Treasure Valley home prices leaped to new records last month as buyers continue to outnumber sellers and listings remain elusive.

In another month for the record books, both Ada and Canyon Counties saw home prices rise over $20,000 from March to April.

Less than a year after crossing the half-million-dollar mark for the first time, the median home price in Ada County closed the month just $5,000 shy of the once unfathomable figure of $600,000.

The Boise metro area continues to see a fast-moving market, with half of all homes selling in less than 7 days, the second-fastest for any April on record. Open house activity remains strong, and multiple offers are typical on the most sought-after new listings.

We are in the heart of Spring Selling

Home prices are soaring to new records amid fierce competition and rising mortgage rates as Ada and Canyon County entered the Spring Selling Season at a full sprint.

While appreciation had slowed for most of the past year, last month brought a staggering acceleration of median home prices never seen before.

Boise saw a $25,000 jump, marking the first time in history that prices have shifted that dramatically in just a month. Ada County also saw a $25,000 increase while Meridian’s month-over-month prices spiked by $47,000. In Canyon County’s “typically more affordable” market, prices rose $19,000.

Overwhelming demand continues to outpace the critically-low supply of available properties, pushing sales to new extremes as sellers enjoy multiple

The Treasure Valley’s severely-low housing supply continues to stoke a hyper-competitive real estate market, sprouting new sales prices records across Ada and Canyon County.

February’s frigid market is historically slow to thaw, but the new, widespread peaks—primarily caused by a lack of for-sale signs—point to a scorching Spring Selling Season.

Available home supply remains at a critical level, forcing price jumps as relentless demand continually outstrips resale listings. In new construction, supply bottlenecks, land shortages, material delays, and labor scarcity are combining to extend build timelines, further reducing home inventory.

As the Treasure Valley braces for a fast-approaching Spring, climbing mortgage rates and extraordinarily

Boise rang in the first month of the New Year with a median price record as the Treasure Valley's home supply retests all-time lows.

The supply shortage is squeezing home buyers from all sides as a severe lack of inventory pressures choices, pinches budgets, and pumps prices. Mortgage rate jumps are leading to brisk sales as rising interest rates reduce affordability.

Ada County finished January with a median single-family home price of $539,995, up $90,665 in the last twelve months.

To add a bit of perspective, from 2005 to 2021, we saw home prices rise at an annual rate of 6%. Ada County buyers started 2022 contending against a 20.18% year-over-year jump.

• Canyon County finished January with a median sale price of $424,900, a new

Relentless demand, combined with a seasonal slowdown in new listings, sent Ada County home prices to a new record in December.

The median single-family home price in Ada County rose to $546,000 in December. Climbing nearly $114,000, or 26%, from the previous year, it marks a new peak.

Idaho’s most populous county is not alone. Home prices have made double-digit jumps throughout the Treasure Valley.

• Canyon County home prices rose $80,000 through 2021, ending at $419,480. That’s a 23% year-over-year leap and just $4,000 below the record.
• Boise home prices tied August’s record of $510,000, an increase of nearly $90,000 (21%) from just twelve months ago.
• Meridian’s prices rose to their second record in as many months, finishing December

A plunge in new listings sent Ada County home prices to near-record highs in November.

Across the Treasure Valley, supply is shrinking fast due to continued strong demand from buyers and a sharp drop in new listings.

The median home price in Ada County rose to $538,450, just $1,500 shy of the all-time record set in July. Over the last 12 months, prices have risen $111,000, or 26%.

In neighboring Canyon County, the median home price rose to $409,450, up $84,000, also a 26% increase from the year prior. Prices in the county are down 3.4% from the record high set in June–in line with the seasonal trends we typically see this time of year.

In recent months, we have seen a return to the seasonal trends of slowing home price gains in the fall.

Home prices in both Ada and Canyon Counties remained virtually unchanged from September. Continued strong demand from buyers and a decline in the supply of homes for sale is keeping upward pressure on prices.

In Ada County, the median single-family home price rose to $533,950, up $124,000, or 30%, from October of 2020. In lower-cost Canyon County, prices rose to $423,445, up just over $102,000, or 32%, notably just missing a new record by $550. In both counties, home prices are below the highs set over the summer, but both finished the month higher than August.

Most years, the local housing market follows a seasonal trend: Prices and inventory tend to rise in the spring and summer months before falling in autumn. Of course, as with many other

Driven by a short supply of new listings, Treasure Valley home prices continue to hover at near-record levels. The Ada County median single-family home price rose to $534,950 in September, up 31% from last year and $4,450 from just last month. Homebuyers in Canyon County faced a median home price of $422,000 – a 36% annual increase and up $11,500 from August. Both counties finished September with their second-highest price to date.

Let’s take a closer look at data from several of our local markets.

• Boise’s median single-family home price was $495,000 in September, a $100,000 jump (up 26%) from last year.
• Meridian set a new median sales record with $546,000. That’s $146,000 over last September’s sales price, or a 37% increase.
• Hitting

Boise-area homebuyers have slightly more room to breathe as we transition into fall, thanks to a small influx of inventory in August, coupled with a bit less demand for housing. But don’t breathe too deeply – this isn’t to say that the market is balanced. It’s still very much a seller’s market and will likely remain that way for the foreseeable future, for reasons we’ll outline below.

But first, let’s dive into last month’s data. The median single-family house price in Ada County was $530,500 in August, which represents a 33% increase (or $130,000) from a year ago. While the median home price slightly declined from the month prior – marking the first price decrease we’ve seen since May of 2020 – it’s still the second-highest price on record for the

Treasure Valley buyers can finally come up for a breath of air, as housing inventory rose to its highest level in more than a year in both Ada and Canyon counties. Canyon County listings hit 607 in July, a 76% increase over last year’s 344 listings. Ada County saw active listings rise to 1,014 last month, up from 768 the year prior – or a 32% increase.

Also for the first time in over a year, both counties boasted more than one month’s supply of current inventory. The sudden influx of homes for sale is partly due to seasonal factors. It’s also thanks to the rush of homeowners who put off selling last year but are now ready to list.

While one month of inventory is still a far cry from the four to six months typically seen in a balanced market, the