July 2024 Market Update: What It Means for You
At the heart of every real estate conversation is the question: What does this mean for me? Whether you’re buying, selling, or simply keeping tabs on the market, understanding trends can help you make informed decisions. This July, Ada County saw intriguing shifts.
A Stable Market with a Few Price Adjustments
In July, the median sales price (MSP) for single-family homes sat at $545,000. While this represents a slight 0.5% year-over-year increase, it also reflects a 4.4% drop from June—a common mid-summer trend. Resale homes followed a similar pattern, holding steady year-over-year but dipping 10% from June, ending at $540,000. Meanwhile, new construction homes bucked the trend, rising 4.6% from last year and maintaining a solid $549,800.
What this means for buyers: If you’re in the market for a resale home, this temporary price dip might be the opportunity you’ve been waiting for. And while new builds hold steady in price, they come with the benefit of modern amenities and fewer maintenance concerns.
What this means for sellers: Pricing competitively is more critical than ever. Buyers have options now, and an attractive price can make your listing stand out in a crowded market.
More Homes = More Opportunities
July brought the highest inventory levels in 20 months, a welcome shift for buyers. New construction homes accounted for a large portion of the available properties, but interestingly, these homes are staying on the market nearly twice as long as resale properties—54 days compared to 27 days, respectively.
What this means for buyers: Increased inventory means you can afford to take a little extra time to find the perfect home—especially when it comes to new construction properties in the Boise area. Use this opportunity to explore neighborhoods, compare options, and negotiate where possible.
What this means for sellers: With more homes available, competition is heating up. Highlight your property’s unique features and be proactive with marketing and showings.
Activity Heats Up in the Summer Market
July saw a noticeable uptick in closed sales, with 807 single-family homes sold, making it the busiest month since June 2022. Pending sales also rose year-over-year, largely fueled by demand for new construction homes.
What this means for buyers: The competition among buyers is real—especially for the most desirable homes. Be prepared to act quickly when you find a property that checks all your boxes.
What this means for sellers: This uptick in sales shows that buyers are still motivated, even in a slightly cooling market. A well-prepared home priced right can still sell quickly.
What’s Next? The Market’s Gradual Shift Toward Balance
The months’ supply of inventory (MSI) increased to 2.7 months in July, edging closer to the 4-6 month range that typically signals a balanced market. While we’re not quite there yet, the steady rise in inventory and slower pace of sales suggest that buyers may soon have more negotiating power.
What this means for buyers: With balance on the horizon, now is a great time to explore options and make a move. Waiting too long, however, could mean stiffer competition later in the year.
What this means for sellers: While it’s still a seller’s market, staying ahead of the curve is essential. Embrace market trends, present your home in its best light, and be open to strategic pricing conversations.
Final Thoughts
July 2024 shows us a market that’s steadily evolving. For buyers, the increased inventory and slight price adjustments make this a promising time to find a home that fits your needs. For sellers, the active summer market offers opportunities to sell quickly—but preparation is key.
Whether you’re buying, selling, or just staying informed, understanding these trends can give you the confidence to navigate Ada County’s dynamic real estate landscape. Have questions? We’re here to help with your Boise area real estate needs.