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Ada Co. housing market keeps climbing — fast

Tamarack Resort Q4 2020

Ada County’s hot housing market is showing no signs of slowing.

Data from Boise Regional Realtors showed another increase in median home prices in Ada County last month with another record: $409,945. The real estate advocacy organization said the housing market continues to be fueled by low mortgage rates and demand for homes continuing to outpace supply.

[Local home prices are rising fast. Median income is not]

This median includes the sale of existing and new homes, reflecting an increase of 17.2% since the same time last year.

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Ada County real estate reports from BoiseDev:

Records kept by BRR showed a rock bottom number of homes for sale in the county at any given time. A balanced market has between 4-6 months of supply inventory, but in September the Months Supply of Inventory hit .4. This means if no additional homes were listed for sale, Ada County would run out of homes to purchase in two weeks.

Rates for a 30-year-fixed mortgage hit an average of 2.9% in September. This is down 19.7% compared to the same month in 2019. Homes in September also spent an average of 17 days on the market, down from 26 days in September 2019.

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Margaret Carmel
Margaret is a BoiseDev reporter focused on the City of Boise, housing, homelessness and growth. Contact her at margaret@boisedev.com or by phone at (757)705-8066.

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