Record Home Prices Across Ada County Mitigated by Low Mortgage Rates
Across the month of June the median sales price for homes in Ada County continued to rise and reached a record median sales price of $354,405 (which is a year-over-year increase of 10%). The median sales price for both existing homes and newly constructed homes hit record highs.
While there are numerous factors that have contributed to this price hike, here are three high-level (but powerful) contributors:
- The decreased supply of lower-priced existing homes (compared to buyer demand)
- Rising construction costs have resulted in newly constructed homes being sold at overall higher prices
- Low mortgage rates have increased potential buyers' purchasing power
If you've been considering a move, this would be a great time to connect with us to discuss the current value of your home and to see what's newly available on the market. To discover what your home is currently valued at, simply click here and we will happily provide you with an obligation-free, complimentary home or investment property evaluation. Or if you'd like to browse available homes in your local area (and take advantage of the low mortgage rates), click here. Otherwise, keep reading to learn more about what's happening in Ada County's real estate market.
Summary: Compared to the same month one year ago (June 2018), the median sales price for existing homes in Ada County increased by 10%, and total inventory rose by an incredible 22.2%. Overall home sales have decreased by 9.4% (due in part to the fact that there are far fewer lower price-point homes on the market) and homes are staying on the market for about a month.
And for newly constructed homes, compared to one year ago, the median sales price is up 7.6%, inventory remains very high (up 32.8%), overall sales have decreased (by 11.1%), and these home are staying on the market for approximately 2 months. While prices have increased (due to rising construction costs); many buyers are landing their dream homes (thanks to low mortgage rates and great inventory).
LOW MORTGAGE RATES
While rising home prices have deterred some potential buyers, others are discovering that the low mortgage rates that are currently available can help them afford homes that would otherwise be out of their budgets. If you'd like to be connected with a lender, just let us know and we'd be happy to help you connect with a knowledgeable professional who can help you to discover what's currently possible.
Treasure Valley Housing Markets
Average Sold Price (June 18, 2019 - July 18, 2019)
- Eagle: $556,478
- Boise: $392,053
- Meridian: $378,513
- Star: $421,534
- Garden City: $300,588
- Kuna: $281,705
- Middleton: $275,260
- Nampa: $282,396
- Caldwell: $254,559
Learn More About Eagle's River Corridor
There is just something magical about the communities that make up Eagle's River Corridor. Our team at Jonna Weber Real Estate just love helping our clients buy, sell and tour homes in the ten neighborhoods that make up this stunning segment of Eagle. Here's a quick snapshot of several of the ten homes that make up this dazzling sector (to view all ten neighborhoods and learn about their individual markets, click here):