The median sales price for Ada County reached $549,900 last month; this is a year-over-year increase of 21.6% and a new record high. We often get asked why home prices have skyrocketed across Boise & the surrounding Treasure Valley. In a nutshell, buyer demand has (and continues to) outpace the supply of homes listed on the market. In addition, there are several other contributing factors, such as: new relocation opportunities for remote workers, increased interest in real estate investing, heightened construction costs, etc. All of these factors combined have resulted in an incredibly competitive real estate market.
If you've been contemplating selling, this is a fantastic time to evaluate and capitalize on the equity of your home. Our team is excited for the coming spring market and 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 their heightened buying power & find homes in our highly competitive market. 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 a notable 62.7%, the median sales price increased by 21.6% (coming in at $549,900) and they took a longer amount of time to go under contract (32 days opposed to 18).
If you then examine just existing/resale homes (and remove all the newly constructed homes from the numbers); the median sales price increased by 16.5% (coming in at $530,000), inventory increased by 57.7% & homes remained on the market for a longer period of time (23 days, opposed to just 13).
And finally, if you look just at newly constructed homes; new homes are selling for a median sales price of $587,551 (a year-over-year increase of 30.6%), there are more of them available than there were one year ago (inventory is up by 68.9%) and they are staying active on the market for a longer period of time (46 days compared to 25).
Average Sold Price (February 17, 2022 - March 17, 2022)
- Boise: $601,179
- Eagle: $1,068,401
- Meridian: $613,438
- Star: $652,941
- Garden City: $436,434
- Kuna: $546,323
- Middleton: $600,931
- Nampa: $493,849
- Caldwell: $459,245
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.
To subscribe to receive our full monthly market update directly, click here.