Sioux Falls VA Loan Rates, Closing Costs & Stats
SIOUX FALLS, SD
A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.
The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.
For additional benefits of VA loans, click here.
Sioux Falls's 50 lenders originated 384 VA loans during 2023. The total origination value was $125,830,000, with an average VA loan value of $327,682.
Sioux Falls VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Sioux Falls
averaged
0.19%
for the week of 2024-11-29, compared to the national average (all VA variants) of
0% for the same period.
Sioux Falls's average VA mortgage closing costs are $5,810.
The average rate for the prior week (2024-11-22) was
6.56% and
one month ago for the week of 2024-10-25, the
average rate was 6.26%.
The average rate one year ago was 6.9%.
For refis of the same type during the week of 2024-11-29, the average rate
was 0.11%.
Sioux Falls VA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Sioux Falls level.
The top Sioux Falls VA lender as defined by loan originations is Plains Commerce Bank, with
93 VA loans originated. Their average total fees are
$8,033, which is $304
higher than the next largest lender,
Mortgage Research Center, LLC.
The lowest fee Sioux Falls VA lenders (with over 10 loans originated) are
USAA Federal Savings Bank ($5,737), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,865), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($6,004), First PREMIER Bank ($6,641) and First Bank & Trust ($6,807).
The lowest rate Sioux Falls VA lenders (with over 10 loans originated) are
Plains Commerce Bank (6.01%), QUICKEN LOANS, LLC (6.10%), First International Bank & Trust (6.16%), First PREMIER Bank (6.17%) and USAA Federal Savings Bank (6.24%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Sioux Falls (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 |
2024-04-01 | $378,113 (2.8%) | $469,151 (10.0%) | 0.88 | 787 |
2024-05-01 | $389,950 (5.4%) | $467,133 (8.7%) | 0.88 | 843 |
2024-06-01 | $400,000 (9.1%) | $475,386 (10.4%) | 0.90 | 882 |
2024-07-01 | $403,728 (10.6%) | $477,416 (8.4%) | 0.92 | 884 |
2024-08-01 | $395,000 (9.0%) | $465,546 (5.6%) | 0.92 | 1,002 |
2024-09-01 | $377,486 (3.4%) | $456,627 (1.8%) | 0.89 | 1,054 |
2024-10-01 | $374,200 (1.2%) | $452,377 (-0.5%) | 0.88 | 1,117 |
Sioux Falls's median listing price comes in at 88% of the national average.
Sioux Falls's average listing price for 2024-10-01 was $452,377, a difference of $-2,098 (-0.5%) versus the prior year and $-4,250 versus the prior month.
For the 2024-10-01 period, Sioux Falls had 1,117 MLS listings, a difference of 63 listings (6%) versus the prior month and 137 listings (14%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Sioux Falls (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 |
2024-04-01 | 39 days | 1,701 sqft |
2024-05-01 | 35 days | 1,725 sqft |
2024-06-01 | 37 days | 1,816 sqft |
2024-07-01 | 44 days | 1,847 sqft |
2024-08-01 | 39 days | 1,855 sqft |
2024-09-01 | 41 days | 1,775 sqft |
2024-10-01 | 44 days | 1,727 sqft |
Sioux Falls's median square footage for active listings during the 2024-10-01 period was 1,727 sqft. One year prior, the average listing was 1,736 sqft.