House prices set new records across the Treasure Valley in March, as buyers hit the spring selling season in force. Scarce inventory continues to plague the market – in March, Boise only had a one-week supply of housing on the market. Ada County had about ten days and Canyon County had under two weeks. It's not just a seller's market; it's a savage seller's market.
But even with our short supply, the monthly and yearly gains we’re seeing in sales prices are staggering. The average annual appreciation we’d expect to see for a home is around 4%. Instead:
- The median sales price in Ada County hit a new record of $469,250 in March, rising by more than $100,000, or nearly 28%, in just one year.
- Boise's median cost of a single-family home rose to