New Record High For Home Prices In Idaho
It was 6 short months ago that I moved back to Boise and I can still remember the sticker shock I went through when I started looking for a home to buy. Not only was every home I looked at a lot more expensive than the previous time I lived here but these homes we're selling like hotcakes on a Saturday morning ( I'm assuming hotcakes sell fast on Saturday mornings... lol ). The good and bad news depending on whether you're buying or selling is that prices have continued to go up and actually just hit a new record high in Ada county. Here are some bullet points from the latest info on ktvb.
- According to a local realtors group the new record high median price is $363,000 in January.
- The new record is attributed to an increasing share of new home sales and supply of existing homes versus demand.
- Boise Regional Realtors notes that the Ada County housing market has been shifting to a new norm with new construction sales gaining more of the total market share.
- In January 2020, new construction sales made up 40.2% of all sales — an 8.2% increase from a year ago.
- The median sales price for new construction in January was $419,440 — up 12.2% from the same month last year.
If you're selling congratulations, If you're looking to buy this is where you grin and bear it or wait for the market to cool off.