IDAHO - If you are considering buying or selling a home in Twin Falls, Idaho, it is important to understand the current and future trends in the Twin Falls area. The taxable values in the Twin Falls area have already increased by nearly 45% since 2021. In addition, the taxable values in Bannock County have increased by nearly $500 million between 2019 and 2020.
The current slowdown in the housing market is affecting the overall cost of housing. As a result, homes are staying on the market for longer, and bidding wars are diminishing. There is also a potential for a major correction in housing prices by early 2023, with prices falling by up to one-third.
The median price for a home in Twin Falls, ID, is $396,000, and the median time for homes to sell is 70 days. That's up from 56 days last year. In September, there were 257 homes sold in the Twin Falls area. Twin Falls is part of the Twin Falls County R-1 School District, which includes 19 elementary schools, ten middle schools, and eight high schools.
According to the latest report by Moody's Analytics, home values in Twin Falls, Idaho, are "overvalued" by almost 30%. If you buy or sell a home now, you could potentially lose hundreds of dollars on your mortgage payments. The report also points out that despite the current high prices, the Twin Falls real estate market is still relatively affordable.
Real estate in Minneapolis is still recovering from the slow growth it experienced in recent years. However, the housing market may slow down during the peak home-buying seasons. In the meantime, a limited housing supply could lead to buyers paying higher prices. As a result, this can make it difficult for homeowners to sell their homes.
According to the MLS, the median existing-home price rose by 16.1% in May. This is largely due to higher prices for new construction. New construction homes in Ada County topped $690,000 in June, up 24.9% from the median price last year of $552,400.
The development of new homes in Twin Falls is also being considered. There are plans to develop a new residential neighborhood near the existing horse arena. A developer from Sandy, Utah, LGPD Utah, LLC, also proposed a new housing complex. This development will consist of 74 single-family houses on 39 acres. It would also have walking paths, pickleball courts, and a gazebo. In addition, Matrix Construction is looking to build sixteen apartments near the Boise Ranch golf course.
