Curious to know what we're seeing in our local Boise real estate market? Check out Jonna's quick video above and then scroll down for a high-level breakdown as well as additional stats and figures.
If you've been contemplating selling, it remains a good time to evaluate and capitalize on the equity of your home. Our dedicated team would love to help you get top dollar for your home or investment property. Let's chat!
And/Or if you are looking to buy, our team continues to help our clients every day take advantage of the rise in housing inventory. While mortgage rates have risen, buyers have more options and heightened negotiation power. Let's connect!
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 151.2%
- Median sales price dropped slightly (coming in at $515,000)
- Homes are remaining on the market for a longer period (62 days compared to 32)
- Overall fewer homes sold (sales were down by 41%)
If you then examine just existing/resale homes (and remove all the newly constructed homes from the numbers):
- Inventory increased by 147.9%
- The median sales price was $490,000 (a slight decrease of 3.9%)
- Homes are remaining on the market for a longer period (53 days compared to 30)
- Overall fewer resale/existing homes sold (sales were down by 47%)
And last, if you look just at newly constructed homes:
- Inventory increased by 154%
- The median sales price reached $549,945 (a decrease of 5.4%)
- Homes took (on average) longer to go under contract (74 days as opposed to 37)
- Overall fewer newly constructed homes sold (a 30% decrease)
Treasure Valley Housing Markets
Average Sold Price (December 19, 2022 - January 19, 2023)
- Boise: $552,724
- Eagle: $1,091,694
- Meridian: $509,681
- Star: $612,201
- Garden City: $285,612
- Kuna: $479,875
- Middleton: $589,736
- Nampa: $424,126
- Caldwell: $402,122
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. Click here 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.
