Real Estate Market

What kind of house can $400,000 get you?

According to the Census Bureau, the median home price in the Western US is $410,600. If you are moving to Idaho, or from The Gem State, the data shows your relocation will most likely include California, Washington, and Oregon.

It probably doesn't come as much of a surprise that $400,000 doesn't buy much in major metros like San Diego (median home price $665,000), and even less in San Francisco ($1,762,500). But what about cities typically considered more affordable like Denver, Seattle, and San Bernardino?

While the days of the $200,000 house with the white picket fence and room for a family of four are no more, a quick look at the choices reveals Boise home prices are still relatively cheap.

Take

You have heard it before, "buying a home is a great investment." But just how good has owning real estate in the Boise market actually been?

As it turns out, probably better than you think.

The median home value in Boise has risen for eight years in a row. If you bought a house in that timeframe, you have most likely done very well.

While some fortunate buyers may have purchased at the market bottom, about half have purchased in the last five years, making that a better frame of reference.

Between the first half of 2014 and the first half of 2019, median home values in Boise jumped a staggering 68.4%.

So what happened if you bought a house in Boise five years ago?

If you bought in 2014, you paid the then median price of $193,000 and like the

Over the last twelve months, the cost of the typical home in Boise rose by nearly $1,000 a week.

Boise’s median single-family home price increased to $335,000, up 17.54 percent from $285,000 last May.

Ada County home prices also reached a new record of $342,765, an increase of all most $38,000 or 12.42 percent.

In contrast, Canyon County prices are up only $34,200 to $243,200. That’s below the record high set last month but still the second highest on record.

In Boise, homes are selling in a median of six days on market. Even that number understates demand as many savvy sellers won’t review any offers for 48 to 72 hours. The delay gives more time to buyers to see the property, therefore, increasing the opportunity for multiple offers.

Local home prices surge to new highs as spring selling season kicks into high gear.

The median price for a single-family home in Boise jumped 18.15 percent to a new high of $324,900 in April. That is an increase of $6,000 from the previous record set just last month.

Home prices in Canyon County rose to a new record $248,500 - pushing prices up 18.96 percent over the last twelve months. The cost of the typical house in Nampa jumped 19.19 percent to $250,990, crossing the $250,000 mark for the first time.

Even in places like Emmett with its 23-mile commute to Boise, once considered too far for many buyers, demand has pushed prices up over 24 percent this year.

Ada County house prices finished April at $330,000. That is down slightly from

Twelve months after crossing the $300,000 mark for the first time, Boise area home prices rose nearly 10 percent in March.

The median single-family home price in Ada County increased to $336,126 setting a new record. Up 9.36 percent or $28,680 from the year prior.

Local home buyers purchased 836 homes last month with area listings taking 24 days to sell, or 9 days faster than last month.

For the first three months of 2019, total home sales are on par with what we saw at the same time last year.

The cost of the typical house in Boise rose to $318,900, also setting a new record. This eclipses the previous median home price high set just last month.

Canyon County prices rose 8.54 percent over the previous twelve months, finishing the first

Traffic was brisk at a recent open house in Northwest Boise. All told, 32 groups of potential home buyers made their way through the new listing in less than three hours.

Despite an ever-increasing supply of homes for sale, prices remain stubbornly high.

For the first time in more than four years, total inventory has increased for the fourth month in a row.

Helped by lower mortgage rates, the slight increase in available homes for sale has been met by strong demand from buyers.

The newest homes sales data shows the median single-family home price in Boise jumped to $314,500, setting a new record high.

This is an increase of nearly $20,000 from last month and 14.36 percent jump from 12 months ago. The previous Boise home price record of

Over the last five years, the winter season has brought new highs and this one isn’t any different.

The Boise area real estate market had a banner year in 2018; it looks like 2019 is starting the same.

The median single-family home price in Ada County rose 12.45 percent to $314,739 over the previous 12 months. Up nearly $35,000 from the then record high set last January of $279,900.

In Canyon County, prices jumped 20 percent to a new all-time record high of $235,000. Up nearly $40,000 from the year prior, also a previous record.

Boise’s median price rose 15.23 percent to $295,000.

The lack of homes for sale continues to push Treasure Valley home prices to new highs.

While we continue to see a small uptick in new construction

The median single-family home price finished the year at $324,000 in Ada County, up 17 percent from last December.

Missing the all-time high we saw in August, but still the second highest on record.

Thanks to new construction, the total number of homes for sale rose by 6.8 percent to 1,493. While notable for being only the second increase in inventory in more than four years, it will do little to put downward pressure on prices in the next few months.

Over the last 12 months, Boise house prices rose 11.79 percent to $292,400. In Canyon County, the median cost of a home increased by 18.09 percent to $225,495.

Total sales in Ada County declined to 709 from 829 twelve months prior, mainly due to the fact there is so little on the market.

Where is the Boise real estate market headed in 2019? In a nutshell - a move to a more balanced market.

First a quick recap of what’s happened over the last twelve months:

• Boise area home prices jumped nearly 20%, with most neighborhoods showing flat or declining inventory.
• Construction of new homes increased a bit but not enough to offset the high demand we saw from buyers.
• Mortgage rates have risen from 3.92% to 4.87%, an eight-year high.

Price Appreciation Slows

Home values in the Boise area have been outpacing the national average since 2011. The double-digit appreciation we have seen over the last year will be a thing of the past in 2019.

The combined effect of higher home prices and higher mortgage rates pushed Boise

In each of the past three years, local home prices have remained flat in October. Not this time.

Following a year of new records, the local real estate market had the priciest October since 2013.

The median Ada County home price rose 18.71 percent to $320,403 from a year prior. Down from the record high we saw in August of this year but up nearly $4,000 from September.

The median time a home is listed before selling dropped to 16 days, 2 days quicker than last year.

House prices in Boise helped lead the way, jumping 19.46 percent.

Nearby Canyon County was even brisker with prices jumping 22.17 percent. While down from the twin record highs set in July and September, countywide the cost of the typical home is $39,000 more than it was