Recently collected sales data for December 2023
With a continued low inventory of homes available and a potential increase in buyer demand (due to falling mortgage rates), both factors could significantly drive up home prices in the 1st quarter of 2024. It will be interesting to watch the month-to-month activity and see if this holds accurate.
Boise Real Estate Market Summary for December 2023
- Median list price: $510,000
- Total home sales: 191
- Median days on the market: 32 days
Overall Treasure Valley Housing Market by Area Median Prices
- Ada County: $516,745
- Eagle: $929,450
- Garden City: $545,000
- Kuna: $450,000
- Meridian: $484,990
- Star: $515,000
- Canyon County: $410,000
- Caldwell: $364,990
- Middleton: $429,050
- Nampa: $419,990
Boise Housing Market Forecast for 2024
Boise has faced a very small 1.0% decrease in average home values over the past years. While the market experienced a slight decline, according to the Boise Regional REALTORS® “there is currently no indication of an imminent crash. Stability and gradual fluctuations characterize Boise’s real estate landscape. Considering the balanced market conditions and the slight dip in home values, now could be considered a reasonable time for potential homebuyers to explore opportunities in Boise.”
Factors to consider when considering home ownership
Personal Financial Situation
Analyze your financial situation and your preparedness for homeownership. Calculate and determine your income streams, savings for down payment and future repairs, strength of your credit score, and other financial obligations. Investing into homeownership wealth is an important decision that includes both short-term and long-term financial commitments.
Affordability
Work with a Real Estate Agent to appropriately determine your budget, and decide on the purchase price as there are factors not always taken into consideration beyond the listed price (property taxes, homeowners insurance, upkeep costs, and possible homeowners association (HOA) dues.
REFERENCES:
- https://www.boirealtors.com
- https://www.zillow.com/boise-id/home-values
