The first half of 2024 has treated Ada and Canyon County real estate markets to a ride wild enough to rival any amusement park! Let’s break down the twists and thrills with the Boise real estate market update July 2024:
Take a Look at the Boise Area Real Estate Market Facts and Trends for July 2024
Ada County Highlights July 2024
- Home Prices: Saw a robust 5% climb, with homes being snapped up quicker than in the past.
- Median Price: Reached $532,990 or $525,000 if you take into consideration concessions from the seller to the buyer (this could be $ towards buying down the interest rate, contribution towards closing costs, etc.)
- Days on Market (DOM): Homes lounged on the market for an average of 39 days.
Buyer Types:
- Cash Deals: 1,029 homes bought with cash.
- Financed Purchases: 3,044 homes secured with financing.
Canyon County Highlights July 2024
- Home Prices: A modest 3% uptick, but with a bit more room to breathe in inventory due to new construction.
- Median Price: Settled at $402,000.
- Days on Market (DOM): Averaged at 42.8 days.
Buyer Types:
- Cash Deals: 347 homes.
- Financed Purchases: 1,759 homes.
Buyer Opportunities & Seller Expectations
More Choices in Canyon County: Slight inventory growth (in new construction, a slight dip in existing homes compared to last year) spells more options and less pressure. The perfect time to discover that hidden gem!
A drop in interest rates in Ada and Canyon Counties could boost the real estate market by increasing buying power and demand, leading to more competition and potentially higher home prices. This may result in homes selling faster and current homeowners refinancing to take advantage of lower rates. However, if demand significantly outpaces supply, the market could overheat, making homes less affordable, especially for first-time buyers. Monitoring local economic conditions alongside these changes is crucial for making informed decisions in the real estate market.
That’s why now is a good time to start shopping before the frenzy occurs, of course, it’s important that the payment is affordable. A tip is to look at today’s market for existing homes, properties that have been on the market for over 21 days might provide an opportunity to negotiate better terms. Working with a knowledgeable buyer’s agent who understands the local market can be a game-changer, potentially saving thousands during negotiations.
Working with a knowledgeable buyer’s agent who understands the local market can be a game-changer, potentially saving thousands during negotiations.
Ada & Canyon’s Hot Market: With inventory at a squeeze, it’s still a seller’s market. Now’s your chance to shine and make the most of the demand. Remember, the agent you choose can make or break the deal. Go with someone who knows the ropes—like me!
Overpricing Risk: It’s tempting to shoot for the stars with pricing, but even in a hot market, the sweet spot sells. Price it right from the start—like my recent listings, both sold in under a week with multiple offers!
In this shifting landscape, both buyers and sellers must stay informed and ready to adapt to capitalize on the evolving opportunities in the real estate market.
Talk to an Expert
In a fluctuating market, it’s essential to consult a real estate professional who deeply understands local dynamics. Online opinions and advice from acquaintances may be well-intentioned but can lead to costly mistakes. For personalized guidance on navigating Boise and the wider Treasure Valley market, consider scheduling a consultation with Jennifer Louis, your Boise Metro Area Real Estate Expert. Contact me at (208) 509-9122 or via email at jenn@boiseandbeyondrealty.com To set up an appointment. Set an appointment today to understand the market trends in Boise and the surrounding Treasure Valley with Jennifer Louis, Boise Metro Area Real Estate Expert at (208) 509-9122 or jenn@boiseandbeyondrealty.com.
