With January’s median home price coming in at $363,000, the first month of 2020 marked yet another record breaking high for the Boise housing market. This is due in large part to the increasing market share taken up by newly constructed homes, which are generally made more expensive by rising costs of land, labor, and materials.
Last month, new construction made up 40.2% of all sales. This is an 8.2% increase from the same month last year. Persistent housing demand in comparison to record low existing inventory also remains a major factor in price appreciation. There were only 361 existing homes in Ada County available for sale last month. This is
28.1% lower than the number of existing homes available in January 2019. With the pressure of continued demand consistently running up against low inventory, the upward drive on prices is to be expected. Rising prices on single-family homes can be discouraging to buyers, especially first-time home buyers or those moving from cities with lower price appreciation.
While condos, townhomes, and mobile/manufactured homes are a smaller part of our overall housing supply, these types of homes can offer buyers additional options at lower price points. Last month, 39 townhomes sold in Ada County for a median price of $264,500. This left 45 townhomes still available for purchase at the end of the month.
If you’ve considered buying or selling but are unsure if you can accomplish your goals in the current Boise housing market, we hope you’ll give us a call! We’d love the opportunity to hear more of your story and to share how we can help navigate toward accomplishing your goals!
For a quick snapshot of the Boise housing market for January 2020, see Boise Regional REALTORS® housing market summary for Ada County below: