Homes Continue to Get Even More Expensive in the Treasure Valley
The housing market in the Treasure Valley continues to boom and along with the popularity comes a big jump in prices. Prices are up in both Ada and County County and by tens of thousands of dollars.
On the Ada County side, the prices are up $58,000. Canyon County, once the "far more affordable option" in the Valley, was also seeing large increases at $32,000.
These jumps in prices were for the last year between January 2019 and January 2020 from a report put together by Mike Pennington, a real estate agent with John L. Scott Real Estate and reported by our news partner KTVB Newschannel 7.
Pennington said he's never seen such growth in sales over the last 20 years.
Average prices are up in both counties with Ada County's average price for a resale home at $384,010. New home prices were up as well to $450,518.
In Canyon County resale home prices average $242,589 and new home prices average $316,357.
New home sales have grown quickly in January, so the inventory of new homes on the market is down in both counties. That inventory problem has been reported by many buyers reporting that homes are not coming on the market quickly enough to answer demand.
Experts say there is not likely going to be a change in that scenario since the economic indicators point to continued growth and scarcity in the marketplace.
You can see more on this story and further information on the housing situation with our news partner KTVB Newshcannel 7.