IDAHO - If you are looking to buy a home in Idaho, it is important to know the market trends in each county. For example, the median existing-home sales price in Ada County increased 11.5% in June from the same month last year. And in Elmore County, the median existing-home sales price rose to $586,750 in May. These are just a few of the key statistics you should keep an eye on.
Ada County's Median Existing-home Sales Price Rose 11.5% In June From A Year Earlier
As a result of higher prices, new construction homes are becoming more expensive. Some builders are holding back inventory until they are closer to completion. This allows them to price the property according to the final material costs. Ada County's new construction home prices reached a record high in June at $690,000, up 24.9% from last year's median of $552,400.
While home sales in Ada County were down 6.9% in June from a year earlier, sales dollar volume rose 11.5% to $1,188,315,638. Meanwhile, the median existing-home sales price climbed 22.9% to $510,000. Meanwhile, new listings increased 13.3% to 2,117 homes, while active listings fell 7.9% to 1,939. Housing inventory fell by 0.2 months year over year to 1.1 months.
Ada County's Median Existing-home Sales Price Rose $586,750 In May
Ada County's median existing-home sale price rose to $586,750 in May. That's a 16.1% increase from last May when the median sale price was $538,250. That jump was partly due to higher prices for new construction. According to the May figures, new home sales accounted for 28.2% of all sales in Ada County.
The median existing-home price represents a middle point between a county's highest and lowest selling prices. This figure is based on MLS and proprietary data and doesn't include homes that haven't yet sold.
Elmore County's Median Existing-home Sales Price Reached $586,750 In May
Elmore County's median existing-home sale price in May fell 1.5% from a month earlier. Last month, a typical house in Elmore County remained on the market for 38 days, down from 36 days a month prior. The median home was listed for $116 per square foot. Elmore County is in the Sellers Housing Market, where most homes are priced higher than the original listing price. The median listing price was $245,500, down from $246,500 a month earlier.
Despite the increase in median existing-home sales price, the number of homes listed for sale is still low. There are currently 244 homes for sale in Elmore County, with 12 newly listed in the last week. There are also 15 rental properties available, with prices starting at $700 a month. The available inventory includes foreclosures, recently-sold homes, and new home communities.
Ada County's Employment Growth Of 2.1% From 2020
According to the Bureau of Labor Statistics, Ada County's employment will increase by 2.1% from 2020 to 2022. The number of people employed is at 274,560.0, up 0.71% from last month and 5.92% from one year ago. While the overall national employment rate decreased, many counties experienced over-year increases.
Ada County is located in southwestern Idaho. The city of Boise is the county seat and is part of the Boise City-Nampa metropolitan area. Boise is the largest city in the state and ranks as the 99th largest city in the country. It has a population density of 2.59 people per square mile.
Ada County's Unemployment Rate Of 2.1% From 2020
If you're looking for a new job in Ada County, ID, you've come to the right place. The unemployment rate is 2.50%, which is lower than last month's level of 2.30%. The state's long-term average is 4.14%. You can find a variety of job opportunities in Ada County.
Ada County has a population of 511,931 and is located in the southwestern part of the state. It includes the city of Boise and its metropolitan area. The Ada County Highway District administers the county, which maintains roads and local streets.
Boise-Nampa House Price Projection
The Boise-Nampa housing market is expected to maintain an upward pace in the coming years. While home prices are expected to rise at a normal rate, increasing inventory is a possibility that could tip the market to favor homebuyers. The latest estimates predict a 13.7% increase in Boise-Nampa home prices in the coming years.
For prices to remain stable, the housing inventory in the Boise-Nampa metro area would need to increase to a four to six-month supply. The lack of supply in the area has driven up home prices over the past few years, especially for existing single-family homes. In addition, the growing population in the area is helping to fuel the rising demand. This is good news for sellers, as they will likely receive multiple offers and contingency deferrals.
