A global pandemic, plus rock-bottom interest rates, are sending supercharged demand into residential markets around the country. In Sioux Falls, houses are up for sale for just a few days — maybe two or three — before sellers start counting their offers. Buyers are sweetening deals by waiving appraisals and inspections. Shelton’s heard the same stories out of Colorado and Minnesota, too.
“I think what we’re seeing is many people are fleeing to real estate as a safe haven, even for their investments,” Shelton said.
Whatever storm of pandemic conditions are behind it, the numbers show a steady rise in prices. According to the National Association of Realtors, Sioux Falls-area homes saw the median sales price grow more than 8% from the end of 2019 to the end of 2020, from about $223,500 to nearly $242,000. And Shelton has been right in the middle of it.
“This is an unprecedented time,” Shelton said.