SiouxFalls.Business Report: City surpasses 1,000 realtors, Tea sees growth

SIOUX FALLS, S.D. (Dakota News Now) – Jodi Schwan with SiouxFalls.Business visited to discuss growth in the real estate field and development in Tea.

As the Sioux Falls area housing market expands, so do the opportunities and challenges for those looking to break into real estate.

There are 1,000 licensed realtors in Sioux Falls. Meanwhile, there were just over 3,000 homes sold in the metro area last year.

What that means is a lot of realtors are selling very few homes every year, especially as the market tightens with limited supply and available inventory.

Not everyone who is licensed is looking to make this a full-time job, but those who do say prepare to put in the work.

A lot of calls and long hours to build your business when you start, and they advise buyers and sellers to keep in mind how active an agent is in the market when you decide who to hire.

Someone who isn’t regularly doing deals might not be as up-to-date on pricing, negotiating and other changes aspects of the industry.

The city of Tea is exploring the possibility of adding a large new multi-sport complex.

It’s one of several proposed improvements for the fast-growing Lincoln County community.

This week, the community begins taking public input on updates to its 2050 comprehensive plan, and it’s definitely a timely conversation.

In addition to major road projects supporting the future 85th Street interchange, other major investments are under consideration.

One of those would be a large indoor multi-sport complex, which would serve not only the growing community but help attract visitors and special event business.

It would be located on land west of where the Orthopedic Institute is under construction with its new location.

Nothing has been finalized yet, but the city is studying things like size, cost and financing options in the coming months.

The 2050 plan will address things like future zoning and community improvements largely to the west and south of Tea’s current city limits because with that 85th Street interchange, the north boundary of Tea and the south one of Sioux Falls will be contiguous.

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