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 18 lenders originated 57 USDA loans during 2022. The total origination value was $12,745,000, with an average USDA loan value of $223,596.

Sioux Falls USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Sioux Falls averaged 6.49% for the week of 2024-03-01, compared to the national average (all USDA variants) of 6.729% for the same period.

Sioux Falls's average USDA mortgage closing costs are $5,268.

The average rate for the prior week (2024-02-23) was 6.24% and one month ago for the week of 2024-01-26, the average rate was 6.1%.

The average rate one year ago was 6.06%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.1%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Plains Commerce Bank 23 4.85% $4,690
First Bank & Trust 6 4.33% $6,984
Reliabank Dakota 3 4.67% $5,683
Great Western Bank 2 3.31% $4,022
CORTRUST MORTGAGE, INC. 2 6.19% $3,680
CROSSCOUNTRY MORTGAGE, LLC 2 3.84% $9,002
SIOUX FALLS 2 4.38% $5,641
First PREMIER Bank 2 2.81% $8,393
CU MORTGAGE DIRECT, LLC 2 3.06% $4,004
FIRST COMMUNITY MORTGAGE, INC. 1 6.63% $4,531
American Mortgage & Equity Consultants, Inc. 1 3.63% $4,483
BANKWEST, INC. 1 4.50% $8,829
Central Bank 1 4.88% $3,003
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.00% $3,886
American Bank & Trust 1 6.13% $3,851
FREEDOM MORTGAGE CORPORATION 1 3.38% $5,229
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 5.75% $9,765
KELLER MORTGAGE, LLC 1 5.25% $3,594

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 $4,690, which is $2,294 lower than the next largest lender, First Bank & Trust.

The lowest fee Sioux Falls USDA lenders (with over 10 loans originated) are Plains Commerce Bank ($4,690), .

The lowest rate Sioux Falls USDA lenders (with over 10 loans originated) are Plains Commerce Bank (4.85%), .


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
Sioux Falls's median listing price for 2024-01-01 was $373,875, a difference of $23,875 (6.8%) versus the prior year and $3,975 versus the prior month.

Sioux Falls's median listing price comes in at 91% of the national average.

Sioux Falls's average listing price for 2024-01-01 was $457,461, a difference of $52,911 (13.1%) versus the prior year and $3,002 versus the prior month.

For the 2024-01-01 period, Sioux Falls had 842 MLS listings, a difference of -62 listings (-7%) versus the prior month and -63 listings (-7%) 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
Sioux Falls's median listing age (time on market) for 2024-01-01 was 69 days. This is 25% longer than the same period one year ago.

Sioux Falls's median square footage for active listings during the 2024-01-01 period was 1,701 sqft. One year prior, the average listing was 1,667 sqft.