In January, the median sales price for the Boise housing market dropped for the third consecutive month to $487,495. This was a 5.6% drop from the previous month and a 9.7% drop from January 2022. This also marked the first time the median sales price has been below $500,000 since July 2021. Home sales were also down 32.8% from last year. Boise Regional REALTORS® (BRR) explains, “Demand for housing waned as higher mortgage interest rates and home prices put pressure on affordability, resulting in fewer home sales. Since the housing market continues to be driven by supply versus demand, sellers are having to adjust prices and negotiate with buyers to close the deal.”
However, we are beginning to see another shift in the market that makes us believe prices may be headed back up soon. According to BRR, “ Newly pending sales data, a forward looking metric, could indicate that demand bottomed out and is beginning to recover. For the last two weeks, we’ve seen new contract signings up year-over-year. We’ve also heard from members that they’ve experienced increased interest from both buyers and sellers. This uptick in activity, as well as the stabilization of mortgage interest rates, is a positive sign as we gear up for our spring market.”
If you are toying with the idea of buying or selling and are having trouble deciding when might be the best time, we would love to talk with you about your situation. We can share more about predictions we are hearing and data we are seeing that may better help you decide when and how to move forward.
See more monthly Boise housing market updates HERE!
