Boise Area Home Prices Continue Dramatic Price Drop
The Boise Market continues to function despite another price drop that has continued since the glory days of record home sales. The Boise Area Realtor released their market report for March home sales in Ada County.
It was a while ago that Boise led the nation as the most overvalued home market in the country. The city of trees led the nation in home valuations for two years before rising interest rates and the end of remote work began the decline of home prices.
The report compares home sales from last year to this year. The results say that the median home price in Ada County dropped again. The drop is the fifth month in a row that home prices have fallen.
The median home price was down 16% compared to March 2022. The total home sales were 9.3% lower than in the same month last year. Realtors sold 742 homes in Ada County in March.
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There were 1,134 single-family homes available in March 2023, split into 613 existing homes and 521 new construction homes. Experts say that the market is balanced, meaning the market favors neither a buyer nor a seller.
Winter season is usually slower for home sales and real estate transactions. Some agents call it the 'off-season.' The spring season means more Idahoans will be looking to move within or outside the Gem State.
Summer is the busiest season for home transactions. A few years ago the Boise Area market set a record for home sales. The market was so hot national news outlets sent reporters to Idaho to cover the story.
We'll continue to monitor home prices and keep you updated as home prices continue to rise and fall. The statics in this story were provided by the Boise Regional Realtors.
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