Ada County Home Values Surge to Record High
Posted by Lisa Kohl on Wednesday, March 8th, 2017 at 9:43am
The median single-family home price in Ada County hit a record $258,445 in February surpassing the previous high of $239,588 set in June of 2016. In February of 2016, the median sale price was $235,000. House prices are up 9.98% over the previous 12 months. The median sales price is up 95.41% since hitting a near-term low in March of 2011.
New construction homes were the most significant driver with prices jumping to $339,970 from $299,985 last year. There just isn't enough new construction being built to fulfill the demand. In 2005 we saw 4,849 new construction homes sell in Ada County. In 2016 only 2,604 were sold.
Resale homes finished the month at $224,500 up from $212,950 in February of 2016.
The lack of available homes for sale is the primary driver of higher prices. There are currently 1,380 homes for sale in all of Ada County which is actually fewer than the 1,425 houses that were for sale last month. In February of 2016, there were 1,769 homes available.
Throughout Ada County, we continue to see strong buyer demand as the Spring real estate market is off to a very solid start. Shrewd sellers that are taking advantage of the local market conditions and listing early are benefiting from the lack of competition.
While we typically see inventory begin to increase in March, new homebuyers entering the market will keep values from dipping much.
Local Real Estate Markets in February
Ada County
- Median Sold Price $258,445
- Median Days on Market 21
- Total Sold 533
Boise, ID
- Median List Price $239,900
- Median Sold Price $239,700
- Days on Market 26
- Total Sold 248
Eagle, ID
- Median List Price $369,900
- Median Sold Price $369,450
- Days on Market 58
- Total Sold 36
Kuna, ID
- Median List Price $194,900
- Median Sale Price $195,000
- Days on Market 14
- Total Sold 33
Meridian, ID
- Median List Price $276,895
- Median Sold Price $277,400
- Days on Market 14
- Total Sold 166
Star, ID
- Median List Price $295,000
- Median Sale Price $295,000
- Days on Market 51
- Total Sold 23
Canyon County
- Median Sale Price $169,900
- Median Days on Market 29
- Total Sold 221
Caldwell, ID
- Median List Price $142,900
- Median Sold Price $143,355
- Days on Market 15
- Total Sold 61
Middleton, ID
- Median List Price $187,450
- Median Sold Price $187,650
- Days on Market 22
- Total Sold 20
Nampa, ID
- Median List Price $179,900
- Median Sold Price $174,900
- Days on Market 27
- Total Sold 113
Lisa Kohl
Treasure Valley Realtor Lisa Kohl loves what she does. It shows in her attitude, in her work, and in the many reviews written by her past clients. Lisa carefully studies the local housing market to give her clients the edge when buying or selling a home in Idaho. We Know Boise is a full-service real estate team that combines our LOCAL expertise with traditional know-how to create exceptional results for each of our clients.
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