The median price of a home in Ada County hit its highest level ever, according to data released by the Boise Regional Realtors.
In November, that price hit $359,000 – up a whopping 12.5% from the same time in 2018.
“What we really need is more inventory at lower price points to give home buyers more options,” BRR President Phil Mount, said in a statement. “If you’re ready to sell, there is plenty of demand for housing and no need to wait until spring to list. The same applies to new construction — if builders and developers are able to build at lower price points, the market and buyers would gladly welcome additional inventory.”
BRR said 1,460 homes went into pending status in November, up 20.6% from last year. The association said new home sales accounted for almost a third of all purchases. They said the increasing cost of land, labor shortages and materials costs often mean new homes sell for more than existing houses. The association said the market needs additional inventory to come back into balance.
Online marketplace Zillow calls the Boise market “Very Hot,” the second-highest ranking on its list. Zillow said the median home value in Boise is at $310,000 – but it says the median price is $349,000, using different calculation methods from BRR. The company predicts prices will rise another 6.6% over the next five year.
Zillow says housing prices in the Boise market increased in each and every month since the market bottomed out in January, 2012 at a median listing price of $143,000. That means the median more than doubled – up 117% in just eight years.