- Median List Price $279,900
- Median Sold Price $278,995
- Days on Market 12
- Total Sold 1,156
Ada County’s median single-family home price increased 9.49 percent in August from a year ago, setting a new record high price of $278,995. This surpasses the previous record of $272,770 set in June of this year.
'It's Deja Vu All Over Again'. In 2016 we set an all-time record in June that was surpassed two months later in August. This was a repeat of what we saw in 2014. In 2015 prices rose steadily throughout spring and summer and didn’t peak until November.
In Boise, the median price hit $255,000 up 12.09 percent from a year ago, also a new record.
Canyon County prices are up 10.94 percent to $183,000 from last year, but down $2,501 from the record price set just last month. This is only the second time this year Canyon County has not set a new record.
Real estate prices, as with most everything else, are driven by supply and demand. Demand has remained very high, yet the supply of houses continues to drop. Measured on a year over year basis, available homes for sale (supply) has declined every month since October 2014.
In Ada County, there are 1,994 homes for sale compared to the 2,254 homes that were for sale twelve months ago. In Canyon County inventory dropped to 927 houses from 994.
As has been the case for most of the year, escalating prices in Ada County have encouraged homebuyers to look beyond Boise and Meridian to more affordable options. Kuna, Star and Middleton are all up double digits year to date.
On the other side of the spectrum, there are 89 Ada County homes for sale priced over $1,000,000. At current sale rates, that equals just under a four month supply compared to 2.17 at all price points.
Historically speaking, early September has proven to be the point when supply is at its highest. If you are looking to make a purchase, you currently have more to pick from than any other time of the year. Inventory typically declines until January before picking up again in February.