We Know Boise Real Estate
Boise Idaho Real Estate Blog

Ada County housing inventory surges 37%, home prices reach two-year high - Boise Market Report

Ada County home prices hit a fresh two-year high in June, reaching their highest level since July 2022.

The median price for a single-family home in Ada County increased to $569,990, reflecting a year-over-year increase of 4.6%. Similarly, Boise's home prices saw a 6% jump to $556,500.

This rise was primarily due to a higher number of expensive homes being sold rather than an increase in prices. On a price-per-square-foot basis, home prices in the county were slightly below April's levels.

Canyon County home prices rose to $424,945 in June, marking a 4.9% increase over the past year. As homes usually go under contract one to two months before the sale closes, June's data reflects purchase decisions made earlier in the spring.

Local home

512 Views, 0 Comments
Read Full Post

Seller Concessions Increase Amid Rising Supply and Tepid Demand in Treasure Valley Real Estate Market

Rising home prices, elevated interest rates, and a growing supply are contributing to slowing demand for all but the best-priced properties.

As competition intensifies, sellers have started offering more concessions to attract buyers, ranging from interest rate buydowns to assistance with closing costs.

In Ada County, the median home price is now $551,950, a 3.3% increase from last year. Boise saw a bigger jump, with prices rising 7.4% to $537,000. Canyon County's prices rose slightly to $419,900, a 1.2% increase from last June.

Falling rates at the end of last year spurred a rush of interest from homebuyers at the beginning of this year. Combined with a limited supply, this surge pushed prices to a two-year high. However, rates rose

1205 Views, 0 Comments
Read Full Post

Idaho Capitol Building surrounded by spring foliage, representing local market conditions in Treasure Valley real estate.

Robust demand and scarce supply have driven up home prices in the Treasure Valley this spring. However, rising mortgage rates threaten to dampen the enthusiasm.

May is typically one of the busiest months in the housing market, as families with school-aged children aim to relocate before the new school year begins.

The median price of a single-family home in Ada County rose by 7.5% year-over-year to $556,500 in April, up slightly from March. Boise home prices climbed to $525,000, a 5% increase compared to the previous year. In Canyon County, prices ended the month at $429,995, up 10.3% from April 2023, the highest since October 2022.

As prices have risen this year, bidding wars have become less frequent. However, fairly priced, move-in-ready

2066 Views, 0 Comments
Read Full Post

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

2549 Views, 0 Comments
Read Full Post

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

2152 Views, 0 Comments
Read Full Post

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.

2413 Views, 0 Comments
Read Full Post

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

2575 Views, 0 Comments
Read Full Post

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

3115 Views, 0 Comments
Read Full Post

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

2865 Views, 0 Comments
Read Full Post

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

2762 Views, 0 Comments
Read Full Post