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Boise real estate market report with flowering trees indicating 15% increase in home prices year-over-year.

Ada County home prices are surging as rising competition for scarce listings sends buyers scrambling. With robust demand and historically low inventory, 2024 is already turning out to be a good year for home sellers.

The median home price in Ada County at the end of March was $555,000, up 15.2% from the previous year. This increase represents the largest yearly gain since May 2022, the same month the county hit a record.

Home prices in Boise also experienced double-digit growth, jumping 13.4% to $529,990, the highest price since June 2022. In Canyon County, prices rose by 4.7% from a year ago to $413,395.

Demand from buyers less sensitive to interest rates, combined with a limited supply of homes on the market, is driving above-average growth

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Boise Market Report cover with text Rising Prices, Cautious Buyers and a luxury home exterior, indicating Ada County housing market growth.

In February, Ada County home price gains accelerated, primarily due to a scarcity of available properties.

Median home prices in Ada County jumped 6.3%, reaching $522,000—the largest yearly gain since August 2022. In neighboring Canyon County, prices rose 5.1% to $409,818.

Despite decreased demand compared to the post-pandemic years, the Treasure Valley real estate market remains more competitive than in 2023. A December mortgage rate dip reignited buyer interest, contributing to rising prices last month.

Home prices in Boise fell by 1.2% to $478,200. However, this decline is primarily due to the mix of homes sold. On a per-square-foot basis, prices leaped 10.4%.

Meridian stands out with particularly strong gains. Home prices surged by an

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Treasure Valley Housing Market: Increased Buyer Interest, Limited Inventory, and Rising Prices

Falling mortgage rates are drawing buyers back to the Treasure Valley housing market, where a dwindling supply of homes is fueling intensified competition. Demand has increased across all price points, with properties below $500,000 experiencing particularly fierce competition, often leading to bidding wars.

Despite growing interest from homebuyers, the market has fewer homes available now than last February. Currently, 1,775 homes are for sale in Treasure Valley, representing a 10% yearly decline.

In January, the median house price in Ada County rose by 5.8% year-over-year, representing the largest annual gain since August 2022. Median home prices in Canyon County and Boise have also increased, showing a 1.1% and 1.4% rise, respectively.

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Falling mortgage rates spark early buyer interest in the Boise housing market.

Yearly price gains, falling inventory, and plunging mortgage rates are combining to create a favorable market for Treasure Valley home sellers in 2024.

Presently, there are 1,915 homes for sale in Treasure Valley, representing a 21% decrease from last year. Given the current sales pace, the market has less than a two-month supply of homes, creating an imbalance that will intensify competition among buyers.

New listings tend to jump in April as move-up buyers enter the market. However, as supply usually reaches its lowest point in February, inventory will continue tightening, at least for the next month or two.

The Boise metro area remains a popular relocation destination, attracting out-of-state buyers, who account for as many as one in

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Ada County Home Prices Records First Annual Price Increase in a Year

In November, Ada County witnessed its first year-over-year price increase since October 2022. After hitting a two-year low this spring, local home prices have steadily risen amid a persistently tight supply.

Rising interest rates have done little to dampen home prices. Conversely, they've kept prices higher by discouraging current homeowners from selling. Typically, existing homes constitute most available listings. However, with fewer people moving, this important source of supply has dwindled.

In Ada County, the median home price in November rose by 1% from the previous year, reaching $529,995. In Boise, prices increased by 4.65% to $495,000. Canyon County prices dipped 3.9% from a year ago to $398,990.

Buyers without an existing home to

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Ada County Housing Market: Surging Prices Amid High Mortgage Rates

Despite mortgage rates reaching multi-decade highs in October, home prices in Ada County continued to march higher, rising for the second consecutive month.

The median price of a single-family home in Ada County climbed to $539,990 last month, marking an 11.3% increase since January. After reaching a 2023 high in September, home prices in Canyon County fell to $400,000, up 1.2% year-to-date.

Throughout the spring and summer, high-priced properties with unique features and prime locations were frequent subjects of bidding wars. More affordably priced homes sold quickly—often within days. For many buyers, finding a move-in ready home under $500,000 became a significant challenge.

While it hasn’t been a great time to be a seller, particularly

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Ada County's Home Prices Stand Firm Amidst Rising Mortgage Rates

Ada County's home prices, which plummeted by 16% year-over-year in March, have made a surprising rebound, ending September at nearly the same figures as the previous year. This stability amidst rising mortgage rates paints a captivating picture of the current housing market's resilience.

In Ada County, the median single-family home price fell just 0.9% from a year earlier, settling at $535,000. Home prices in Canyon County declined 2.6% to $415,990. Both counties saw a more than 2% increase from the previous month.

In the Treasure Valley, there are currently 2,333 homes for sale, a staggering 37% decrease from last October. Given the current sales pace, this represents a 2.3-month supply of homes on the market.

With few homeowners

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Rising Mortgage Rates and Their Effect on the Treasure Valley's Housing Market

After a surge earlier this spring, home prices in the Treasure Valley have begun to show signs of moderating. This shift can be partly attributed to the return of pre-pandemic seasonal trends and the looming threat of rising interest rates.

From July to August, the median single-family home price in Ada County fell by $20,000, settling at $520,000. This decrease can be credited to the re-emergence of seasonal patterns and a variation in the types of homes sold during the month. Conversely, the median price in Canyon County saw a slight increase, reaching $405,000.

Since January, home prices are up 7.2% in Ada County and 2.4% in Canyon County. However, prices in both counties are still 8% lower than in August 2022.

After a slowdown last fall,

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Ada County's 2023 Housing Market: The Balance Shifts to Sellers

Despite softer demand, a limited supply of homes for sale has driven Ada County housing prices higher in 2023.

Since the beginning of the year, prices in Ada County have surged by 11%, with some sought-after neighborhoods experiencing even larger gains. In contrast, Canyon County has experienced a more modest 3% increase.

While this year's demand is lower than in previous years, the supply is even scarcer, leading to rising prices. Except for the 2020–21 period, there are fewer homes on the market now than in any August over the last decade.

At the end of July, the median price of a single-family home was $540,000 in Ada County and $404,990 in Canyon County, virtually unchanged from the previous month.

The gains in 2023 follow a

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Ada County Real Estate: A 12% Surge in Home Prices Since January 2023 Due to Inventory Shortage

Home prices in Ada County rose again in June, accompanied by a yearly 36% decrease in the availability of homes for sale. This highlights the fierce competition over the diminishing supply of low-priced homes.

The median price of a single-family home in Ada County fell 8% from the previous year, reaching $544,881 in June. Canyon County also experienced a decrease, with prices dropping 9% to $405,000.

While home prices remain below year-ago levels, a limited supply of homes has led to steadily higher prices since the beginning of the year. Since January, prices in Ada County have risen by 12.3%, while those in Canyon County have seen a 2.4% increase. In Boise, prices have jumped by 9.7%, ending June at $525,000—the highest level since last July.

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