The year 2024 has brought some interesting changes to the Idaho real estate market. Looking at the numbers, we can get a better sense of what might happen in 2025, but it’s important to note that predicting the future of the market is always tricky.
While some “experts” may make bold predictions about falling mortgage rates or home prices, history tells us that things don’t always go as expected. These predictions can often turn out to be wrong, and those same experts can end up with egg on their faces. The truth is that the real estate market is unpredictable, and there’s no surefire way to tell where it’s headed.
Two years ago, when asked about whether the downward trends in the market would continue, Elizabeth Hume, the President of the Boise Regional REALTORS, wisely said, “I wish I had that crystal ball that you’re looking for.” In hindsight, that was a smart answer, as the downward trends didn’t last, and the market shifted. So, instead of trying to predict what will happen in the future, it’s better to look at the data from the past year to understand what might be coming.
Taking a close look at Ada County, we see that in 2024, the real estate market heated up compared to 2023. The number of single-family homes sold increased by more than 11%, which shows that more people are buying homes. At the same time, the median home price rose just a little, by less than 3%, bringing it to $540,000.
While some hoped that prices would drop, that didn’t happen. Instead, the price increase was slow and steady. This is a relatively small rise, but it’s important to note that prices are still high, which means homes are not as affordable as many would like.
On the bright side, homes are selling faster, with the average number of days on the market dropping by 5 to 42 days. That’s a positive sign, but it would be better if the number of days was higher to give buyers more time to consider their options.
In Canyon County, the market showed similar trends. The number of homes sold went up by almost 9%, and the median price rose by around 4%, reaching $415,000. This is a good increase, but again, the price is still higher than what many people would prefer. Like Ada County, homes in Canyon County sold faster, with the average number of days on the market dropping by almost a week, now at 50 days. This indicates that the market is heating up, and homes are moving more quickly, though the prices are not spiking drastically.
Over in the Magic Valley, particularly in Twin Falls County, the market also saw some positive trends. Home sales increased by more than 10% compared to 2023, and the median price rose by nearly 4%, reaching $365,000. This is a good, stable increase, especially after prices had already been high. On the plus side, homes are staying on the market for about two months, but that number did drop by one day compared to last year.
In summary, the past year has shown a steady growth in home prices, without any sharp spikes. More homes are being sold, and they are selling faster than before. But the prices remain high, making it difficult for some buyers to afford homes.
While it’s tough to predict what will happen next, the trends from 2024 suggest that the market will likely continue on this path—prices staying high, demand staying strong, and homes selling quicker. However, as we’ve learned before, no one has a crystal ball when it comes to real estate.
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