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
- Median Sold Price $245,000
- Days on Market 54
- Total Sold 782
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
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
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
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
- Median Sale Price $167,000
- Days on Market 50
- Total Sold 327
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
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
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