Ada County Real Estate Market Update: July 2024

As we dive into the latest real estate trends in Ada County, it’s clear that the market is anything but predictable. Whether you're buying or selling, understanding these shifts is key to making informed decisions. Here’s a look at what’s been happening in our local market.

Median Sales Price: A Tale of Two Markets

July 2024 brought some interesting twists. The Median Sales Price for single-family homes took a noticeable dip compared to June, with prices slipping by nearly $25,000. For resale homes, the drop was even more significant, with a reduction of over $59,000. But it wasn’t all downhill—new builds saw their Median Sales Price increase by nearly $25,000, bucking the overall trend. This divergence between resale and new construction homes highlights the unique dynamics at play in our market right now.

Homes Sold: A Surge in Activity

Closed sales surged in July, especially in the resale market, where nearly 70 more homes were sold compared to June 2024. This marks the highest number of single-family sales we’ve seen in a single month since June 2022. It's a sign that despite some market uncertainties, buyers are still eager to close deals.

Pending Sales: A Year-Over-Year Increase

When it comes to pending sales, the market has outpaced July 2023 by nearly 200 single-family homes. The majority of this demand was met by new construction properties, showing that buyers are increasingly turning to newly built homes to meet their needs. Despite this surge in demand, July’s inventory levels remained healthy, ensuring that buyers still had plenty of options.

Inventory: A Growing Selection

For six consecutive months, inventory for single-family homes has been on the rise, giving buyers more choices than they've had in a long time. July 2024 marked the highest inventory level we've seen in 20 months. This increase in available homes is a refreshing change, offering a bit of relief in what has often been a tight market.

Days on Market: The Gap Widens

Earlier this year, resale and new construction homes were selling at nearly the same speed. But as we moved through the summer, a noticeable gap emerged. New builds are now staying on the market nearly twice as long as resale homes. This shift underscores the importance of pricing your home correctly and ensuring it's marketed effectively to attract the right buyers.

Bottom Line: Stay Informed

As the Boise Regional REALTORS® 2024 President, Elizabeth Hume, wisely noted, “The importance of accurate pricing and stronger marketing is increasing with recent market changes—minor interest rate declines, the flattening of the Median Sales Price, Days on Market fluctuations, and inventory increases. Prep yourself for those trickier conversations with sellers.”

In a market as dynamic as ours, staying informed is your best strategy. Whether you’re looking to buy, sell, or simply keep up with the latest trends, understanding these local shifts will help you navigate the road ahead with confidence.