The median sales price for the Boise housing market in May was $551,950. Although this marks a slight drop from the previous month, it represents a 3.4% increase from May of last year. Excluding new construction, existing home sale prices saw an even more substantial rise, increasing by nearly 6% year-over-year. The number of homes sold in May also showed significant growth, up 7.3% from the previous month and a remarkable 14.7% from the same period last year. Additionally, the inventory of homes available for sale increased notably, rising 16.9% month-over-month and 29.4% year-over-year. These metrics suggest that the market will likely remain healthy and robust as we move into the second half of 2024.

Given that 30-year mortgage interest rates are currently hovering around 7% with no sign of dropping soon and that home prices are stable with a strong likelihood of increasing, many buyers understand that housing affordability in Boise is unlikely to become more favorable in the near future. This awareness is prompting some to buy in the area now while leading others to seek more affordable options further from the city. Last month, the median sales price for homes in Canyon County, encompassing cities like Nampa, Caldwell, and Middleton, was $419,945. These attractive prices for properties, still within a convenient commute to Boise, have spurred increased demand in these areas. The surge in demand has also led to a significant uptick in new construction, increasing housing inventory in Canyon County by 58.5% over the past year to meet the growing need.  

If you're thinking about buying or selling in the Boise area, or if you're interested in exploring Canyon County or other Treasure Valley regions in the months ahead, please reach out to us. We're eager to talk about how the current market dynamics, such as interest rates and affordability considerations, might influence your choices. We look forward to connecting with you soon!

For a quick snapshot of the Boise housing market for May 2024, see below.  

For more market statistics, including those for Canyon, Elmore, & Gem Counties, check out Boise Regional REALTORS® Market Report HERE.