Boise-area housing market not zooming as fast, typical winter seasonal pattern kicks in

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Homes in the Boise metro aren’t selling nearly as fast as they did earlier this year – or even as quickly as they did a year ago. Meanwhile, the median price remains relatively flat as it has in recent months, and an expected seasonal dip in homes in the market isn’t as pronounced as it was last year.

In the wake of the COVID-19 pandemic impacting Idaho, housing prices zoomed-in both Ada County and Canyon County – two components leading to blaring national headlines calling Boise’s the nation’s most unaffordable housing market.

But over the last seven months, the growth rate has officially flattened. The data comes from the Intermountain Multiple Listing Sevice.

[Getting by: Boise State grad students struggling with high rents, few housing choices]

A bit up, a bit down: prices mostly flat

Chart by Visualizer

The median price of a home sold in Ada County ticked up slightly, hitting $537,900 in November. That’s an increase of less than one percent from October. But, the median is still way ahead of last November, up 25%.

For Canyon County, the median price stands at $409,900 – a decline of 3% from October. The price in the 2C is up nearly 26% from the same month last year.

The flattening of home prices in recent months follows a similar trend nationally – though prices in both Ada and Canyon counties outpace the national average, based on data from the National Association of Realtors.

[Canyon County nonprofit works to build its own affordable housing]

The pace continues to slow

Chart by Visualizer

Homes continue to take more and more time to attract a deal according to the data. The average home for sale took 29 days to snag a deal in Ada County and 31 days in Canyon County. The metric ticked up from October in both counties and is well ahead of the measure a year ago. The pace of sales has been slowing since late spring and reached a level last seen in August of 2020.

The bottom line: houses aren’t selling nearly as quickly.

Chart by Visualizer

The number of houses for sale declined in both counties for the second straight month. On the last day of November, IMLS showed 796 homes for sale in Ada and 586 in Canyon.

Even though there have been some declines in homes available for sale in November, they follow traditional seasonal patterns. The number of folks looking to either sell or buy in the colder months of late fall and winter generally drops. But, the total of 1,382 houses available for purchase across 1A and 2C is more than double the inventory level a year ago.

Don Day - BoiseDev Editor & Founder
Don Day - BoiseDev Editor & Founder
Don is the founder and publisher of BoiseDev. He is a National Edward R. Murrow Award winner and a Stanford University John S. Knight Fellow. Contact him at [email protected].

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