Seasonal trends and general market direction combined in November to send median home prices down in both Ada and Canyon Counties.
In short, median prices are down, and the time it takes to get a deal is up.
For the first time since before the onset of the COVID-19 pandemic, the median price in Ada County is lower than the same time a year ago. The median price of a home stood at $525,000 in November, down 6.5% from the month before. That’s down 2.4% from November of 2021. It’s also the lowest median price since June 2021.
In Canyon County, the price also declined, but is still higher than a year ago. The median stood at $415,000, down 4.5% from October. The price is up 1.24% from a year ago.
The median price is the halfway point for homes sold, meaning half sold for more and half sold for less. The data comes from the Intermountain Multiple Listing Service.
During the month of November, the number of homes sold totaled 861 across the two-county area, that’s the fewest that got deals in place since February of 2021. It’s also well below the figure in November of last year when 1,362 homes sold.
The number of houses for sale – showing inventory – fell from October to November, following a generally typical seasonal pattern. As of the last day of November, 2,985 houses were on the market between the two counties, down from October. It’s still more than double the number of homes available for sale on the last day of November 2021 when 1,382 houses were on the market.
Homes continue to take longer to get a deal in place. In Canyon County, it took 59 days on average to get a deal in November, continuing a months-long slowdown in the pace of the market. In June it took just 20 days on average to find a buyer for a house on average — meaning it now takes three times as long just six months later.
In Ada, the average home sold in 47 days, about five days more slowly than last month, and also more than three times as slow as the 15 days it took to find a buyer in June.