As is often common in October, November, and December, price appreciation nearly leveled last month. The median sales price for October 2019 came in at $352,000, just 0.6% higher than the median price for September. We don’t anticipate prices going down, but the upward trajectory of appreciation will likely be slower or possibly even stagnant through early 2020 when rapid appreciation is once again expected. Though price appreciation from September to October was small, year over year appreciation remains strong, rising 9.5% from October 2018 to October 2019. It has been suggested by national market analysts that year over year housing price appreciation in 2020 may not be as impressive as 2019. But, few doubt that price appreciation will continue in a positive direction for at least the next few years. This is especially true for Ada County, where price appreciation continues to be well above the national average (9.5% Ada County vs. 4.8% U.S. Average). With the large number of people continuing to move into the area and with our consistently low housing inventory levels, we can expect Ada County appreciation to remain strong in 2020 and to likely come in well above the projected national average increase of 2.8%.
If you are considering buying or selling and are unsure how acting now or waiting until the busier spring season could affect you, please give us a call! We would love to share more about the market and the pros and cons of buying or selling in the slower winter season. This time of year can be a great time to do both, but we would enjoy an opportunity to discuss whether or not it’s the right time for you!