The number of homes for sale in Ada County has hit a decade low of only 1490 homes for sale last month – 846 of those were new construction and only 644 were resale homes. The lack of inventory is due to several factors – for about 4 years after the housing bubble no new construction was built, but the population kept increasing. We also are one of the fastest growing areas in the US for migration from other states. It is not necessary for sellers to wait until spring to sell with these extremely low numbers. Buyers should also be very knowledgeable of the market activity so you can offer swiftly and accordingly on the best homes.
That being said, tighter appraisal regulations and savvy home buyers are keeping prices from escalating too quickly. The area that has seen the most substantial growth is Eagle at 14% price increase over this time last year. Much higher than the median Ada County average of a 5.6% increase. This is due mostly to out of state buyers with more cash flow desiring the higher end Eagle area.
Current Median Home Prices by Area*
North Boise $315,450
NE Boise $410,000
SE Boise $226,000
South Boise $199,000
SW Boise / Meridian $229,000
West Boise $185,000
W Boise/Garden City $221,500
Garden City $235,000
NW Boise $218,500
Eagle $415,000 (up 14%)
SE Meridian $245,000
SW Meridian $256,500
NE Meridian $233,700
*prices for re-sale homes only, new construction numbers are higher.
Circle of Excellence Realtor, Home Listing & Marketing Specialist
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