Wondering what local buyers and sellers in our local market are currently experiencing? Check out Jonna's quick video above and then scroll down for a high-level breakdown as well as additional stats and figures.
This post is an excerpt from our monthly market update, to sign up to receive the full update directly, click here.
Graphics provided by Boise Regional Realtors®.
Summary: If you group both existing and newly constructed single-family homes and compare those numbers to the same month one year ago (detailed in the top infographic):
- Inventory increased by 165.1%
- Median sales price dropped by almost 10% (9.7%) coming in at $487,495
- Homes are remaining on the market for nearly twice as long (71 days compared to 37)
- Overall fewer homes sold (sales were down by 32.8%)
If you then examine just existing/resale homes (and remove all the newly constructed homes from the numbers):
- Inventory nearly doubled (an increase of 191.9%)
- The median sales price was $479,800 (a decrease of 6.8%)
- Homes are remaining on the market for a longer period (58 days compared to 33)
- Overall fewer resale/existing homes sold (sales were down by 41.5%)
And last, if you look just at newly constructed homes:
- Inventory increased by 145.7%
- Median sales price reached $494,990 (a 16% drop)
- Homes took twice as long to go under contract (90 days as opposed to 44)
- Overall fewer newly constructed homes sold (a 14.4% decrease)
Treasure Valley Housing Markets
Average Sold Price (January 16, 2023 - February 16, 2023)
- Boise: $548,313
- Eagle: $1,016,983
- Meridian: $522,151
- Star: $651,919
- Garden City: $508,214
- Kuna: $449,477
- Middleton: $572,179
- Nampa: $443,526
- Caldwell: $388,874
If you've been considering a move, this would be a great time to connect with us to discuss the current value of your home and to see what's newly available on the market. To discover what your home is currently valued at, simply click here and we will happily provide you with an obligation-free, complimentary home or investment property evaluation.
If you’re hoping to buy, keep in mind that low inventory certainly isn’t the same as no inventory. There are options available, and current rates are making mortgage payments more manageable. Let's connect! or call us to discuss what you're looking for. Otherwise, keep reading to learn more about what's happening in Ada County's real estate market.
