The median sales prices for homes in the Boise housing market hit another new record last month at $575,000.  This is an increase of 4.5% from the previous month and 22.6% from the same month last year.  This jump was primarily stimulated by price increases in new construction.  New construction accounted for nearly 1/3 of all sales last month, and the median price came in at $606,050.  This is an increase of 31.5% year-over-year, which is a lot, especially in comparison to the price of existing homes which was up 16.7%. 

Though the housing market may see a slight tempering due to the recent increases in mortgage rates, inventory remains a primary factor in home prices.  And, despite a marked 103.1% increase from last year in the number of homes for sale in our area, inventory is still not keeping up with demand. This is evidenced by homes only remaining on the market for an average of 20 days and selling an average of 100.8% of the list price.  

We know housing market news can always be encouraging to some while simultaneously being discouraging to others.  No matter your goals, questions, or concerns regarding your future real estate decisions, we would love the opportunity to help you navigate them.  If you are considering buying or selling, please give us a call so we can hear more about your specific situation and work together toward a plan for how best to move forward.   

For a quick snapshot of the Boise housing market for March 2022, see Boise Regional REALTORS® housing market summary for Ada County below:

Boise Housing Market March 2022