November 2022 Market Report: Ada County Real Estate Market

Wondering what local buyers and sellers in our local market are currently experiencing? Check out Jonna's quick video above and then scroll down for a high-level breakdown as well as additional stats and figures.  And to ensure you don't miss any important updates about our local market, please be sure to like and subscribe to our YouTube channel by clicking here!

If you've been contemplating selling, it remains a good time to evaluate and capitalize on the equity of your home. Our dedicated team would love to help you get top dollar for your home or investment property. Let's chat!

And/or if you are looking to buy, our team continues to help our clients every day take advantage of the rise in housing inventory. While mortgage rates have risen, buyers have more options and heightened negotiation power. Let's connect! 



SUMMARY:  If you group together both existing and newly constructed single-family homes and compare those numbers to the same month one year ago (detailed in the top infographic):

• Inventory increased by 87.4%
• Median sales price ticked up slightly (coming in at $561,500)
• Homes took (on average) almost twice as long to go under contract (42 days compared to 23)
• Overall fewer homes sold (sales were down by 32.5%)

If you then examine just existing/resale homes (and remove all the newly constructed homes from the numbers):

• Inventory increased by 67%
• Median sales price was $500,000 (a decrease of 3.7%) 
• Homes took (on average) almost twice as long to go under contract (41 days opposed to 21)
• Overall fewer resale/existing homes sold (sales were down by 39.9%)

And finally, if you look just at newly constructed homes:

• Inventory increased by 119.9%
• Median sales price reached $657,500 (an increase of 15.4%)
• Homes took (on average) longer to go under contract (46 days opposed to 30)
• Overall fewer newly constructed homes sold (sales were down by 8.2%)

TREASURE VALLEY HOUSING MARKETS
Average Sold Price (October 17, 2022 - November 17, 2022) 

• Boise:  $555,471
• Eagle:  $1,037,611
• Meridian:  $590,408
• Star: $656,199
• Garden City:  $565,233
• Kuna: $564,893
• Middleton:  $581,638
• Nampa:  $459,004
• Caldwell:  $442,468

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.

If you’re hoping to buy, keep in mind that low inventory certainly isn’t the same as no inventory. There are options available, and current rates are making mortgage payments more manageable. Click here or call us to discuss what you're looking for. Otherwise, keep reading to learn more about what's happening in Ada County's real estate market.

P.S. Should you hear of anyone else looking to Buy or Sell a home, we ask that you please do two things. First, please tell them about your experience with us. Next, simply hit the reply button to this email and tell us about them! We would love to be of service!