Last month, the median sales price for homes in Ada County reached $595,000 a new record and a year-over-year increase of 23.9%. Higher prices in the new construction segment greatly contributed to this price increase. New home sales made up nearly a third of all sales in April with a median sales price of $645,000, up 36.7% from last year.
Mortgage rates also rose in April, with the 30-year fixed rate mortgage average reaching 5.1% at the end of the month. National economists have predicted that the increase in mortgage rates will eventually slow the market, but we haven’t seen a price slowdown in our local sales data yet. It’s important to remember that homes that closed in April likely went under contract in February and March, so we may not see the immediate impact of rates on prices for several months. Pending sales (i.e. those under contract) currently provide a better indication of how rates are affecting our market at this time.
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 170%, the median sales price increased by 23.9% (coming in at $595,000) and they took a slightly longer amount of time to go under contract (but still took just 16 days).
If you then examine just existing/resale homes (and remove all the newly constructed homes from the numbers); the median sales price increased by 16.9% (coming in at $570,000), inventory increased by 158.8% & homes took a longer amount of time to go under contract (but still took just 13 days).
And finally, if you look just at newly constructed homes; new homes are selling for a median sales price of $645,000 (a year-over-year increase of 36.7%) and there are more of them available than there were one year ago (inventory is up by 186.1%).
TREASURE VALLEY HOUSING MARKETS
Average Sold Price (April 19, 2022 - May 19, 2022)
- Boise: $631,162
- Eagle: $1,011,771
- Meridian: $662,475
- Star: $755,088
- Garden City: $347,126
- Kuna: $541,106
- Middleton: $589,988
- Nampa: 488,441
- Caldwell: $435,665
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.