Boise Real Estate Market Summary for March 2024
- Median sales price: $530,000
- Total home sales: 223
- Median days on the market: 11 days
- The median sales price per foot: $316 (on the rise as our weather warms)
Treasure Valley and Valley County Housing Market Median Prices
- Ada County: $555,000
- Gem County: $439,500
- Canyon County: $413,395
- Boise County: $485,000
- Valley County: $963,505
Treasure Valley Housing Market Trends
A few key points based on market supply and demand:
- Homebuilders in the Treasure Valley are struggling to keep up with demand for new construction despite high demand and limited housing supply.
- Two major factors contributing to the slow pace of new home construction are: a) Scarcity of available building lots b) Labor shortage of construction workers, leading to soaring wages in the construction industry
- The labor shortage issue is an ongoing problem in the area and there are predictions it could get worse, potentially further slowing new home construction and driving up prices.
- Properties priced appropriately are selling very quickly. In March, typical homes in the Treasure Valley were on the market for only 31 days, which is about 4 times faster than a balanced market.
- The rapid sale of reasonably priced homes underscores the supply constraints and high demand in the local housing market amid the challenges facing homebuilders.
The combination of limited developable land, construction labor shortages driving up wages, and robust housing demand is creating significant supply-side constraints in the Treasure Valley housing market, resulting in very quick turnover for appropriately priced homes.
REFERENCES:
- https://www.boirealtors.com
- https://realestate.usnews.com/real-estate/housing-market-index/articles/boise-housing-market-forecast
- https://next.navicamls.net/438/Report/ReportTemplate
