Boise Market Report - February '24

Boise real estate market

Boise and Ada County real estate stats for February are showing a few positive changes, such as the  increased inventory of homes listed for sale and average price increase. See below all data for Ada County where Boise real estate is located (existing homes only).

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MEDIAN SALES PRICE

In February 2024, single-family homes sold for nearly $10,000 more than January 2024 and almost $30,000 compared to February 2023.

New construction leaped by approximately $25,000 compared to last month and February 2023.

HOMES SOLD

Home sales are still down compared to 2023 but experienced double-digit Month-Over-Month boosts across the board since January 2024.

Of the 527 sales, 44 of them sold for over $1 million.

PENDING SALES

February 2024 was the first time pending sales have crested over 1,000 signed contracts since May 2023.

New construction hasn’t seen this much market heat in pending sales since August 2022.

INVENTORY

The spike in inventory is a positive sign for our market. While we saw an uptick in Median Sales Price (likely due to overall market warmth), the increased options give buyers variety in the market. We’re still in a seller’s market but there’s room for negotiation.

DAYS ON MARKET

While it may be expected for higher-priced homes to sit on the market longer, the 44 homes sold for more than $1 million stayed only slightly longer than the overall average (51 days compared to 49 days).

Boise market report - February '24