As the busyness of the holiday season ramps up, the Boise housing market remains calm. While this is typical for the season, anticipation of potential interest rate cuts in the new year may also be prompting some buyers and sellers to hit pause on their plans.
The median sales price (MSP) in Ada County last month was $525,000, nearly unchanged from a year ago. However, existing homes had an MSP of $530,000 (up 4.3% from last year), while new construction came in at $516,416 (down 10%). This means options for new homes were not only priced lower than existing ones, but they were also more affordable than a year ago. This shift reflects builders’ efforts to meet buyer budgets by offering smaller, more cost-effective options. In fact, 84% of new homes sold last month were on standard or small lots, with about 10% less square footage than existing homes.
This affordability shift is impacting inventory and sales trends as well. Of the 1,527 homes for sale in Ada County when these statistics were pulled, half were new construction and 58% of the 987 homes under contract were new builds. Additionally, sales of new construction were shown to have jumped 46.9% last month compared to the same time last year, which is not surprising considering the increasing demand for more budget-friendly housing options.
Whether you're curious about interest rates, deciding between a new or existing home, or simply wondering what the market may hold in the new year, we would love to use our real estate expertise and commitment to your best interests to help guide you. Give us a call anytime—we’d love to connect!
For a quick snapshot of the Boise housing market for November 2024, see below.
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For more market statistics, including those for Canyon, Elmore, & Gem Counties, check out Boise Regional REALTORS® Market Report HERE.
