Though the median sales price for the Boise housing market hasn’t changed much since July of last year, other notable shifts have occurred.  In particular, 70 more homes were sold last month compared to the previous one, and year-over-year sales saw an increase of 21.5%! With 807 homes sold in July, this marks the highest number of single-family home sales in a month since June 2022.  The number of pending sales also increased, outpacing July of 2023 by nearly 200 purchase contracts, the majority of which for new construction.  

The rise in both sold homes and pending contracts compared to last year is likely due to two main factors: increased inventory and improved affordability The number of available homes has been rising for 6 months, with this past month marking the highest level of single-family home inventory in 20 months. This means buyers have more options than they've had in almost two years!  Additionally, with home prices not ticking up as quickly and interest rates trending down, purchasing a home feels more affordable for many than it did last year. 

If you're considering buying or selling, or just want more information about the market in your area, we’re here to help. Feel free to reach out—we’d love to discuss the details that matter most to you.

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

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