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SD Avg Real Estate Commission Rate in Sioux Falls, South Dakota

Sioux Falls is the most populous city in the U.S. state of South Dakota and the 145th-most populous city in the United States. It is the county seat of Minnehaha County. and also extends into Lincoln County to the south. It is the 47th-fastest-growing city in the United States and the fastest-growing metro area in South Dakota, with a population increase of 22% between 2000 and 2010.

As of 2018, Sioux Falls had an estimated population of 183,200. The metropolitan population of 251,854 accounts for 29% of South Dakota's population. It is also the primary city of the Sioux Falls-Sioux City Designated Market Area (DMA), a larger media market region that covers parts of four states and has a population of 1,043,450. Chartered in 1856 on the banks of the Big Sioux River, the city is situated in the rolling hills at the junction of Interstate 90 and Interstate 29.

 

Sioux Falls, South Dakota Average Real Estate Agent Commission Rate Fees:

A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Sioux Falls, South Dakota. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!

The national average total real estate commission in 2015 was 5.26% *

In Sioux Falls, South Dakota, you will find the following real estate commissions charged*:

Typical Asking Commission: 6.0%

Competitive Commission: 5.0%-5.5%%

Very Competitive Commission: 4.5%-4.99%

The median existing single-family home price in the Midwest rose 6.6%, to $204,000, in the second quarter of 2017 compared to the the second quarter of 2016.  Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:

In the State of South Dakota, median home prices are as follows*:

Metro Area Median Sales Price % of Annual Change
Sioux Falls $200,000 7.10%
 
IMPORTANT

Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home.  In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).

In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent.  Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”.  This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client.  This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).

When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.

 

AGENTS ARE READY TO BID THEIR COMMISSION RATE TO GET YOUR LISTING

At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business.  These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm.  This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in South Dakota.

 

ARE YOU BUYING IN THE SAME AREA, TOO?

Sellers who are also buying a home in the same local market have a volume discount advantage.  ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home.  Be sure to check the box that you are also buying a home locally to receive these better rates.

 

ARE YOU READY TO RECEIVE COMPETITIVE COMMISSION RATE BIDS?

Click here to see your savings in just 24 hours…

 

DEMOGRAPHICS:

As of the census of 2010, there were 153,888 people, 61,707 households, and 37,462 families residing in the city. The population density was 2,109.2 inhabitants per square mile (814.4/km2). There were 66,283 housing units at an average density of 908.5 per square mile (350.8/km2). The racial makeup of the city was 86.8% White, 4.2% African American, 2.7% Native American, 1.8% Asian, 0.1% Pacific Islander, 2.0% from other races, and 2.5% from two or more races. Hispanic or Latino of any race were 4.4% of the population.

There were 61,707 households of which 31.9% had children under the age of 18 living with them, 45.5% were married couples living together, 10.9% had a female householder with no husband present, 4.4% had a male householder with no wife present, and 39.3% were non-families. 30.6% of all households were made up of individuals and 8.7% had someone living alone who was 65 years of age or older. The average household size was 2.40 and the average family size was 3.02.

The median age in the city was 33.6 years. 24.6% of residents were under the age of 18; 10.7% were between the ages of 18 and 24; 29.7% were from 25 to 44; 24.1% were from 45 to 64; and 10.9% were 65 years of age or older. The gender makeup of the city was 49.6% male and 50.4% female.

In 2015, the median household income in Minnehaha County, SD was $59,884, while Lincoln County, SD was $76,094. This represents a 0.29% growth from the previous year. The median family income for Sioux Falls was $74,632 in 2015. Males had a median income of $40,187 versus $31,517 for females. The per capita income for the county was $26,392. 11.8% of the population and 8.5% of families are below the poverty line. Out of the total population, 16.8% of those under the age of 18 and 8.8% of those 65 and older are living below the poverty line.

 

ECONOMY:

Originally centered on quarrying and agriculturally based industries, the economy of Sioux Falls has become diversified and more service-based over the last half-century, making the city a location for financial services, health care, and retail trade.

*Data provided by Bankrate.com - Real Estate and Wikipedia - Sioux Falls - South Dakota