If you plan to sell a Sioux Falls home this fall, use recent comparable sales and today’s competing listings to set the price. Spring market reports provide context, but they cannot predict the offer your particular home will receive now.

By Jeff Merrill | Updated September 21, 2026

What changed in the mortgage-rate picture?

Freddie Mac reported a national average 30-year fixed mortgage rate of 6.95% for September 17, 2026, compared with 6.76% the previous week. This is a weekly national survey, not a Sioux Falls lender quote or the rate every buyer will receive. See Freddie Mac’s Primary Mortgage Market Survey for the latest release.

The Federal Reserve also raised its federal funds target range by a quarter percentage point to 3.75%–4.00% on September 16. That policy rate is different from a home mortgage rate; the announcement alone does not establish what a buyer will pay. Read the Federal Reserve’s September 16 statement.

Why older sales need context

A sale closing in May reflects an agreement reached earlier, with that home’s condition, concessions, financing, and competition. It can still be useful evidence. It simply should not be the only evidence used to price a home in September.

Separate closed sales from active listings. Closed sales show completed transactions; active listings show the choices buyers can make today. Pending sales can help show current activity, but their final sale prices and concessions may not yet be public.

What should a Sioux Falls seller compare?

  • Relevant properties: location, size, condition, age, lot, garage, and meaningful improvements.
  • Timing: listing, contract, and closing dates where available.
  • Competition: similar homes available now and the alternatives buyers are touring.
  • Terms: seller credits, repairs, and other concessions, rather than headline sale price alone.
  • Buyer response: qualified showings, feedback, and offers after launch.

Use the appropriate geographic area for the property. A regional average is not automatically the right comparison for a particular Sioux Falls neighborhood or a home in Harrisburg, Tea, or Brandon. This article does not claim a verified current local inventory decline or a specific percentage of Sioux Falls listings cutting prices.

How do higher rates affect a buyer’s budget?

Here is a hypothetical illustration, not a current loan offer: on a $300,000 loan amortized over 30 years, principal and interest are approximately $1,896 a month at 6.5% and $1,996 at 7.0%. That is about $100 more per month before property taxes, insurance, mortgage insurance, or association dues.

The example explains why financing costs matter. It does not mean every seller should cut a price by a fixed amount or that every buyer has the same borrowing limit.

Should you sell now or wait?

Consider your move, monthly carrying costs, preparation needs, and the cost of your next home. Nobody can promise where rates or local prices will go. Waiting can help in some situations and cost money in others; compare both scenarios using your actual numbers.

Before listing, agree on an initial price supported by the evidence and a plan to review buyer response. If interest is weak, evaluate presentation, access, condition, competing listings, and price together. A universal deadline for a price reduction is less useful than understanding why your home is or is not getting offers.

Get a property-specific pricing review

Contact Jeff Merrill to discuss recent comparable sales, current competition, and a selling plan for your home. Start with the Sioux Falls seller resources for the broader process.