Here's an update on the latest quarterly existing home prices report from the Intermountain Regional MLS for the Boise Metro area. Fluctuating mortgage interest rates and continued tight housing supply have played large roles in driving the Treasure Valley housing markets.
Ada County's median existing home price for Q1 was $505,000. That's down 0.1% from the previous quarter and up 6.3% year over year (compared to Q1 2023). Sales of existing homes were down 8.25% year over year, while new construction was down 14.36% for the same period.
Canyon County's median existing home price was $385,000 for Q1, up 1.3% from the previous quarter and up 6.94% year over year. Sales of existing homes in Canyon County are down 16.95% from a year ago and new construction was down 11.96% year over year.
NAR has just published their report on the quarter comparing median home prices in major metros across the country. This abbreviated table helps you compare the Boise Metro to other metros in the West.
Most of our nearest neighbors still have higher home prices than the Boise Metro, including Salt Lake, Reno, Ogden & Provo. No bubble to burst here in local home prices!
Don't miss my Market Monitor for monthly updates on the Boise Idaho area housing markets.