February 2021 Boise Idaho Market Update
February 2021 Market Report: Ada County Real Estate Market
Having just reached yet another new record median price of $454,000, our local housing market continues to follow the trend we observed throughout 2020. To put it simply: with relatively few homes on the market (compared to demand) and persistently low mortgage rates, Ada County's real estate market remains highly competitive and very fast-paced.
It's undeniable that the market's higher prices have caused affordability challenges for some buyers. With that said, low mortgage rates have effectively helped to increase purchasing power (the average rate for a 30-year fixed mortgage was 2.73% in January 2021, compared to 3.6% the year before).
In this market, offers and decisions are being made quickly. If you're contemplating selling or buying, let's connect to ensure you have the tools and resources needed to achieve your goals.
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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 is down by an incredible 75.9%, the median sales price increased by 25% (coming in at $454,900), and homes sold quickly (66% faster than one-year-ago).
If you then examine just existing/resale homes (and remove all the newly constructed homes from the statistics) the general year-over-year trends noted above remain similar - but the numbers are slightly even more dramatic - or if you are considering selling - significant). If you're contemplating selling a home or property... it's a great time to do so. Let's connect to discuss!
And finally, if you look at just newly constructed homes, the overall trend again remains pretty consistent. New homes are selling for a median sales price of $460,000 and there are substantially fewer of them available than there were one year ago (inventory is down by 78%) - and they are selling significantly faster (by 66.2%).
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TREASURE VALLEY HOUSING MARKETS
Average Sold Price (January 18, 2021 - February 18, 2021)
- Boise: $496,396
- Eagle: $806,684
- Meridian: $472,591
- Star: $483,335
- Garden City: $303,175
- Kuna: $431,356
- Middleton: $474,303
- Nampa: $350,398
- Caldwell: $340,924
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View all of our featured listings at Jonna Weber Premier Properties, or click on any of the houses below to learn more about the property.
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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 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.
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