The fast pace of the Boise housing market over the last several months continues into 2021 and shows no sign of letting up soon. Low inventory, faster market times, and continued low mortgage rates (averaging 2.73% in January 2021 for a 30-year fixed mortgage) have all contributed to increasing home values, resulting in yet another record setting median sales price in January of $454,000.
If we remove new construction and only look at existing sales, the median sales price was $443,500, which was also record setting and represented a 30.4% increase in value from the same month last year. This large increase in equity is a big positive for many owners, as it can afford them the opportunity to purchase another home, fund a business, send a child to college, or finance other endeavors. However, for those who don’t currently own real estate, this can understandably cause concern. Homes are becoming less and less affordable to purchase and the fear of increased rents looms large.
Though this market can be discouraging for any buyer, the resources and strategies we have learned this past year have allowed us to experience some great wins for our clients. The process is difficult but certainly not impossible. And, we would love the opportunity to come alongside you to help attain your real estate goals. Purchasing a home or rental property remains one of the best investments for building long term wealth and continues to be a worthwhile financial pursuit. Whether buying or selling or both, please give us a call to talk more about your specific needs and concerns, and let us use our expertise to direct your next steps.
For more information and specifics on the current market, please check out Boise Regional REALTORS® Market Report HERE.
