Be a Boise Insider
Receive weekly updates, luxury listings, and insider tips on Boise real estate right to your inbox.
February 2024 Market Update
February typically tends to be a slower pace season in real estate. However, you’d think it was the middle of a normal spring market looking at sales activity. It could be the mild temperatures or stabilized interest rates, but whatever it is, buyers are out and about looking at homes and swooping up available inventory. Some homes that were sitting on market in the winter months of 2023 are seeing a surge of interest and offers. New-to-market listings in certain segments are generating quite a bit of showings and offer activity. This healthy market pace is exciting for sellers as heightened demand and incredibly low inventory are keeping home prices from sliding. Home values for single-family homes in Ada County increased nearly 5% since this time last year! “Positive year-over-year trends in the median sales price show a shiny outlook on homeownership. Even as some aspects of the market fluctuate, the value of owning a home remains steadfast” said Elizabeth Hume, Boise Regional REALTORS® 2024 President. Low inventory levels coupled with lower rates and increased demand are building home prices again. Buyers may see a little more competition as we continue on this path of normal spring conditions. Currently there is about 1.7 months of available supply of homes in Ada County, leaning towards a sellers market. A balanced market is 4-6 months MSI (Month’s Supply of Inventory).
January 2024 Market Update
Rejoice, Boise! The sun has broken through the gray haze of inversion season (what is an inversion anyway?), giving locals a much needed reprieve from the winter blues. This spring-like weather is serendipitous to what’s happening in real estate, symbolizing a bright start to Boise’s housing market in 2024. Boise continues to defy negative media expectations with its resilience. Fears of an impending recession have dissipated as economic indicators remain steady, bolstering buyer confidence and fostering a robust housing market here in the Treasure Valley. Lowest Interest Rates Since May 2023: One of the pivotal factors fueling this dynamic market is the persistently low interest rates, incentivizing buyers to get off the fence and on the hunt for their next home. Mortgage interest rates are at the lowest we’ve seen since May of 2023, reports Housing Wire. With borrowing costs remaining favorable, many individuals find themselves drawn to the prospect of homeownership, encouraged by the stability of the economic climate. Clear Deficit in Inventory Keeping Home Prices High: This strong demand for housing is met with a persistent challenge: a striking shortage of inventory… nationwide. The scarcity of available homes continues to exert upward pressure on prices, creating an environment ripe for competitive bidding scenarios. For sellers, these conditions represent an opportune moment to list their properties, with the potential for swift sales and attractive returns. We likely won’t see competition at the magnitude of the pandemic market, but a healthy and stable amount breaking Boise’s real estate market out of a sluggish 2023. Supply levels need to increase significantly to match demand, and lower borrowing rates may nudge builders to start building once again. Our Crystal Ball Says: Oh we wish we had one! There is no definitive way to predict the market. Many factors, including rates, economic conditions, and an upcoming presidential election can change the trajectory of our real estate market. Will it last? We’re not sure, but what we see now is a very active spring-like market as people are on the hunt for homes again. Sellers who are on the market now are going to be at an advantage versus waiting for the traditional spring market. The enthusiasm of this market is contagious, and we look forward to seeing strong sales in the first quarter of the year. If you’ve been considering selling, reach out to us by phone (208) 870-8292 or email info@lysibishop.com for a no-obligation market valuation of your home and discuss ideal timing for you. We’re already seeing an increase in available homes ahead of the typical spring market and we don’t want you to miss this exciting opportunity to make the most of your home sale.
December Market Update 2023
Categories
- All Blogs (284)
- 30thanniversary (1)
- activities (158)
- agents (17)
- announcement (1)
- apartment (1)
- april (2)
- architecture (3)
- art (7)
- art festival (2)
- article (1)
- august (3)
- awards (3)
- beer (4)
- biking (1)
- boise (145)
- Boiseevents (126)
- boisehousing (12)
- boiseriver (13)
- brew festival (6)
- buyers (35)
- campgrounds (1)
- camping (2)
- cars (1)
- children (22)
- christmas (4)
- cincodemayo (1)
- coffee (1)
- communities (3)
- concert (8)
- condominium (1)
- couples (3)
- development (4)
- downtownboise (60)
- downtownyproject (1)
- eagle (9)
- east boise (1)
- easter (1)
- event (11)
- fair (7)
- fall (15)
- family (1)
- familyfriendly (63)
- farmersmarket (13)
- Father's Day (2)
- fathersday (1)
- fest (5)
- festival (6)
- food (5)
- funfacts (2)
- galentines (1)
- garden (5)
- halloween (1)
- holiday (14)
- holidays (23)
- homechecklist (19)
- homeowner (2)
- hotsprings (2)
- housing (20)
- idaho (37)
- idaholife (100)
- idaholifestyle (107)
- july4th (4)
- kids (22)
- laborday (1)
- landmarks (1)
- lifestyle (88)
- listings (16)
- livelocal (49)
- Mandy (1)
- market (7)
- markettrend (1)
- marketupdate (12)
- may (2)
- memorial day (1)
- meridian (1)
- mortgage (3)
- mothersday (2)
- mountain (1)
- movies (2)
- museum (3)
- music (3)
- music festival (10)
- musical (1)
- nampa (3)
- NAR Settlement (1)
- neighborhoods (32)
- news (1)
- outdoorrecreation (88)
- outdoors (90)
- parks (44)
- pool (1)
- property taxes (1)
- ranking (1)
- realestate (48)
- realestatemarket (29)
- recreation (98)
- restaurants (27)
- run (1)
- sellers (35)
- september (3)
- shoplocal (25)
- shops (36)
- spring (6)
- st patrick's day (1)
- summer (15)
- team (2)
- thanksgiving day (3)
- thingstodo (157)
- tips (100)
- trails (1)
- treasure valley (9)
- trends (7)
- valentines (2)
- waterpark (1)
- wine (5)
- winery (9)
- winter (17)
Recent Posts
![Best Neighborhoods to See Christmas Lights](https://cdn.chime.me/image/fs/cmsbuild/20241217/12/w600_original_77a0a5f9-0c05-4079-a042-fb92fe2aa90e.jpeg)
![5 Events in Boise & Beyond - December 13th - 15th](https://cdn.chime.me/image/fs/cmsbuild/20241211/11/w600_original_b208576d-3eeb-41de-aeb7-8ed56df14da2.jpeg)
![Driving in Idaho's Winter Conditions](https://cdn.chime.me/image/fs/cmsbuild/20241211/10/w600_original_c604a39a-531b-4216-ae8c-4ea60a0600b6.png)
![Young Families Leaving Large Cities For Smaller Towns](https://cdn.chime.me/image/fs/cmsbuild/2024129/10/w600_original_118d7aab-7b87-40f4-9cb3-2b93a75d2b6b.jpeg)
![5 Events in Boise & Beyond - December 6th - 8th](https://cdn.chime.me/image/fs/cmsbuild/2024124/18/w600_original_45931908-e50d-4021-be08-a94490f07d36.jpeg)
![The Art of Selling a Home During the Holiday Season](https://cdn.chime.me/image/fs/cmsbuild/2024123/11/w600_original_89e68c5a-082f-4467-be91-7a05bb59ae09.png)
![What You Need to Know About Cutting Your Own Christmas Tree in the Treasure Valley](https://cdn.chime.me/image/fs/cmsbuild/2024123/11/w600_original_51a0fe3d-fe01-48d6-a1e5-ed3127fd02b9.png)
![Guide to Shopping Local This Holiday Season in Boise](https://cdn.chime.me/image/fs/cmsbuild/20241127/9/w600_original_49ed7489-9985-49c9-bb58-1e66c05dc86d.jpeg)
![5 Events in Boise & Beyond - November 29th - December 1st](https://cdn.chime.me/image/fs/cmsbuild/20241127/10/w600_original_a316569e-521d-4446-b7aa-f15314c4bba5.jpeg)
![The Lysi Bishop Team Receives #1 Ranking](https://cdn.chime.me/image/fs/cmsbuild/20241126/11/w600_original_d093a714-d181-45c9-aad9-9a5363535359.jpeg)