March 2024 Market Report

MARKET STAT SHEETS

We’re excited to bring you our newest “Market Stat Sheets.”

Same great data, quicker reads.

Looking for local analysis, like our previous press releases? You’ll find them as smaller, more digestible snippets throughout the Market Stat Sheets. Take a look, wander around, and let us know if you have any questions!

MEDIAN SALES PRICE —

• The last time we experienced more than a $30,000 leap in month-over-month Median Sales Price was from March to April 2023 at $32,500. February to March 2024 jumped by $33,000.
• Resale’s $56,800 hike marks the greatest month-over-month jump in Ada County’s history.

HOMES SOLD —

• Sales in March 2024 bumped up by more than 100 closed contracts compared to the previous month.
• This month’s sales were comparable to April and October 2023.

PENDING SALES —

• Pending sales spiked to the highest frequency we’ve seen since August 2022.
• Resale market heat for March 2024 nearly climbed to summertime (478 signed contracts in July 2023) temperatures.

INVENTORY —

• Options rebounded to pre-winter counts, surpassing the selection that was available in March 2023.
• While inventory dwindled compared to February 2024, consumer consumption of new builds eased slightly.

DAYS ON MARKET —

• Existing homes went under contract 8 days quicker than the month prior while new construction speeds eased by 14 days.
• There were 16 new builds that remained on the market for longer than 200 days in March 2024.

A MESSAGE FROM BRR’S PRESIDENT —

• “Resale availability continues to struggle the most in keeping up with consumer demands, leaving room for increased home prices. Using a REALTOR® who is specialized in buyer negotiations can make the difference in a client’s success in today’s market.” ~Elizabeth Hume, Boise Regional REALTORS^® 2024 President

ADDITIONAL RESOURCES

NAR Releases

• Existing-Home Sales
• Pending Home Sales
• Housing Affordability Index
• Home Buyers by Metropolitan Statistical Area
• Home Sellers by Metropolitan Statistical Area
• Experts: Home Insurance Is an Affordable Housing Issue
• More

Other Real Estate News

• NAR | National Association of REALTORS® Reaches Agreement to Resolve Nationwide Claims Brought by Home Sellers
• Forbes | Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again?
• Fortune | Sky-high Mortgage Rates Aren’t Just Crushing Homebuyers: Nearly 8 in 10 Sellers Regret Missing the Hottest Market in Decades, Survey Shows
• Fortune | Bill Gates Unloaded One of His Properties in Less Than Two Weeks on the Market — and it Only Cost $5 Million
• Redfin | Housing Market Update: Monthly Payments Set New Record–and Buyers’ Costs Will Likely Stay High on Inflation News
• USA Today | How Does ‘The Least Affordable Housing Market in Recent Memory’ Look in Your Area? Check Our Map

Please note: Some news outlets may protect their content with paid subscriptions. While we try to refrain from sharing articles that may not be accessible to everyone, we may share them if important to the industry.

REPORTS AND GRAPHICS

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada County, Elmore County, Gem County, and Condos, Townhouses, and Mobile/Manufactured Homes Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

Download the latest (print quality) market snapshot graphics for Ada County, Ada County Existing/Resale, Ada County New Construction, Elmore County, and Gem County. Since Canyon County is not part of BRR’s jurisdiction, we don’t publicly report on Canyon County market trends. Members can access Canyon County snapshots and reports in the Market Report email, or login to our Market Statistics page. Boise and Owyhee County snapshots can also be accessed on our Market Statistics page.

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The data reported is based primarily on the public statistics provided by the Intermountain MLS (IMLS), a subsidiary of Boise Regional REALTORS® (BRR). These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance. If you have questions about this report, please contact BRR’s Director of Communications Taylor Gray at 208-947-7238. For notes on data sources, methodology, and explanation of metrics, visit boirealtors.com/notes-on-data-sources-and-methodology.

If you are a consumer, please contact a REALTOR^® to get the most current and accurate information specific to your situation.

Boise Regional REALTORS^® (BRR), a 501(c)(6) trade association, represents real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR^® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS^® Community Foundation.

“REALTOR^®” is a federally registered collective membership mark which identifies a real estate professional who is member of the National Association of REALTORS^® (NAR) and subscribes to its strict Code of Ethics.