August 2024 Boise Real Estate Market Update: Median Sales Price, Inventory, and More
As Boise’s real estate market moves into the second half of 2024, key indicators show a shift towards a more balanced market. Here’s an overview of August 2024’s housing trends in Ada County:
Boise Median Home Prices Drop in August 2024
The median sales price for resale homes in Boise fell by $15,000 in August compared to July 2024, offering some relief for potential buyers. This is the second month of declining prices, following the peak of $599,000 in June 2024 for existing homes.
Boise Home Sales: August 2024 Update
While August 2024 saw more home sales than the same period in 2023, the numbers were slightly lower than July’s sales. This drop indicates the beginning of the slower real estate season, which typically runs from August through February, impacted by weather, school schedules, and the holiday season.
Pending Home Sales Rise in Boise Real Estate Market
Pending sales (new contracts) are an excellent measure of market activity. In August 2024, pending sales increased across all property types compared to both August 2023 and July 2024. This suggests continued interest from buyers, even as we enter the slower season.
Boise Housing Inventory Hits New Highs in August 2024
Boise’s housing inventory improved in August 2024, with townhome listings reaching a historical high of 153 available units in Ada County. Rising inventory across all property sectors is helping to meet buyer demand, especially as pending sales continue to climb.
Elizabeth Hume, President of Boise Regional REALTORS® for 2024, weighed in on the evolving market:
"August showed a $15,000 dip in Median Sales Prices for resale homes in Ada County, signaling the start of a slower season. While sales are up from last year, rising inventory and longer days on market reflect movement toward a balanced market."
Boise Homes Spend More Time on the Market
In line with seasonal trends, the average days on market for Boise homes increased to 39 days in August 2024. This is a notable increase from the 14-day average in August 2019, reflecting a market that is cooling down compared to the fast-paced conditions of previous years.
Conclusion: Navigating Boise’s Real Estate Market in August 2024
As Boise’s real estate market enters a cooling phase, home prices are leveling off, inventory is rising, and market times are lengthening. These changes create opportunities for both buyers and sellers.
If you’re considering buying or selling a home in Boise, reach out to Templeton Real Estate Group. Our team of local experts is here to guide you through Boise's evolving market and help you make the best decisions. Contact us today!