Boise Idaho Real Estate Blog

Ada County Rebounds: First Year-Over-Year Home Price Gain Since October 2022

In November, Ada County witnessed its first year-over-year price increase since October 2022. After hitting a two-year low this spring, local home prices have steadily risen amid a persistently tight supply.

Rising interest rates have done little to dampen home prices. Conversely, they've kept prices higher by discouraging current homeowners from selling. Typically, existing homes constitute most available listings. However, with fewer people moving, this important source of supply has dwindled.

In Ada County, the median home price in November rose by 1% from the previous year, reaching $529,995. In Boise, prices increased by 4.65% to $495,000. Canyon County prices dipped 3.9% from a year ago to $398,990.

Buyers without an existing home to…

2290 Views, 0 Comments

Rising Rates, Rising Prices: Ada County’s Housing Market Defies the Odds

Despite mortgage rates reaching multi-decade highs in October, home prices in Ada County continued to march higher, rising for the second consecutive month.

The median price of a single-family home in Ada County climbed to $539,990 last month, marking an 11.3% increase since January. After reaching a 2023 high in September, home prices in Canyon County fell to $400,000, up 1.2% year-to-date.

Throughout the spring and summer, high-priced properties with unique features and prime locations were frequent subjects of bidding wars. More affordably priced homes sold quickly—often within days. For many buyers, finding a move-in ready home under $500,000 became a significant challenge.

While it hasn’t been a great time to be a seller, particularly…

2113 Views, 0 Comments

Tight Supply Supports Ada County Home Prices Amid Rate Hikes

Ada County's home prices, which plummeted by 16% year-over-year in March, have made a surprising rebound, ending September at nearly the same figures as the previous year. This stability amidst rising mortgage rates paints a captivating picture of the current housing market's resilience.

In Ada County, the median single-family home price fell just 0.9% from a year earlier, settling at $535,000. Home prices in Canyon County declined 2.6% to $415,990. Both counties saw a more than 2% increase from the previous month.

In the Treasure Valley, there are currently 2,333 homes for sale, a staggering 37% decrease from last October. Given the current sales pace, this represents a 2.3-month supply of homes on the market.

With few homeowners selling,…

2178 Views, 0 Comments

Mortgage Rates Skyrocket: The Impact on the Treasure Valley's Housing Momentum

After a surge earlier this spring, home prices in the Treasure Valley have begun to show signs of moderating. This shift can be partly attributed to the return of pre-pandemic seasonal trends and the looming threat of rising interest rates.

From July to August, the median single-family home price in Ada County fell by $20,000, settling at $520,000. This decrease can be credited to the re-emergence of seasonal patterns and a variation in the types of homes sold during the month. Conversely, the median price in Canyon County saw a slight increase, reaching $405,000.

Since January, home prices are up 7.2% in Ada County and 2.4% in Canyon County. However, prices in both counties are still 8% lower than in August 2022.

After a slowdown last fall,…

1957 Views, 0 Comments

The Balance Shifts to Sellers: Ada County's 2023 Housing Market in Perspective

Despite softer demand, a limited supply of homes for sale has driven Ada County housing prices higher in 2023.

Since the beginning of the year, prices in Ada County have surged by 11%, with some sought-after neighborhoods experiencing even larger gains. In contrast, Canyon County has experienced a more modest 3% increase.

While this year's demand is lower than in previous years, the supply is even scarcer, leading to rising prices. Except for the 2020–21 period, there are fewer homes on the market now than in any August over the last decade.

At the end of July, the median price of a single-family home was $540,000 in Ada County and $404,990 in Canyon County, virtually unchanged from the previous month.

The gains in 2023 follow a decline in…

1815 Views, 0 Comments

Ada County Home Prices Leap 12% From Start of Year Amid Inventory Crunch

Home prices in Ada County rose again in June, accompanied by a yearly 36% decrease in the availability of homes for sale. This highlights the fierce competition over the diminishing supply of low-priced homes.

The median price of a single-family home in Ada County fell 8% from the previous year, reaching $544,881 in June. Canyon County also experienced a decrease, with prices dropping 9% to $405,000.

While home prices remain below year-ago levels, a limited supply of homes has led to steadily higher prices since the beginning of the year. Since January, prices in Ada County have risen by 12.3%, while those in Canyon County have seen a 2.4% increase. In Boise, prices have jumped by 9.7%, ending June at $525,000—the highest level since last July.

1110 Views, 0 Comments

Home Prices Bounce Back: Ada County Prices Rise $53,000 in Just Two Months

Treasure Valley home prices witnessed another surge in May. The ongoing scarcity of available homes intensified competition among buyers, particularly for the lowest-priced properties.

Home prices in Ada County jumped by $36,000 between March and April, followed by an additional increase of $17,000 in May. That's a remarkable $53,000 increase in just two months.

Over the past year, the number of resale listings has fallen. Homeowners are reluctant to let go of low mortgage rates and have hesitated to sell. Additionally, a slowdown in new construction activity last fall means fewer new homes are available.

While demand is notably lower this summer than we have seen in recent years, low supply is more than offsetting the reduced demand.

In…

1262 Views, 0 Comments

A Hot Spring Market: Ada County Home Prices on the Rise as Inventory Dwindles

The Ada County real estate market is heating up this spring as home prices jump to their highest point in five months. Limited inventory has sparked intense competition among buyers, fueling the price surge.

The median home price in Ada County soared by $35,600 from the previous month, settling at $517,500—the highest point since November 2022. Despite this increase, prices are still down 13% compared to last April. Boise experienced a similar surge, with home prices climbing $32,505 to $500,000 from the previous month.

Canyon County prices finished April at $389,990, down 18.2% year over year, roughly in line with March.

As the number of available homes for sale continues to decline in 2023, buyers face a significant increase in…

1735 Views, 0 Comments

Treasure Valley Housing Market Stabilizes Amidst Low Inventory and Reduced Rates

The combination of reduced mortgage rates, limited inventory, and robust demand for low-cost homes has helped stabilize Treasure Valley home prices.

Ada County's median home price in March reached a two-year low, dropping to $481,900, representing a 16.2% decline from the previous year. In neighboring Canyon County, home prices fell to $395,000, marking a yearly drop of 12.8%.

Despite these declines, however, prices in both counties have remained relatively steady since the beginning of the year, signaling a potential end to the downward trend.

Between late January and early February, there was a significant decrease in mortgage rates, bringing them to their lowest point since September. This scenario, along with the drop in home prices,…

1441 Views, 0 Comments

21 Value-Building Home Improvements to Make Before Selling

Looking to sell your home? Then you’ve probably heard how sweat-equity can bring higher profit to your final sale. Yet, knowing exactly what home improvements are worth your time, money, and effort can get a little tricky.

Every house is different, and what’s best for your property depends on time, funding, the other homes in your area, and if your efforts will bring value to buyers.

The good news? You don’t need to take on a major remodel to increase resale value. These simple updates spark interest, help maximize profit, and go a long way towards wowing everyone who enters your home.

Don’t Make the #1 Home Improvement Mistake

Before you start any project, remember that there is such a thing as over-improving a home—you never want to put…

13711 Views, 0 Comments