Canyon County's largest city is located just 10 miles west of Meridian. Current population is around 125,000 people, which has grown almost 23% in that last 6 years. Currently growing around 3.3% a year, new construction is a large part of the available inventory here.
Home prices are more affordable here, so many people commute to Ada County for work. Last month, existing homes sold averaged $463,092 median $410,000. Market times average 31, half sold in 16 days.
Illustrating the velocity of listings and contract signings, you can see the Nampa housing markets have been tight, but have loosened a bit since the 2022 spike in interest rates. Current inventory stands at 1.98-months supply based on the pace of sales. Moving toward a buyers' market, but not there yet.
Nampa's current available housing inventory is half new and half existing homes. Only 3 foreclosed and 7 short sales because home prices had risen for so long.
Looking at the history of listings by age shows a definite upward trend in existing home listings over the last 5 years, but demand has been strong. Lower mortgage rates last spring really helped the new construction segment, but inventory is building up again.
Call or text me with any questions, or for my local insights, good local lenders or listings of homes for sale that meet your criteria. And if you need to buy or sell a home, I would like to apply for the job.
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