Median Sales Price...When looking at March, prices decreased for homes across the board in all age ranges expect homes currently under construction. Homes currently under construction saw an average price increase of 2.4%. The largest decreases in price were seen at homes 5 years and newer which saw an average price decline of 26% in April. 

Homes Sold...The month over month increase in sales for April was +9.9%. This is in large part due to older resale homes. They are currently trending higher in homes 21-30 years of age coming in with a 24% increase in sales. Homes 31-50 years old saw the biggest gains at 60% increase in sales from March to April. There was a 13.6% increase in the sale of homes that are currently under construction. 97% of these homes were located outside of Boise, mostly in Meridian and Star.

Days On Market...The lowest average days on market in April was seen for the older resale homes. On average, homes over 20 years old sold in April were on the market for 20 days. The quantity of these homes sold increased in April, which backs the homes sold data showing a demand increase for the older homes in Ada County. When looking at the year over year average, resale homes stayed on the market longer this year than last. New homes, however, saw a decreased days on market when compared to April 2024.

Inventory...Inventory increased by 22% in April when compared to March. Very typical of a Spring market trend. There was, however, a 17% decrease in inventory for homes currently under construction. We have been seeing a buyer demand for new construction. Resale home inventory increased across all ages but most significant was the 53% increase in April for 51-80 year old homes. 

With inventory available and the prices falling in the resale market we are looking at a more balanced market as we head into Summer. This is a great time to consider buying a home instead of throwing money at rent. You might be surprised to learn your mortgage payment might be less than renting. Call me and lets run the numbers! Let my years of experience help make your home ownership dream a reality!

Source: Intermountain MLS & Boise Regional Realtors