Houses in Ada County Are Costing More Than Ever Before
If you've been searching for a home or selling a home in the Treasure Valley, undoubtedly you've noticed prices have been going higher and here. Now, they're at a record high in Ada County.
The median price of a home in Ada County has grown to $363,000 to start off 2020 in figured released by the Boise Regional Realtors group. This jump is driven by demand for both new homes and existing since availability has been so scarce.
In a story from KIVI TV 6, the real estate group explained that the Ada County housing market has moved to a model that now features a higher portion of new home sales than before in total market share.
In January, that meant that new construction was 40.2 percent of sales - growing almost 10 percent from a year ago.
New homes typically cost more than existing when labor, land cost, and materials are factored in. The median sales price for new construction is $419, 440.
It's not just a feeling from those searching for a home in Boise, Nampa, Caldwell, and throughout the Treasure Valley that houses go quickly, it's statistically proven in these numbers released.
Experts do say that though the process can be frustrating for buyers as supply goes so quickly, there are still deals to be had and patience will be the most important thing to bring to the search.
The supply and demand effect is also felt in the rental market, with some houses getting multiple applications on the same day a listing goes live.