If anyone has gone to one, you’ll see a lot of the true colors from the developer supported councilors. Oh, you had a death in the family, in the home, and the home is barely habitable now… no change, keep it at $500k.

  8. Mike Lee Zitterich on May 3, 2023 at 9:42 am said:

    Affordable Housing is democrat magic words for subsidized housing. What is a affordable home? $50,000 or $500,000 dollars. It’s all about what you wish to invest, ans spend. Imagine buying a hone after 30 years of saving up $300,000 being able to build a hone at NO INTEREST. But you peoppe think you need a hone NOW rather than planning for that future home 15-25 years from now after investing in your self, putting cash in a property trust or savings acct. Stop the blame game, and figure it out yourself.

  9. VSG on May 3, 2023 at 1:54 pm said:

    “Stop the blame game, and figure it out yourself”….

    Yep, that was pretty much the Hoover Administration’s attitude after the stock market crash, too, and then the Great Depression ensued.

    Tax policies and lack of local leadership on development, in terms of more affordable middle class homes, have been the major contributors to this local and national housing crisis.

    A democracy survives and thrives thanks to a healthy middle class. “Figure it out yourself” is not a friend of a healthy middle class and its existence and healthy survival. It’s merely an attitude that’s indifferent and naive about how a democracy works and survives.

    If affordable housing are the (D)democratic magic words for subsidized housing, then what’s the magic word or words for corporate welfare?…. Oh, that’s right, it’s abbreviated. It’s called a T.I.F…..

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