Locally owned. Supported by members.

Another record for Boise-area home sales; median price nears $400,000

Tamarack Resort

If it seems like we’re a broken record on broken records – we are.

The real estate market in Ada County again hit a new all-time high in July, with the median price of a home in the market hitting $390,000. That’s a significant uptick from June, when the market also set a new record. The median price jumped 4% from June, and 11.7% from July of 2019.

The data comes from Boise Regional Realtors, the advocacy group for local real estate agents. The group said the latest records are due in part to a “compressed” selling season due to a slow-down in sales during March and April when stay at home orders related to COVID-19 kept many people from venturing out.

Ada Co. real estate reports from BoiseDev:

Newly-constructed houses in Ada County made up nearly a third of all sales in July – 31.1%. The median price for a newly-built house stands at $425,000. For existing homes, the median price hit $380,000 – up 15.2% from the prior year.

- Story continues below ads -
Regence Blue Shield Idaho
Boise Centre is open

BoiseDev FIRST members made this story possible. If you aren’t already a member, sign up now to get our daily scoop sheet in your inbox, and help support independent journalism in Boise.

Supply of homes for sale drops

One major factor driving prices up is a continued lack of supply. Just 743 homes were on the market in July, which BRR said is a record low since it began tracking in 2004. The number of houses for sale dropped by half from July of 2019.

“There are a number of variables at play when it comes to home prices, but the bottom line is that buyer demand continues to outpace the supply of homes for sale,” BRR president Michelle Bailey said. “Our market has faced low inventory for years now, and the ongoing COVID-19 pandemic and recession have put even more pressure on the supply/demand relationship.”

The agency said it doesn’t expect a slowdown – with pending sales (houses under contract that haven’t yet closed) hit an all-time high of 2,046 in Ada County in July. BRR said a traditional buying or selling season has gone out the window in the pandemic-impacted year of 2020.

Housing affordability continues to be a significant concern in the Boise-area economy. At the $390,000 median sales price, with 10% down payment and a 3.5 interest rate, a 30-year mortgage would cost $1,875 per month or $22,500 per year.

Disclosure: Boise Regional Realtors is a BoiseDev sponsor. The group had no role in the selection or editorial process of this story.

Love our stories? Get them delivered straight to your inbox each afternoon. Plus, support BoiseDev's independent journalism.

Don Day
Don is the founder and editor of BoiseDev. He is a National Edward R. Murrow Award winner and a Stanford University John S. Knight Fellow.

Local home prices are rising fast. Median income is not

The gap between median home prices in Ada County and median income has widened to a gulf over the past decade. 

New WinCo development in N. Meridian changes names, reworks some project elements

We told you earlier this month that the Linder Village project in North Meridian would finally start to move forward. Now,...

Ada County median home price breaks $400,000 barrier for first time

The median price of a home in Ada County crossed a key psychological barrier for the first time in August.

State of Downtown: Data shows challenges, but leaders express optimism

The Downtown Boise Association held its annual "State of Downtown" event online Thursday. While it sounded notes of optimism, it also...

Popular

Boise’s Clearview Cleaning sold to larger cleaning company

Boise's Clearview Cleaning has a new owner. Kellermeyer Bergensons Services bought out the Garden City-based cleaning company earlier this...

New WinCo development in N. Meridian changes names, reworks some project elements

We told you earlier this month that the Linder Village project in North Meridian would finally start to move forward. Now,...

Poke, burritos, gems, toys and more: new stores slated for Village at Meridian

Several new stores and restaurants will open soon at the Village at Meridian. Paddles Up Poké owner Dan Landucci...

Local home prices are rising fast. Median income is not

The gap between median home prices in Ada County and median income has widened to a gulf over the past decade. 

Costco sets opening date for new Meridian store

The Treasure Valley will soon include three Costco Wholesale stores. Costco Meridian has an opening date. Just in time...

Idaho u-pick flower farm blossoms during pandemic

It's only the second season at Lovely Hollow Farm, and it's been a wild one. In 2019, flower...

Related

Local home prices are rising fast. Median income is not

The gap between median home prices in Ada County and median income has widened to a gulf over the past decade. 

Ada County median home price breaks $400,000 barrier for first time

The median price of a home in Ada County crossed a key psychological barrier for the first time in August.

Real estate group says data shows increase in sales, price for homes

For the first time since the COVID-19 pandemic fully took hold in the Boise area, home sales increased in June over the...

Pandemic continues to impact real estate: prices, homes sold fall in May

The pandemic continues to impact the Boise Real Estate market. The latest report from the Boise Regional Realtors, showed May home...
SERVPRO Certified

Latest

Idaho u-pick flower farm blossoms during pandemic

It's only the second season at Lovely Hollow Farm, and it's been a wild one. In 2019, flower...

Local home prices are rising fast. Median income is not

The gap between median home prices in Ada County and median income has widened to a gulf over the past decade. 

Poke, burritos, gems, toys and more: new stores slated for Village at Meridian

Several new stores and restaurants will open soon at the Village at Meridian. Paddles Up Poké owner Dan Landucci...

New project in Wood River Valley to increase affordable housing options

Officials and developers broke ground on a new project aimed at helping people find affordable homes in Hailey. 

Boise’s Clearview Cleaning sold to larger cleaning company

Boise's Clearview Cleaning has a new owner. Kellermeyer Bergensons Services bought out the Garden City-based cleaning company earlier this...

McLean encourages Boiseans during COVID-19 pandemic in first State of the City speech

Instead of taking the stage in front of a crowd at Boise State University for her first State of the City speech,...