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…