The Boise housing market continues to demonstrate strength and stability. In our report last October, we raised concerns that a potential dip in interest rates could trigger a rush on the market and a subsequent spike in prices, making homes less affordable. However, despite rates falling into the low 6% range last month—the lowest they’ve been in over a year and a half—both prices and sales have remained relatively stable.
Contrary to expectations that lower interest rates would cause a rush on sales and push prices higher, the median sales price last month was $534,900—4% lower than in April 2024, when rates were at 7.5%. Likewise, home sales saw only a modest 4.6% increase from April to September, while pending contracts dipped slightly by 2.25% during the same timeframe.
One key factor likely helping to keep prices in check, despite lower interest rates, is the substantial increase in inventory. From April to September 2024, the number of available homes grew by 24%. While this boost still leaves the market with just 2.7 months of supply—below the 4-6 months typically considered balanced—it has eased competition, supported affordability, and provided buyers with more options.
Today's market holds opportunities for both buyers and sellers. However, the best time to buy or sell remains unique to each individual's circumstances, needs, and goals. If you're wondering whether now is the right time for you, give us a call. We're here to help you navigate the best path forward.
For a quick snapshot of the Boise housing market for September 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.
