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Boise Home Values Gain 8.76% in 2016

Posted by Lisa Kohl on Monday, January 9th, 2017 at 6:46pm.

Boise Real Estate Market Update December 2016

Boise home values finished 2016 with an 8.76% increase. After hitting a record high in June of $237,600 prices declined slightly in July. For the rest of the year, values remained unchanged to finish the month of December at a median value of $230,000.

At first, that might seem surprising considering the local real estate market is still sizzling. The reality is, the only reason prices aren’t even high is due to the lack of supply. At the beginning of January, Boise had approximately 500 homes for sale. Based on current sales this is the lowest inventory we have seen in nearly ten years.

Homebuyers continued shopping for new houses through November and December with no real slowdown. Rising mortgage interest rates and tight inventory levels being the biggest drivers. Total home sales were on par with the previous year in December, but that was coming off the best November for Boise home sales in 11 years.

The median home value in 2015 was $210,000. In 2016 the median home value rose to $228,389 or just slightly below December’s number. A total of 5,432 single family houses were sold in Boise in 2016 compared to 4,945 the previous year.

Prices throughout Ada County rose 7.56% through December. With prices in Canyon County increasing by 15.45%. Available homes for sale in Ada County dropped to 1,490, a record low. Canyon County inventory stands at 808.

As you would expect lower, priced areas tended to see the largest increases. In Kuna where the median price is $188,000 values increased 15.79%. In Caldwell with a median price of $150,000, home values rose 13.59%

On the other end of the spectrum, the two priciest markets saw the slowest gains. In Eagle, ID where the median price is $394,475, values finished the year up 4.11%. Meridian ended the year at $253,400 with a 5.31% increase.

December 2016 Boise market summary:

  • The median list price decreased to $232,551 in December (up 5.75% from 12 months ago)
  • The median home price remained unchanged at $230,000 in December (up 5.67% from 12 months ago)
  • Total home sales decreased to 377 in December (down 12.33% from 12 months ago)
  • Median days on market increased to 26 days in December (down 11 days from 12 months ago)
  • Available homes for sale decreased to a 1.33 months supply in December (down 2.16% from 12 months ago)
  • 30-year mortgage rates increased in December to 4.20% (up from 3.96% 12 months ago)

Local Real Estate Markets in December

Ada County

  • Median Sold Price $245,000
  • Days on Market 54
  • Total Sold 782

Eagle, Idaho

Home prices in Eagle rose 4.11% in 2016.

  • Median List Price $392,905
  • Median Sold Price $394,475
  • Days on Market 40
  • Total Sold 56

Kuna, Idaho

Home prices in Kuna rose 15.79% in 2016.

  • Median List Price $192,990
  • Median Sale Price $188,000
  • Days on Market 16
  • Total Sold 63

Meridian, Idaho

Home prices in Meridian rose 5.31% in 2016.

  • Median List Price $252,249
  • Median Sold Price $253,400
  • Days on Market 25
  • Total Sold 255

Star, Idaho

Home prices in Star rose 4.40% in 2016.

  • Median List Price $253,950
  • Median Sale Price $251,750
  • Days on Market 37
  • Total Sold 30

Canyon County

  • Median Sale Price $167,000
  • Days on Market 50
  • Total Sold 327

Caldwell, Idaho

Home prices in Caldwell rose 13.59% in 2016.

  • Median List Price $149,900
  • Median Sold Price $150,000
  • Days on Market 19
  • Total Sold 91

Middleton, Idaho

Home prices in Middleton rose 9.20% in 2016.

  • Median List Price $182,425
  • Median Sold Price $179,900
  • Days on Market 21
  • Total Sold 25

Nampa, Idaho

Home prices in Nampa rose 11.89% in 2016.

  • Median List Price $168,490
  • Median Sold Price $167,495
  • Days on Market 23
  • Total Sold 172

Boise Real Estate Agent Lisa KohlLisa Kohl

Lisa Kohl is a professional Realtor in Boise, Idaho. Lisa carefully studies the Boise real estate market to give her clients the edge when it comes to buying or selling a home in Idaho. We believe in providing you with Local real estate expertise and exceptional results. Email Lisa

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