Real Estate Challenges and Opportunities in Sioux Falls: Navigating the Rapid Expansion of the Housing Market

Jodi Schwan from SiouxFalls.Business discussed the growth in the real estate field and development in Tea. As the housing market continues to expand in the Sioux Falls area, there are both opportunities and challenges for those looking to enter the real estate industry. With over 1,000 licensed realtors in Sioux Falls, but only 3,000 homes sold last year in the metro area, many realtors are selling very few homes each year. This means that those who want to pursue a full-time career in real estate need to be prepared to put in a lot of work, including making many calls and working long hours to build their business.

When hiring a realtor, it is important for buyers and sellers to consider how active an agent is in the market. Agents who are not regularly doing deals may not be as knowledgeable about pricing, negotiating, and other aspects of the industry. In Tea, where growth is rapid, there is consideration of adding a large new multi-sport complex among other proposed improvements for the community. The community is seeking public input on updates to its 2050 comprehensive plan, focusing on future zoning and community improvements largely west and south of Tea’s current city limits.

The multi-sport complex would benefit not only the growing community but also attract visitors and special event business. While details are still being studied, it would be located west of where the Orthopedic Institute is currently under construction. Along with this development, major road projects are also planned to support the future 85th Street interchange. With these developments coming up, Tea is well-positioned for further growth and expansion in the years ahead. To stay informed about local business news, visit siouxfalls.business/.