The median sales price for the Boise housing market was $483,450 last month. This is down 1.8% from the previous month and down 16.0% from March 2022. Despite lower prices, or quite possibly because of them, the market remains competitive for buyers. Last month, our brokerage submitted 13 offers. Of those thirteen, 10 were on properties that received multiple offers, and several ended up with offer prices well over the list price within only a few days of being listed.
As stated by Boise Regional REALTORS®, “We are still working toward a balanced market—one that does not favor buyers or sellers. Inventory growth and longer days on market grant buyers options and time, an opportunity they have not had in recent years.” The number of homes available for sale increased slightly from February to March and will likely continue to increase through the spring and summer. However, we still have a way to go before reaching a balanced market. Months Supply of Inventory (MSI)—a metric used to measure market balance based on the number of months it would take for all current inventory to be sold if no new homes were listed—was 1.6 months in March. This is 146.8% higher than the same month last year but still well below the 4-6 month metric reflective of a truly balanced market.
Whether you are considering buying or selling or are just curious about real estate in the area, we would love to be your resource for the information you need. Please don’t hesitate to reach out!
For a quick snapshot of the Boise housing market for March 2023, see Boise Regional REALTORS® housing market summary for Ada County below:
See more monthly Boise housing market updates HERE!
