The real estate market in Idaho is relatively healthy right now, largely as a result of tight inventory and skyrocketing home prices over recent years. An increase in home prices is expected to continue in 2024. Homebuyers looking to buy a home in Idaho will want to get in fast before prices continue to increaseMortgage are also on the decline, making this a potentially ideal time to get into the market.
Home Prices Are Down
According to Zillow, home sale prices dropped in 2023 by 3.4%.
Tight Inventory in Boise
According to the Boise Area Realtors, home inventory is tight in Boise. Right now, there is a 2.3-month supply of homes in the city and surrounding areas.
Low Inventory in Ada County
Ada County has a low 2.18-month supply of available homes for sale.
Homes Sold Have Dipped
Year-over-year, the number of home sales dipped 5.4% from November 2022 to November 2023.
Home Prices in Boise Have Declined
The median sales price for a typical house in Idaho as of January 2024 is $434,224.
Ada and Canyon Counties Drop in 2023
Both Ada and Canyon Counties have seen drops in home prices over the past year. Ada County’s median home sales price decreased 4.1% over the past year, while in Canyon County, prices decreased 5.5%.
Current Rates Are Declining but Still High
Current rates in Idaho are 6.30% for a 30-year fixed, 5.61% for a 15-year fixed, and 6.60% for a 5/1 adjustable-rate mortgage (ARM), according to Zillow.
Boise is expected to see a relatively healthy housing market in 2024. This is largely due to the increase in population as an increasing number of people continue to flock to Boise from more expensive markets. They are not only drawn to the affordable prices, but also the mild climate, employment opportunities, and great outdoor lifestyle. Home prices in Boise currently sit at $460,502.
Days on the Market
In Boise, listings go pending in about 29 days after being put on the market.
Homes Sell At Around Asking Price
The average home sells for 1% below the listing price in the city of Boise.
If you’re curious about mortgages in Idaho, Sammamish Mortgage can help. We are a local mortgage company based out of Bellevue, Washington that serves the entire state, as well as Oregon, Idaho, California, and Colorado since 1991. Our mortgage professionals can work with you to help you decide which one of our mortgage programs is right for you. Contact us today with any questions you have about home loans in Idaho.
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