What’s Happening In Our Market?

One of the top questions we are asked on a regular basis: Where are home prices headed? We took a deep dive into our current market data and found that values are holding VERY steady in our market. Even amidst the interest rates being high(er), sales prices are increasing. We took a comparison from January of this year to now focusing on the three largest markets we work in, and noticed values have increased into the double-digits. 🚀

Average Sales Price:
📍East Boise: January 2023 $1,032,229 -- June 2023 $1,130,292 (up 9.5%)
📍North End: January 2023 $1,005,708 -- June 2023 $1,123,714  (up 11.7%)
📍Eagle: January 2023 $1,097,690 -- June 2023 $1,179,248 (up 7.4%)

Last week we saw interest rates surge back above 7% and new listing count drop week over week - although with the holiday weekend that is expected. If it wasn't already competitive enough, Boise continues to have pending contracts outweigh new listings, keeping inventory extremely limited. Homes are selling quickly, especially those that are priced right and thoughtfully marketed.

Pending Homes vs New Listings
📍East Boise: 11 pending vs 9 new listings
📍North End: 11 pending vs 8 new listings
📍Eagle: 18 pending vs 19 new listings