March 16, 2023 at 9:58am | Jonna Weber

Wondering what local buyers and sellers in our local market are currently experiencing? Check out Jonna's above and then scroll down for a high-level breakdown as well as additional stats and figures.  

<< This post is an excerpt from our monthly market update, to sign up to receive the full update directly, click here >>


Graphics provided by Boise Regional Realtors.

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 110.8%
  • Median sales price dropped by almost 10%.5% (coming in at $492,115)
  • Homes are remaining on the market for  78 days (143.8% longer than one year ago)
  • Overall fewer homes sold (sales were down by 7.3%)
If you then examine just existing/resale homes (and remove all the newly constructed homes from the numbers):
  • Inventory nearly doubled (an increase of 94.7%)
  • Median sales price was $472,000  (a decrease of 10.9%)
  • Homes are remaining on the market for a significantly longer period of time (58 days)
  • Overall fewer resale/existing homes sold (sales were down by 14.4%)
And last, if you look just at newly constructed homes:
  • Inventory increased by 129.4%
  • Median sales price reached $529,990 (a 10.2% drop)
  • Homes took twice as long to go under contract (107 days)
  • Overall slightly more newly constructed homes sold (a 4.9% increase)


Average Sold Price (February 16, 2023 - March 16, 2023) 
  • Boise:  $565,958
  • Eagle:  $959,833
  • Meridian:  $526,218
  • Star: $660,380
  • Garden City:  $516,866
  • Kuna: $413,206
  • Middleton:  $566,930
  • Nampa:  $436,487
  • Caldwell:  $435,468
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!


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