The Booming Boise Real Estate Market: A July Snapshot [Statistics]

The combination of more new homes selling at higher prices pushed Ada County's overall median sales price up to $324,674, which set another new record, but one that was expected, as we typically see the highest prices of the year in June or July. As an additional testament to the competitive nature of the market, due to a general lack of inventory, the market time for existing homes fell to just 16 days, which is the shortest timeline recorded since 2004.

So, you might be wondering what it will take for the market time decreases and price increases to level out? One quick answer: more inventory. As long as buyer demand remains strong, homes will continue to go under contract quickly.

As an investor, you know that timing is everything. And the current market is a certainly an interesting one! There are some great opportunities for both sellers and buyers. If you would like to learn more about listing your property, we'd be happy to provide you with a complimentary comparative market analysis. Or if you're looking into purchasing an investment property, please give us a shout! With sellers increasingly listing their homes there are many lucrative options hitting the market.

Summary: Compared to one year ago, the median sales price for existing homes in Ada County increased by 17.4%, while total days on the market decreased by 27.3%. Meanwhile, inventory remains shockingly low (nearly 37% lower than a year ago). Homes under the $300k mark are currently selling within 2 weeks!

Summary: Compared to one year ago, the median sales price for existing homes in Ada County increased by 17.4%, while total days on the market decreased by 27.3%. Meanwhile, inventory remains shockingly low (nearly 37% lower than a year ago). Homes under the $300k mark are currently selling within 2 weeks!

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Boise Market Update
In Boise alone, between June 1st and June 30th, 541 homes sold with a median sales price of $297,500. Currently, the average price per square foot is $179 (this is an increase of 27.8% compared to one year ago). Here are some high-level, year-over-year, takeaways for the Boise market:

• The median list price rose to $296,500 (a year-over-year increase of 16.3%)
• The median sold price increased to $297,500 (a year-over-year increase of 16.5%)
• Median days on the market hit 6 days (2 days shorter than last year)
• 30-year mortgage rates increased to 4.57% (up from 3.9% compared to last year).

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We'd love to serve you or anyone you know as a partner in this exciting journey. Contact us for a complimentary listing consultation or to start your property search today.