Sioux Falls USDA Loan Rates, Closing Costs & Stats
SIOUX FALLS, SD
USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.
Sioux Falls's 11 lenders originated 39 USDA loans during 2023. The total origination value was $8,885,000, with an average USDA loan value of $227,821.
Sioux Falls USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Sioux Falls
averaged
6.42%
for the week of 2024-04-19, compared to the national average (all USDA variants) of
6.863% for the same period.
Sioux Falls's average USDA mortgage closing costs are $5,267.
The average rate for the prior week (2024-04-12) was
6.38% and
one month ago for the week of 2024-03-15, the
average rate was 6.26%.
The average rate one year ago was 6%.
For refis of the same type during the week of 2024-04-19, the average rate
was 6.84%.
Sioux Falls USDA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Sioux Falls level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| Plains Commerce Bank | 23 | 5.86% | $5,488 |
| American Bank & Trust | 2 | 5.75% | $4,305 |
| First Bank & Trust | 2 | 6.25% | $4,643 |
| First Dakota National Bank | 2 | 6.19% | $3,942 |
| SIOUX FALLS | 1 | 5.99% | $4,532 |
| UNITED WHOLESALE MORTGAGE, LLC | 1 | 6.25% | $4,029 |
| First National Bank of Omaha | 1 | 5.75% | $3,450 |
| Central Bank | 1 | 6.25% | $5,325 |
| Reliabank Dakota | 1 | 6.00% | $8,610 |
| CROSSCOUNTRY MORTGAGE, LLC | 1 | 7.00% | $6,567 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 1 | 6.25% | $4,951 |
The top Sioux Falls USDA lender as defined by loan originations is Plains Commerce Bank, with
23 USDA loans originated. Their average total fees are
$5,488, which is $1,183
higher than the next largest lender,
American Bank & Trust.
The lowest fee Sioux Falls USDA lenders (with over 10 loans originated) are
Plains Commerce Bank ($5,488), .
The lowest rate Sioux Falls USDA lenders (with over 10 loans originated) are
Plains Commerce Bank (5.86%), .
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Sioux Falls (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
|---|---|---|---|---|
| 2018-01-01 | $234,900 (7.3%) | $287,795 (3.4%) | 0.87 | 942 |
| 2018-02-01 | $236,788 (7.7%) | $287,892 (2.8%) | 0.86 | 990 |
| 2018-03-01 | $239,900 (9.1%) | $293,675 (2.1%) | 0.84 | 1,035 |
| 2018-04-01 | $239,500 (6.5%) | $292,963 (2.3%) | 0.81 | 1,097 |
| 2018-05-01 | $239,900 (6.6%) | $298,183 (3.5%) | 0.80 | 1,181 |
| 2018-06-01 | $239,900 (7.1%) | $297,487 (3.3%) | 0.80 | 1,202 |
| 2018-07-01 | $233,400 (3.8%) | $285,935 (-1.9%) | 0.78 | 1,242 |
| 2018-08-01 | $231,200 (1.2%) | $285,705 (-1.9%) | 0.77 | 1,255 |
| 2018-09-01 | $229,500 (0.2%) | $285,794 (-2.0%) | 0.77 | 1,272 |
| 2018-10-01 | $229,500 (-0.2%) | $283,970 (-2.6%) | 0.78 | 1,286 |
| 2018-11-01 | $229,900 (0.0%) | $285,348 (-0.6%) | 0.78 | 1,198 |
| 2018-12-01 | $229,950 (0.0%) | $286,717 (-0.2%) | 0.79 | 1,078 |
| 2019-01-01 | $234,950 (0.0%) | $289,253 (0.5%) | 0.81 | 998 |
| 2019-02-01 | $234,900 (-0.8%) | $289,934 (0.7%) | 0.79 | 994 |
| 2019-03-01 | $239,186 (-0.3%) | $295,400 (0.6%) | 0.78 | 1,056 |
| 2019-04-01 | $244,900 (2.3%) | $304,431 (3.9%) | 0.78 | 1,154 |
| 2019-05-01 | $244,900 (2.1%) | $307,783 (3.2%) | 0.77 | 1,277 |
| 2019-06-01 | $242,900 (1.3%) | $305,624 (2.7%) | 0.76 | 1,343 |
| 2019-07-01 | $244,925 (4.9%) | $304,832 (6.6%) | 0.77 | 1,374 |
| 2019-08-01 | $246,955 (6.8%) | $437,484 (53.1%) | 0.78 | 1,390 |
| 2019-09-01 | $248,611 (8.3%) | $635,321 (122.3%) | 0.80 | 1,386 |
| 2019-10-01 | $249,900 (8.9%) | $776,318 (173.4%) | 0.81 | 1,401 |
| 2019-11-01 | $244,900 (6.5%) | $299,200 (4.9%) | 0.80 | 1,379 |
| 2019-12-01 | $239,900 (4.3%) | $296,427 (3.4%) | 0.80 | 1,170 |
| 2020-01-01 | $242,400 (3.2%) | $294,235 (1.7%) | 0.81 | 1,102 |
| 2020-02-01 | $239,950 (2.2%) | $292,893 (1.0%) | 0.79 | 1,187 |
| 2020-03-01 | $244,950 (2.4%) | $299,806 (1.5%) | 0.77 | 1,324 |
| 2020-04-01 | $249,650 (1.9%) | $303,567 (-0.3%) | 0.78 | 1,459 |
| 2020-05-01 | $249,900 (2.0%) | $309,269 (0.5%) | 0.76 | 1,498 |
| 2020-06-01 | $251,400 (3.5%) | $319,406 (4.5%) | 0.74 | 1,518 |
| 2020-07-01 | $253,571 (3.5%) | $317,748 (4.2%) | 0.74 | 1,461 |
| 2020-08-01 | $250,000 (1.2%) | $311,420 (-28.8%) | 0.72 | 1,428 |
| 2020-09-01 | $249,900 (0.5%) | $311,536 (-51.0%) | 0.72 | 1,367 |
| 2020-10-01 | $247,950 (-0.8%) | $308,327 (-60.3%) | 0.71 | 1,256 |
| 2020-11-01 | $247,800 (1.2%) | $309,187 (3.3%) | 0.72 | 1,032 |
| 2020-12-01 | $249,800 (4.1%) | $312,995 (5.6%) | 0.74 | 867 |
| 2021-01-01 | $249,900 (3.1%) | $311,694 (5.9%) | 0.75 | 787 |
| 2021-02-01 | $251,000 (4.6%) | $312,116 (6.6%) | 0.73 | 807 |
| 2021-03-01 | $262,800 (7.3%) | $315,653 (5.3%) | 0.75 | 922 |
| 2021-04-01 | $264,950 (6.1%) | $321,556 (5.9%) | 0.72 | 1,064 |
| 2021-05-01 | $274,900 (10.0%) | $330,603 (6.9%) | 0.73 | 1,152 |
| 2021-06-01 | $275,000 (9.4%) | $331,567 (3.8%) | 0.72 | 1,194 |
| 2021-07-01 | $274,900 (8.4%) | $330,327 (4.0%) | 0.73 | 1,220 |
| 2021-08-01 | $275,000 (10.0%) | $331,684 (6.5%) | 0.73 | 1,212 |
| 2021-09-01 | $274,950 (10.0%) | $341,410 (9.6%) | 0.73 | 1,189 |
| 2021-10-01 | $275,000 (10.9%) | $343,891 (11.5%) | 0.73 | 1,089 |
| 2021-11-01 | $274,950 (11.0%) | $343,929 (11.2%) | 0.73 | 990 |
| 2021-12-01 | $286,868 (14.8%) | $357,838 (14.3%) | 0.78 | 784 |
| 2022-01-01 | $299,900 (20.0%) | $375,706 (20.5%) | 0.81 | 644 |
| 2022-02-01 | $305,000 (21.5%) | $379,543 (21.6%) | 0.79 | 697 |
| 2022-03-01 | $323,485 (23.1%) | $391,114 (23.9%) | 0.81 | 774 |
| 2022-04-01 | $326,400 (23.2%) | $390,392 (21.4%) | 0.78 | 913 |
| 2022-05-01 | $334,950 (21.8%) | $400,365 (21.1%) | 0.77 | 964 |
| 2022-06-01 | $349,300 (27.0%) | $406,907 (22.7%) | 0.78 | 971 |
| 2022-07-01 | $349,900 (27.3%) | $412,229 (24.8%) | 0.79 | 1,012 |
| 2022-08-01 | $348,950 (26.9%) | $410,459 (23.8%) | 0.81 | 1,111 |
| 2022-09-01 | $349,900 (27.3%) | $413,342 (21.1%) | 0.82 | 1,129 |
| 2022-10-01 | $350,000 (27.3%) | $408,931 (18.9%) | 0.82 | 1,049 |
| 2022-11-01 | $346,425 (26.0%) | $405,853 (18.0%) | 0.83 | 996 |
| 2022-12-01 | $345,000 (20.3%) | $402,407 (12.5%) | 0.85 | 946 |
| 2023-01-01 | $350,000 (16.7%) | $404,550 (7.7%) | 0.87 | 905 |
| 2023-02-01 | $359,900 (18.0%) | $415,018 (9.4%) | 0.87 | 948 |
| 2023-03-01 | $364,900 (12.8%) | $422,201 (8.0%) | 0.86 | 994 |
| 2023-04-01 | $368,000 (12.8%) | $426,382 (9.2%) | 0.86 | 1,154 |
| 2023-05-01 | $369,850 (10.4%) | $429,644 (7.3%) | 0.84 | 1,338 |
| 2023-06-01 | $366,500 (4.9%) | $430,781 (5.9%) | 0.82 | 1,374 |
| 2023-07-01 | $365,000 (4.3%) | $440,411 (6.8%) | 0.83 | 1,352 |
| 2023-08-01 | $362,400 (3.9%) | $440,682 (7.4%) | 0.83 | 1,464 |
| 2023-09-01 | $365,000 (4.3%) | $448,429 (8.5%) | 0.85 | 1,421 |
| 2023-10-01 | $369,900 (5.7%) | $454,475 (11.1%) | 0.87 | 980 |
| 2023-11-01 | $367,925 (6.2%) | $449,695 (10.8%) | 0.88 | 981 |
| 2023-12-01 | $369,900 (7.2%) | $454,459 (12.9%) | 0.90 | 904 |
| 2024-01-01 | $373,875 (6.8%) | $457,461 (13.1%) | 0.91 | 842 |
| 2024-02-01 | $374,975 (4.2%) | $459,078 (10.6%) | 0.90 | 758 |
| 2024-03-01 | $389,450 (6.7%) | $478,027 (13.2%) | 0.92 | 749 |
Sioux Falls's median listing price comes in at 92% of the national average.
Sioux Falls's average listing price for 2024-03-01 was $478,027, a difference of $55,826 (13.2%) versus the prior year and $18,949 versus the prior month.
For the 2024-03-01 period, Sioux Falls had 749 MLS listings, a difference of -9 listings (-1%) versus the prior month and -245 listings (-25%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Sioux Falls (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 66 days | 1,809 sqft |
| 2018-02-01 | 51 days | 1,808 sqft |
| 2018-03-01 | 45 days | 1,811 sqft |
| 2018-04-01 | 39 days | 1,846 sqft |
| 2018-05-01 | 38 days | 1,863 sqft |
| 2018-06-01 | 38 days | 1,890 sqft |
| 2018-07-01 | 37 days | 1,811 sqft |
| 2018-08-01 | 38 days | 1,796 sqft |
| 2018-09-01 | 39 days | 1,766 sqft |
| 2018-10-01 | 41 days | 1,732 sqft |
| 2018-11-01 | 51 days | 1,737 sqft |
| 2018-12-01 | 61 days | 1,724 sqft |
| 2019-01-01 | 66 days | 1,734 sqft |
| 2019-02-01 | 55 days | 1,739 sqft |
| 2019-03-01 | 46 days | 1,776 sqft |
| 2019-04-01 | 34 days | 1,831 sqft |
| 2019-05-01 | 30 days | 1,868 sqft |
| 2019-06-01 | 32 days | 1,861 sqft |
| 2019-07-01 | 36 days | 1,833 sqft |
| 2019-08-01 | 40 days | 1,867 sqft |
| 2019-09-01 | 42 days | 1,908 sqft |
| 2019-10-01 | 44 days | 1,920 sqft |
| 2019-11-01 | 52 days | 1,858 sqft |
| 2019-12-01 | 63 days | 1,783 sqft |
| 2020-01-01 | 67 days | 1,754 sqft |
| 2020-02-01 | 57 days | 1,754 sqft |
| 2020-03-01 | 46 days | 1,777 sqft |
| 2020-04-01 | 45 days | 1,786 sqft |
| 2020-05-01 | 45 days | 1,787 sqft |
| 2020-06-01 | 44 days | 1,842 sqft |
| 2020-07-01 | 46 days | 1,830 sqft |
| 2020-08-01 | 44 days | 1,822 sqft |
| 2020-09-01 | 44 days | 1,805 sqft |
| 2020-10-01 | 46 days | 1,774 sqft |
| 2020-11-01 | 53 days | 1,742 sqft |
| 2020-12-01 | 58 days | 1,711 sqft |
| 2021-01-01 | 55 days | 1,666 sqft |
| 2021-02-01 | 44 days | 1,664 sqft |
| 2021-03-01 | 39 days | 1,684 sqft |
| 2021-04-01 | 37 days | 1,707 sqft |
| 2021-05-01 | 39 days | 1,780 sqft |
| 2021-06-01 | 38 days | 1,797 sqft |
| 2021-07-01 | 39 days | 1,752 sqft |
| 2021-08-01 | 37 days | 1,724 sqft |
| 2021-09-01 | 39 days | 1,680 sqft |
| 2021-10-01 | 42 days | 1,662 sqft |
| 2021-11-01 | 43 days | 1,647 sqft |
| 2021-12-01 | 48 days | 1,652 sqft |
| 2022-01-01 | 57 days | 1,654 sqft |
| 2022-02-01 | 37 days | 1,662 sqft |
| 2022-03-01 | 36 days | 1,714 sqft |
| 2022-04-01 | 36 days | 1,768 sqft |
| 2022-05-01 | 37 days | 1,802 sqft |
| 2022-06-01 | 36 days | 1,847 sqft |
| 2022-07-01 | 33 days | 1,866 sqft |
| 2022-08-01 | 35 days | 1,824 sqft |
| 2022-09-01 | 39 days | 1,786 sqft |
| 2022-10-01 | 41 days | 1,766 sqft |
| 2022-11-01 | 44 days | 1,737 sqft |
| 2022-12-01 | 51 days | 1,689 sqft |
| 2023-01-01 | 56 days | 1,667 sqft |
| 2023-02-01 | 55 days | 1,669 sqft |
| 2023-03-01 | 54 days | 1,674 sqft |
| 2023-04-01 | 43 days | 1,700 sqft |
| 2023-05-01 | 38 days | 1,763 sqft |
| 2023-06-01 | 43 days | 1,783 sqft |
| 2023-07-01 | 44 days | 1,803 sqft |
| 2023-08-01 | 44 days | 1,797 sqft |
| 2023-09-01 | 53 days | 1,751 sqft |
| 2023-10-01 | 53 days | 1,736 sqft |
| 2023-11-01 | 46 days | 1,713 sqft |
| 2023-12-01 | 58 days | 1,715 sqft |
| 2024-01-01 | 69 days | 1,701 sqft |
| 2024-02-01 | 46 days | 1,666 sqft |
| 2024-03-01 | 45 days | 1,696 sqft |
Sioux Falls's median square footage for active listings during the 2024-03-01 period was 1,696 sqft. One year prior, the average listing was 1,674 sqft.