The Boise real estate market has witnessed significant shifts in recent times. In this comprehensive October 2023 Boise housing market report, we delve into the latest statistics and trends to offer you insights into the current state of the local property market.
Median Sales Price
In October 2023, the median sales price for homes in Boise, Idaho, was $539,000, marking a 3.7% decrease year-over-year. Various factors could contribute to this drop in the median sales price, such as an increased housing inventory, evolving buyer preferences, or local economic fluctuations.
Number of Homes Sold
Boise saw a total of 547 homes sold in October 2023, reflecting a 18.8% decline compared to the previous year. This dip in sales might indicate that potential homebuyers are exercising caution in their purchase decisions or that there is a lack of desirable properties on the market.
Average Days on the Market
In October 2023, homes for sale in Boise, Idaho, spent an average of 39 days on the market—reflecting a 7.9% decrease year-over-year. This longer duration for properties to sell can be attributed to factors such as higher inventory levels, changing buyer preferences, or increased competition among sellers in the Boise real estate market.
Boise's total inventory of available homes in October 2023 stood at 1,509, representing a 29.7% decrease compared to the previous year. This rise in housing inventory could stem from the completion of new construction projects or homeowners opting to list their properties for sale.
In conclusion, the Boise housing market has undergone noteworthy changes in recent months. With a declining median sales price, decreased number of homes sold, and an increased average time on the market, both buyers and sellers must stay informed and adapt to these evolving market conditions.
If you're contemplating buying or selling a property in Boise, Idaho, it's critical to partner with an experienced real estate professional to navigate the current market dynamics. At Templeton Real Estate Group, our team of experts is equipped to provide the guidance and support necessary to make well-informed decisions tailored to your unique situation. Get in touch with us today to discover how we can help you achieve your real estate objectives in the competitive Boise property market.
Call or Text 208-473-2203