The median price of a home in Ada County jumped again in April, continuing to edge toward the $500,000 level for the first time. And in Canyon County, the median came in just a hair under $400,000.
That’s according the the latest data from the Intermountain Multiple Listing Service.
In Ada County, the median price hit $481,208, up from $374,450 in April of 2020 – an increase of 28.5%.
In Canyon County, the median stands at $399,586, up from $272,900 a year ago – a jump of 46.47% in one year.
We like to add some national context to these numbers. The National Association of Realtors reported that the median price of a home in March, the latest data available, hit $334,600 – up 18.4% from a year ago. Simply put, home prices are growing more quickly in Ada and Canyon counties, but homes all over the country are seeing an increase in prices.
The median price is the point “halfway” number for sales. It means half of all homes sold above the amount, and half sold for below the amount.
1A-2C gap narrowing
In January 2020, the difference between the median price of a home in Ada County and Canyon County was 41%. The means the median home in 2C cost 41% less than one in 1A.
In the past 16 months, that gap has decreased significantly, down to just a 21% difference in April, the smallest gap since the beginning of 2020. In simple math terms, home values in Canyon County are rising more quickly than in Ada County as more homebuyers enter the market and look for places to live. Homebuyers from other areas may be less tied to traditional thoughts on the difference between Boise, Meridian, Nampa and Caldwell, and choose to buy a house anywhere they can find one in the Boise metro.
Though we don’t typically track outlying counties for you, it’s worth looking at Gem County. The median price there stood at $325,000 in April, up 17% from the same month a year ago. Even Owyhee County is seeing a fast increase – though only 11 homes sold in April, providing a small sample size. The median price stood at $388,818, up 54% from a year ago.
Fast sales, uptick in inventory
Homes continue to sell quickly. Boise Regional Realtors, the advocacy group for local real estate agents, noted that the average time a house sat on the market before an offer was accepted was 14 days in April – 36.4% faster than March. The pace isn’t much slower in Canyon County, where the average home sold in 15 days.
“The fast pace of the market was due to the insufficient supply of homes for sale compared to buyer demand,” BRR wrote in a news release. “This imbalance in supply versus demand, as well as the fact that nearly 70% of buyers of existing/resale homes paid more than the list price last month, put upward pressure on home prices.”
The traditional spring increase in inventory – homes for sale – showed up in the data this year. The MLS captures the number of homes for sale on the last day of each month to give an idea of inventory. On April 30th, 361 homes were on the market in Ada Co., up from 294 on March 31st. In Canyon County, 302 homes were for sale, up from 249 on March 31.
The number of homes that sold in April also increased from March in both counties, showing a slight increase in total activity.
Ada Co. real estate reports from BoiseDev: