December Treasure Valley Home Sales Surge Despite High Rates
Posted by Lisa Kohl on Friday, January 17th, 2025 at 3:09pm
December Market Highlights. Despite elevated mortgage rates, December ended the year with a surge in home sales. Ada County recorded a 37% increase year-over-year with 679 homes sold, while Canyon County saw a 44% jump to 370 sales. The median sold price in Ada County climbed to $510,000, up 5.5% year-over-year, while Canyon County’s median price dipped slightly to $405,000, a 1.6% decrease.
For buyers, mortgage rates hovering just below 7% continue to pose affordability challenges. Even a small rate increase can significantly impact a buyer's budget over time, making rate fluctuations a critical factor. However, the slower pace of the winter market can present opportunities with reduced competition. Buyer activity tends to slow when rates rise and pick up when they dip, reflecting buyers' sensitivity to these changes.
Housing supply remains tight, with just 1.87 months of inventory in Ada County and 2.30 months in Canyon County, well below the 4-6 months typically seen in a balanced market. This limited inventory has kept prices stable in most areas, with slight increases in others. Sellers continue to benefit from low competition during the winter months, which helps maintain price stability.
Looking ahead to 2025, mortgage rates will remain a pivotal factor. A drop closer to 6.5% could boost demand, while rates nearing 7% may temper activity. Although seasonal inventory gains are expected by spring, the "lock-in effect," with many homeowners holding onto their low-rate mortgages, will likely continue to limit supply growth in the near future.
By the Numbers: December 2024 Real Estate Market Overview
Median Price: What You Should Know
The median sale price provides a snapshot of home affordability in the market. It represents the midpoint of all home sales, giving buyers an idea of what they might expect to pay. A higher median price typically reflects a more expensive housing market.
Inventory Trends and What They Mean
The number of homes available for sale shows how much choice buyers have in the market. Changes in this number indicate whether inventory is growing or shrinking, which can affect competition and pricing for buyers.
What Days on Market Tell Us About Demand
The average number of days on market measures how long it takes for homes to sell. A lower number suggests a fast-moving market with high demand, while a higher number indicates homes are taking longer to sell, often reflecting lower buyer activity.
Boise Market Trends
- Median list price: $500,000, down 2%
- Median sold price: $500,000, down 2%
- Average price per square foot: $306, up 3.7%
- Total home sales: 251, up 60
- Median days on market: 20 days, down 12
- Available homes for sale: 1.39 month supply, up 0.07
- 30-year mortgage rate: 6.72%, down 0.09
Treasure Valley Market Trends
- Ada County: $529,900, up 2.5%
- Eagle: $850,000, down 8.5%
- Garden City: $648,700, up 19%
- Kuna: $444,000, down 1.3%
- Meridian: $535,750, up 10.5%
- Star: $533,232, up 3.5%
- Canyon County: $408,562, down 0.4%
- Caldwell: $374,895, up 2.7%
- Middleton: $469,484, up 9.4%
- Nampa: $405,000, down 9.6%

Lisa Kohl
Lisa carefully studies the local housing market to give her clients the edge when buying or selling a home in Idaho. We Know Boise is a full-service real estate team that combines our LOCAL expertise with traditional know-how to create exceptional results for each of our clients.
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Select information in this We Know Boise market report was obtained from the Intermountain MLS (IMLS) on January 7th, 2024. While the data is deemed reliable, it is not guaranteed. City-specific data refers to single-family homes on less than one acre, whereas county-level data includes homesites of all sizes. The "months of supply" metric is based on a 12-month rolling average. Home prices mentioned combine both existing and new construction properties. Comparisons are based on year-over-year changes unless otherwise specified.
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