Real Estate Growth in Sioux Falls: Opportunities and Challenges for Realtors

Sioux Falls Business recently interviewed Jodi Schwan from the city about the growth in the real estate industry and developments in Tea, South Dakota. With the housing market in Sioux Falls expanding, there are both opportunities and challenges for individuals looking to enter the real estate field. Currently, there are 1,000 licensed realtors in Sioux Falls, with over 3,000 homes sold in the metro area last year. This means that many realtors are selling a small number of homes annually, especially as the market becomes more competitive with limited inventory.

For those looking to pursue a career in real estate, it is important to be prepared to put in the work. Starting out may require many calls, long hours, and dedication to building a client base. It is also advised for buyers and sellers to consider how active an agent is in the market when selecting who to work with. Agents who are regularly completing transactions are likely more informed on pricing, negotiating, and other aspects of the industry.

In Tea, there are plans underway to add a large multi-sport complex as part of several proposed improvements for Lincoln County town’s growth. Public input is being sought on updates to Tea’s 2050 comprehensive plan. This includes major road projects and investments that will enhance the community’s future development. The multi-sport complex will not only benefit locals but also attract visitors and special events.

The city is currently studying factors such as size, cost and financing options for this project while updating its zoning laws and community enhancements particularly towards its west and south limits of current city boundaries which will soon connect with Sioux Falls through upcoming 85th Street interchange project. Stay updated on local business news by visiting siouxfalls.business/.