Despite a slower year for real estate overall, the Boise housing market concluded 2023 in a stable position. The median sales price in December stood at $516,745, marking the lowest for the year but still higher than the same period last year. To visualize the shift in median sales price from December 2018 to December 2023, refer to the graph below.
While the number of homes sold in December was down 5.2% from the month prior and down 13.4% from the previous year, the number of pending sales increased by 1.6% and 13.2% respectively. This uptick indicates a rise in buyer demand, likely fueled by lower mortgage interest rates and more affordable home prices compared to earlier in the year. While increased buyer activity is good news, limited inventory remains a notable challenge. At the close of December, the number of homes available for sale was 1,184. This is 13.1% fewer homes than were available last month and 19% fewer homes than were available in December 2022.
Though constrained inventory will likely pose challenges for buyers in the coming year, there are strategic and effective ways to tackle them, and we’d love the opportunity to come alongside to coach you through. Whether you are considering buying or selling in 2024 or want to plan so you can potentially purchase in the future, we look forward to assisting you in taking the next steps toward achieving your real estate goals. Feel free to reach out to us for a consultation—we're here to help!
For a quick snapshot of the Boise housing market for December 2023, see below.
.jpg)
For more market statistics, including those for Canyon, Elmore, & Gem Counties, check out Boise Regional REALTORS® Market Report HERE.
