The median price for Ada County in November 2023 was $530,000, an increase from last year at this time. In Canyon County the median price was just shy of $399,000 an almost 4% increase from 2022. We can attribute these increases to the decrease in inventory and as always when supply is lower than demand prices tend to go up. But just how long will this trend continue? Here are the Boise area real estate market facts and trends for December 2023.
Take a Look at the Boise Area Real Estate Market Facts and Trends for December 2023
Ada & Canyon Counties Home Prices Trend Upwards
Within Ada County, encompassing cities like Boise, Meridian, Eagle, Star, and Kuna, the real estate landscape has witnessed an unexpected resurgence. Home prices have rebounded, even increasing from a year ago. This is mostly seen in existing home sales, new construction has still struggled since the market shifted in early 2022. As in the past few weeks, we’ve seen glimmers of interest rates dropping and with the knowledge that they will continue to drop more sellers are entering the market, despite the season. Buyers are back out shopping including those that have been waiting on the sidelines for the past several months until rates dropped.
Shifting Inventory Dynamics
The interest rates are playing a role in the inventory we are seeing entering the market and will have an effect on overall home prices, but there have been so many buyers on the sidelines in anticipation of lower rates and are now starting to emerge back into the market. Other states that typically provide buyers to the Treasure Valley market are starting to soften and once these buyers can sell their homes in their current place of residence we can expect the buyer pool to surge again in the Boise area. More buyers on the market, even with an uptick of homes coming for sale will most likely tiip the market back into a seller’s market as demand surpasses supply. We can expect it will be less dramatic than in the pre-COVID and COVID years, but buyers should prepare to start seeing homes go pending much sooner and multiple offers may become the norm again.
Here are two interesting market stat sheets created by the Boise Regional Realtors for November 2023.
A Few Key Facts
The 2023 seasonal slow-down that typically starts in early Fall was less noticeable than in 2022 when market movement slowed. The Boise Regional Realtors report that as of November 2023, there were 11 fewer sales than the previous month, but if you compare this to the same time in 2022 there were 45 fewer closings.
We’ve also seen days on the market decrease for homes priced beneath the median price of $530K in Ada County. Canyon County also saw a dramatic decline when it came to days on the market in November. The average days on the market was 42, down 29% from 2022.
2024 Market Projections
2024 is gearing up to be another year of a shifting market. With so many sellers and buyers on standby in 2023 it is safe to assume as they enter the market and interest rates go down, brining in more buyers we can expect home prices to go up in both Ada and Canyon County. The fact is, Idaho still remains a very desirable place to live for many relocating from other states.
It’s imperative to talk to a real estate professional who understands the market you are buying and selling in to truly understand the best timing to sell and buy. There are a lot of opinions out there on the Internet, or even trusted friends, colleagues, and family, but unless it’s coming from someone with the pulse on the market you are dealing in, you might be getting the wrong data and that could potentially cost you thousands. Set an appointment today to understand the market trends in Boise and the surrounding Treasure Valley.
Buyer Opportunities
That said, opportunities do still exist for buyers. Homes that have lingered on the market for over 21 days and remain vacant may be more inclined to negotiate on price. Having a seasoned agent like Jennifer Louis, a real estate and relocation expert specializing in Boise and the Treasure Valley, is invaluable for understanding when and how to negotiate effectively in the current market.
With rent prices going up local buyers should seriously consider buying a home versus renting. There are places in the US where it makes more sense to rent than to buy, but the Treasure Valley, unfortunately, has limited housing and has forced rent prices up. For first-time home buyers Idaho has some great options to assist with down payment and closing costs don’t forget, even though the market is picking up, you can still negotiate with the seller to have them help with closing costs or even buying down the interest rate to get you a lower monthly payment. Also, it was just recently announced that those who qualify for FHA loans can save thousands over the course of their loan. I’ve just helped several first-time home buyers get fantastic deals on their homes in the Valley and are paying close to if not less than what they were renting for.
Talk to an Expert
Whether you are buying or selling consult first with a professional that understands Boise real estate market trends and the best way to succeed. Schedule a 30-minute no-obligation consultation with Jennifer Louis, Boise Metro Area Real Estate Expert at (208) 509-9122 or jenn@boiseandbeyondrealty.com.
