The temperatures are dropping, but not so for home prices in the Treasure Valley. Contrary to cooler weather expectations, we’ve actually experienced a slight increase in home values from 2023, along with a rise in market listings compared to last year. What does this mean for us as we look ahead to 2025? Let’s dive into today’s market indicators to forecast what might be on the horizon.
Take a Look at the Boise real estate market update December 2024:
Ada County Trends in Selling Prices
As of December 2024, approximately 31% of homes in the Boise metro area sold for full asking price or above, a rise from about 28% in 2023. Conversely, nearly 70% of homes sold below the original asking price. Homes that fetched the asking price or higher typically spent just 3 days on the market, highlighting their high desirability due to sought-after features, locations, or competitive pricing. Conversely, homes that sold below asking lingered nearly 30 days on the market, with about half requiring a price reduction to attract buyers. Effective pricing from the outset can significantly impact final sale prices.
Canyon County Market Snapshot: 2023 vs. 2024
In Canyon County as of December 2024, 26% of homes sold for the full price or more, a slight decrease from 30% the previous year. Homes that exceeded asking prices took about 7 days to go pending, mirroring 2023’s data. In contrast, 74% of homes sold below the asking price, with an average of 35 days to go pending. Increased new construction contributes to longer market durations as homes are often listed well before construction commences.
Boise Real Estate Market Insights
Despite interest rates not dropping as anticipated, the Ada and Canyon Counties market has remained stable since the slowdown two years ago. Predictions indicate Boise home prices may surpass those in cities like Portland and Denver over the next decade, driven by incoming residents. As 2025 approaches, expect homes priced competitively or in desirable locations to sell quickly. Average market days might exceed 30, with sellers likely facing buyer requests for closing cost concessions or interest rate buy-downs. It’s common for buyers to start with lower offers, anticipating a negotiation.
Tips for Sellers: Pricing and Market Strategy
- Current Market Comparables: Homes should align with the prices of similar properties in the area to avoid low appraisals and potential sales jeopardies.
- Overall Costs and Desired Net Gains: Factor in all expenses and set your price to leave room for buyer negotiations or to attract multiple offers.
- Move-In Ready vs. Fixer Uppers: Homes ready for immediate move-in attract more buyers. If selling a fixer-upper, ensure the price reflects its condition to encourage offers.
For the Buyers: Time to Move.
The Boise market is vibrant, with slightly rising inventory offering more choices. Act swiftly—properties, especially in sought-after areas like the North End or East Boise, are selling fast. Be prepared with a clear list of must-haves and pre-arranged paperwork.
For the Sellers: Shine and Polish!
If you’re selling this December, make your home stand out. Tidy up, declutter and address any lingering issues to impress potential buyers. Correct pricing initially is crucial for a swift sale. Keeping abreast of Boise’s ever-changing market conditions is vital, whether buying or selling. Regular updates will enable you to navigate confidently and effectively.
Whether you’re on the buying side or the selling side, staying informed is your secret weapon. Market trends in Boise can shift as quickly as our mountain weather, so staying connected and on top of the latest stats, shifts, and success stories will help you navigate the market confidently and capably.
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.
