Mark Sorenson - Keller Williams Realty Sioux Falls

09/28/2026

09/28/2026

THE ABBREVIATED UPDATE

The Sioux Falls area housing market is still moving, but mortgage rates increased again this week.

The average 30 year fixed mortgage rate rose from 6.95% last week to 7.03% this week. On a $300,000 loan, that difference adds approximately $16 per month to the principal and interest payment.

The latest Sioux Empire market numbers show:

🏡 1,676 homes available

🔑 347 homes closed during August

💰 $328,000 median sale price

📅 77 average days on market

📊 Sellers received an average of 96.9% of their original asking price

Compared with last week, the local numbers have not changed because the next monthly market report has not been released. The main change this week is the increase in mortgage rates.

The market is not frozen, but buyers are watching their budgets closely. Correctly priced homes are still selling, while overpriced homes are more likely to sit.

Now, let’s look at the numbers and what they actually mean.

THE FULL UPDATE

MORTGAGE RATES MOVED ABOVE 7%

The national average for a 30 year fixed mortgage increased from 6.95% last week to 7.03% this week.

That is an increase of 0.08 percentage points. It is not enough to completely change someone’s buying power overnight, but it does add pressure to an already challenging affordability situation.

On a $300,000 loan, the estimated principal and interest payment increased from approximately $1,986 per month to $2,002 per month.

That does not include property taxes, homeowners insurance, mortgage insurance or association fees.

For buyers, this is why it is important to work with a lender before deciding what price range feels comfortable. The purchase price is only one part of the payment.

WHAT IS HAPPENING LOCALLY?

The latest report for the Sioux Empire showed 1,676 homes available and 347 closed sales during August.

The median sale price was $328,000. That means half of the homes sold for more than $328,000 and half sold for less.

Homes averaged 77 days on the market, and sellers received an average of 96.9% of their original asking price.

That last number is important. It shows that sellers are still receiving strong prices, but buyers are not automatically paying whatever a seller asks.

The market is rewarding homes that are priced correctly, presented well and marketed properly.

WHAT THIS MEANS FOR BUYERS

Higher rates are not good news for affordability, but buyers still have opportunities.

Homes that have been sitting on the market may offer room to negotiate on price, repairs, closing costs or other terms. Buyers also have more time to evaluate many properties than they did during the extremely competitive market of a few years ago.

That does not mean every home will be negotiable. Well priced homes in popular neighborhoods can still attract immediate attention.

The best approach is to know your payment, understand the local comparable sales and be prepared to act when the right property appears.

WHAT THIS MEANS FOR SELLERS

The market is still producing sales, but buyers are becoming more payment conscious.

When mortgage rates rise, even slightly, buyers become more sensitive to price. A home that feels overpriced may be passed over even if it is otherwise a good property.

Sellers should pay close attention to recent closed sales, current competition and the condition of their home. Pricing correctly from the beginning gives a property its best chance of attracting serious buyers while the listing is still fresh.

A price reduction can create renewed attention, but it is usually better to enter the market at a price buyers can support with the available comparable sales.

THE BOTTOM LINE

Compared with last week, mortgage rates increased while the latest local market numbers remained unchanged.

Buyers are still buying, and sellers are still selling. However, affordability, accurate pricing and preparation are becoming increasingly important.

This is not a bad market. It is a market that rewards good information and a solid strategy.

If you are considering buying or selling, I would be happy to help you understand what these numbers mean for your specific price range, neighborhood and situation.

Sources: RASE MLS August 2026 market report and Freddie Mac Primary Mortgage Market Survey dated September 24, 2026.

09/22/2026

09/22/2026

The Sioux Falls housing market is still moving, but buyers have more choices and a little more negotiating power than they have had in recent years. Interest rates continue to affect affordability, but there are also financing programs that may make buying more realistic than people expect.

For sellers, homes are still selling. However, pricing and presentation matter more now. Buyers have enough choices that they are less likely to overlook an overpriced home or one that does not show well.

This is not a market where everyone should rush into a decision. It is a market where having the right information and a good strategy can create opportunities.

Now, let’s look at the numbers and what they actually mean.

According to the August market report from the Realtor Association of the Sioux Empire, there were 1,676 homes available for sale in the Sioux Falls area. During the month, 347 homes closed.

The median sale price was $328,000. That means half of the homes sold for more than $328,000 and half sold for less.

Homes spent an average of 77 days on the market. That does not mean every home takes 77 days to sell. Well priced homes in desirable condition can still move quickly. Homes that begin too high or need significant work may take considerably longer.

What does this mean for buyers?

Buyers generally have more homes to consider and more time to make an informed decision. Depending on the property, there may also be room to negotiate on price, closing costs, repairs, or other terms.

Interest rates remain the biggest challenge. The average 30 year mortgage rate reached 6.95 percent on September 17, up from 6.76 percent the previous week. For comparison, it was 6.26 percent one year earlier.

That increase affects monthly payments, but the advertised national rate is not necessarily the rate every buyer will receive. Your credit, loan program, down payment, and lender can all change the final number.

South Dakota Housing also offers programs with rates and assistance options that may help qualified buyers. Some programs provide assistance equal to 3 percent or 5 percent of the mortgage amount. That money may help with a down payment or closing costs.

What does this mean for sellers?

There are buyers in the market, but they are paying closer attention to value. A seller cannot simply choose a price based on what a neighbor received two years ago and expect the same result.

The homes receiving the strongest attention are usually priced correctly, presented well, and marketed professionally from the beginning. Starting too high can cause a home to sit while buyers choose competing properties.

The positive news is that Sioux Falls continues to grow, people still need homes, and appropriately priced properties are still selling. Sellers just need a more deliberate strategy than they may have needed during the extremely competitive market of a few years ago.

New construction is also changing.

From January through May, permits for single family homes increased from 151 last year to 158 this year. However, townhome permits dropped from 146 to 57. Total permitted housing units declined from 611 to 540.

This could eventually affect the number and type of newly built homes available to buyers. Fewer townhomes may be especially important for buyers looking for affordable or lower maintenance options.

My honest view is that this is not a bad market. It is simply a market that rewards preparation.

Buyers may have opportunities to negotiate and take advantage of assistance programs. Sellers can still receive strong results when their home is priced and marketed correctly. The important thing is understanding how the numbers apply to your specific price range and situation.

If you are considering buying or selling, even if you are several months away, I would be happy to talk through your options. There is no pressure to make a move. My goal is to help you understand the market so you can make the right decision for yourself and your family.

09/15/2026

BIG PRICE DROP!!! COME SEE IT BEFORE IT'S GONE!

09/10/2026

09/10/2026

I wanted to share a quick update.

At the first of the year, I made the decision to go out on my own with Mark Sorenson Real Estate. It has been a busy and exciting start to the year, and I am very thankful for it.

Between working with buyers, helping sellers prepare and market their homes, negotiating contracts, managing inspections, and getting clients through the finish line, I have not done a great job of keeping Facebook updated on the homes I have helped buy and sell.

That does not mean things have been slow. Quite the opposite. I have been fortunate to stay busy, and I am grateful for every client, referral, friend, and family member who has trusted me or shared my name with someone looking to buy or sell.

I am going to start catching up and sharing some of the homes and clients I have had the opportunity to help so far this year. Every transaction has its own story, and I am thankful to be part of each one.

Thank you for the support as I continue building my business. If you are thinking about buying, selling, moving to South Dakota, or just want an honest idea of what the market looks like, feel free to reach out. I would be glad to help.

09/10/2026

This place looks amazing!

02/13/2026

As most of you know, I recently launched out on my own. One of the things I was most excited about was creating a brand that truly represents me and how I do business.

My new branded stationery just came in, and I love how it turned out. Clean, strong, straightforward. No fluff. Just like the way I approach real estate.

Going independent means every detail matters more. The service. The strategy. The follow through. And yes, even the note cards.

Grateful for everyone who has supported me in this next chapter. If you need anything real estate related, I’m here and I’m all in.