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Ada County Housing Market Update: October 2024

In October 2024, the Treasure Valley real estate market saw rising home sales, stable prices, and easing mortgage rates. Ada Countyu2019s median price held at $540,000, while Boise dipped 3% to $509,000. Sellers benefit from tight inventory, while buyers can take advantage of builder incentives. Templeton Real Estate Group delivers expert local insights!

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Ada County Housing Market Update: October 2024

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  1. Ada County Housing Market Update: October 2024 AT TEMPLETON REAL ESTATE GROUP, WE FOCUS ON DELIVERING LOCAL EXPERTISE IN THE TREASURE VALLEY REAL ESTATE MARKET. OCTOBER 2024 SAW SIGNIFICANT DEVELOPMENTS, INCLUDING A NOTABLE INCREASE IN HOME SALES, STABLE PRICES, AND DECLINING INTEREST RATES IMPACTING BOISE, MERIDIAN, EAGLE, AND SURROUNDING AREAS. WHETHER YOU’RE LOOKING TO BUY OR SELL, THESE INSIGHTS WILL KEEP YOU INFORMED IN THIS EVOLVING MARKET. 02–15

  2. Home Sales Surge in Ada and Canyon Counties 01 Treasure Valley Housing Market Surges : Ada County home sales jumped 47% year-over-year, while Canyon County saw a 39% increase, signaling renewed market momentum. 02 Mortgage Rate Stabilization Boosts Buyer Confidence: Rates dropped from a spring peak of 7.22% to around 6.79%, remaining over a percentage point lower than last year, encouraging more buyers to enter the market. 03 Builder Incentives Enhance Affordability: Homebuilders offered attractive incentives, including rate buy-downs, making new homes more accessible and contributing to the market's upswing. 03–15

  3. Treasure Valley Housing Market: Price Trends Snapshot REAL ESTATE LISTING − JANUARY 2020 Standout Performers and Luxury Markets: County-Level Price Movements: Smaller Cities Price Trends: Ada County's median home price remained stable at $540,000, while Canyon County experienced a 3% increase to $414,000, and Boise saw a 3% decline to $509,000. Treasure Valley Real Estate Highlights: Eagle, Star, and Meridian saw varied price movements, with Eagle's luxury homes increasing 2.2% to $857,985, Star experiencing a remarkable 11.3% surge to $567,703, and Meridian showing modest growth of 1.3% to $525,000. Nampa's median home price rose by 2.9% to $411,417, contributing to a relatively stable pricing trend across the Treasure Valley region. 04–15

  4. Inventory Levels: Limited Supply Favors Sellers REAL ESTATE LISTING − JANUARY 2020 01 02 Months of Supply: Inventory Trends: Heading into November, there was a slight dip in overall inventory despite an unusual increase in new listings during October. Ada County has 2.56 months of inventory available, while Canyon County has 2.94 months of inventory. 03 04 Market Favors Sellers: Opportunity for Buyers: With limited housing options for buyers, sellers have the opportunity to command higher prices. The quieter holiday season may provide less competition, creating potential for better deals during this time. 05–15

  5. Mortgage Rates: A Key Factor for Buyers and Sellers INTEREST RATE IMPACT: Rates remain a key factor in the Treasure Valley real estate market, currently at 6.79%, down from a 7.22% peak earlier this year. LUXURY MARKET RESILIENCE High-end markets like Eagle, Garden City, and Star maintain strong demand, with notable price increases. CASH BUYERS LESS AFFECTED: Luxury buyers, often using cash or large down payments, are less impacted by rate fluctuations, sustaining market activity.

  6. Treasure Valley Real Estate Snapshot: Boise and Surrounding Areas MEDIAN HOME PRICE IN ADA COUNTY: $540,000 MEDIAN HOME PRICE IN CANYON COUNTY: $413,990 BOISE MEDIAN PRICE: $509,000 (DOWN 3%) MERIDIAN MEDIAN PRICE: $525,000 (UP 1.3%) EAGLE MEDIAN PRICE: $857,985 (UP 2.2%)

  7. What Buyers and Sellers Need to Know FOR BUYERS: The current market offers a unique opportunity, especially during the holiday season. With fewer active buyers, you may face less competition and secure a better deal. Builders are also offering incentives, making new construction homes more appealing. FOR SELLERS: Low inventory continues to work in your favor. Well-priced homes in desirable neighborhoods like Boise’s North End, Meridian’s Harris Ranch, or Eagle’s quiet suburbs attract serious buyers quickly.

  8. Contact details For bookings and viewings WEBSITE templetonrealestategroup.co MOBILE PHONE 208-473-2203 EMAIL ADDRESS Info@TempletonRealEstateGroup.com 15–15 TEMPLETON REAL ESTATE GROUP

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