Home Prices Across Ada County Reach New (but Expected) High Price Point
Compared to one year ago, home prices across Ada County are up 6.6%, hitting a record median sales price of $355,000. This high price point continues to follow the trend that we’ve consistently seen since 2016 with new record highs hitting every August.
On average, after a home goes under contract, it typically takes one to two months for the home to close. This means that many of the homes that closed in August likely went under contract earlier in the summer (at the end June or July). Analyzing market data going back to 2016 shows that homes are typically listed at the highest prices of the year during the summer months (and have some of the fastest market times) which results in the highest sales prices of the year.
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 (August 2018), the median sales price for existing homes in Ada County increased by 6.6%, and total inventory decreased slightly by 1.1%. Overall, fewer existing homes are selling (by 9.7%) and they are remaining on the market for a longer period of time (32 days, which results in being about an extra week on the market).
And for newly constructed homes, compared to one year ago, the median sales price increased by 3% and inventory remained pretty stable (an increase of just 1.8%). Overall sales increased slightly (by 3.3%), and these home are staying on the market for just under 2 months (which is a year-over-year increase of about 10 days).
Treasure Valley Housing Markets
Average Sold Price (August 19, 2019 - September 19, 2019)
- Eagle: $607,792
- Boise: $378,305
- Meridian: $367,812
- Star: $417,232
- Garden City: $533,278
- Kuna: $299,435
- Middleton: $385,612
- Nampa: $274,999
- Caldwell: $260,677