Ada County Housing Market Update: October 2024

At Templeton Real Estate Group, we specialize in providing local insight into the Treasure Valley real estate market. October 2024 brought big changes, with a sharp rise in home sales, steady prices, and easing interest rates making waves in Boise, Meridian, Eagle, and beyond. Whether you’re buying or selling, these updates will help you stay ahead in this dynamic market.

Home Sales Soar Across Ada and Canyon Counties

The Treasure Valley housing market gained momentum this fall, with significant year-over-year growth in home sales:

• Ada County: Home sales increased by 47%.
• Canyon County: Sales rose by 39%.

This uptick is driven by stabilizing mortgage rates, which fell from a peak of 7.22% in the spring to just over 6% in early September. Although rates have edged up slightly to 6.79%, they’re still more than a percentage point lower than last year, encouraging buyers to reenter the market.

Builders also played a role by offering incentives like rate buy-downs, helping to make homes more affordable for buyers.

Local Home Prices: Steady Trends in Ada County and Beyond

The Treasure Valley’s home prices are showing stability, with slight variations across cities:

• Ada County: Median price held steady at $540,000.
• Boise: Median home price dipped 3% to $509,000.
• Canyon County: Median price rose 3% to $414,000.
• Eagle: Luxury homes saw a 2.2% increase, with a median price of $857,985.
• Meridian: Prices ticked up 1.3% to $525,000.
• Star: A standout performer, up 11.3% to $567,703.
• Nampa: Median price increased 2.9% to $411,417.

Buyers are increasingly prioritizing location and quality over size, pushing up the price per square foot while keeping median prices relatively stable.

Inventory Levels: Tight Supply Benefits Sellers

Heading into November, inventory dipped slightly, despite an unusual rise in new listings during October. Months of supply remain favorable for sellers:

• Ada County: 2.56 months of inventory.
• Canyon County: 2.94 months of inventory.

With fewer homes available, buyers face limited options, creating opportunities for sellers to command higher prices. However, for buyers, the quieter holiday season may provide an ideal time to secure a home with less competition.

Mortgage Rates: A Key Factor for Buyers and Sellers

Interest rates remain a driving force in the Treasure Valley real estate market. Although rates have risen slightly to 6.79%, they are significantly lower than the 7.22% peak earlier this year.

Luxury buyers, who often pay cash or make large down payments, are less impacted by rate changes. This has kept demand strong in high-end markets like Eagle, Garden City, and Star, where prices have shown notable increases.

Real Estate Market Summary: Boise and the Treasure Valley

The Treasure Valley’s housing market is thriving across all sectors. Here’s a snapshot of the October 2024 data:

• 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%)

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.

Ready to Make Your Move?

Whether you’re buying or selling a home in the Treasure Valley, having a knowledgeable local team by your side is essential. At Templeton Real Estate Group, we understand the nuances of the Boise housing market and the surrounding areas, including Meridian, Nampa, and Caldwell.

Contact us today to learn how we can help you achieve your real estate goals in this ever-evolving market. Let’s make your next move the right one!