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Median home price in Ada County now nearly $535,000

Home prices rose again in Ada County in September, but realtors say an increase in houses available on the market may bring relief to would-be buyers.

BOISE, Idaho — Home prices rose again in Ada County in September, but realtors say an increase in houses available on the market may bring relief to would-be buyers. 

The median sales price jumped to $534,950 last month, a 0.8% increase from August, when the median price came in at $530,000.

However, according to Boise Regional Realtors, the share of homes that sold for over list price dropped to just over 33% of those on the market - the lowest level since June 2020. The decrease in homes selling over asking, coupled with an uptick in available inventory, may signal a cooling-off of the fierce competition for homes that has stymied house hunters for more than a year.

Boise Regional Realtors pointed to the percent of homes going for over asking as a major driver of price. 

When the percent sold over list price topped 40% in August 2020, the median sales price rose into the $400,000-range for the first time. Median prices first passed the $500,000 mark in May 2021 when 65% of homes sold for more than list.

"Increased inventory and a slightly slower pace are good news for buyers, and may be two reasons that fewer homes sold over list price last month," said Boise Regional Realtors President Jeff Wills. "These shifts in the market should help buyers not feel quite as frantic as we saw during the spring and summer months." 

September marked the sixth consecutive month of inventory growth, with the higher prices likely spurring more owners to sell. There were 1,249 houses on the market at the end of September, an 11% jump from the previous month and a 165.7% increase from the year before.

The average time between when a house is listed and when an offer is accepted also rose to 17 days, the longest time period in a year. Still, experts say sellers continue to have the advantage in Boise's hot market.  

"This fall is still proving to be a great time for homeowners to capitalize on the current home prices," said Wills. "If you're considering selling, talk to your realtor about the different factors at play within our market and how they may affect your specific situation." 

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