The Boise real estate market is entering summer with continued changes. Inventory is growing, closed sales are dipping slightly, and buyer activity remains strong in certain price points. Here’s what the latest data means for you—whether you’re buying, selling, or just staying informed.
📈 Inventory Is Still Rising
Boise had 1,214 homes for sale at the end of May. That’s a 28% increase compared to May 2024, following a nearly identical jump last month.
- More homes on the market give buyers more options.
- But for sellers, this increase means there’s more competition, especially in higher price ranges.
This continued growth in inventory signals a shift from the ultra-tight market we’ve experienced over the past few years.
🏘️ Closed Sales Are Slowing (Slightly)
- 581 homes officially sold in May, down from 598 sales this time last year—a 3% decrease.
- While it’s not a dramatic drop, this is the second month in a row where closed sales have fallen behind year-over-year inventory growth.
When inventory increases but sales don’t keep pace, it often leads to price reductions and longer time on the market, especially for overpriced listings.
🔥 Pending Sales Tell a Different Story
Here’s the silver lining: buyer activity is still strong.
- 688 homes went under contract in May—a 22% increase year over year.
- That’s also a 12% jump from the previous month (April).
This shows that even as listings rise, buyers are still writing offers, particularly for well-priced homes in desirable locations and price ranges.
⚖️ Higher Price Points Are Slowing Down
Boise’s overall months of inventory sits at 2.5 months, which still favors sellers slightly, but there’s a sharp difference depending on price.
- $600K–$1M: Around 3.5 months of inventory
- $1M–$1.5M: 4.9 months
- $1.5M–$2M: 8.8 months
- $2M+: 11 months
Homes over $1M are seeing much slower movement, signaling a strong buyer’s market in the luxury space. Sellers in these ranges need to be prepared for longer timelines and stronger buyer negotiations.
💲 Prices Are Flat—for Now
- The median sold price stayed unchanged from April at $524,900.
- The average sold price across all transactions was $610,121.
- The median pending price was $560,000, which may hint at slight future price pressure upward.
Even with rising inventory, prices haven’t dropped yet—but if the supply keeps increasing faster than demand, we may begin to see more widespread softening.
✅ Tips for Sellers
If you’re listing your home this summer, pricing and presentation matter more than ever.
- Start with the right price. Overpricing can lead to longer days on market and lower offers later.
- Don’t “test the market” at a high price. A home that sits for 30+ days often triggers buyer skepticism and deeper negotiations.
- Study both sold and active listings. Understand what your competition looks like, especially in higher-end price points.
- Work with an agent who understands market timing. Especially if you’re in the $1M+ range, you need a strategy that accounts for growing supply.
🛒 Tips for Buyers
If you’re buying this season, this market offers new opportunities—especially in mid-to-luxury ranges.
- More listings = more leverage. In many price points, especially above $600K, you may have room to negotiate.
- Be prepared to act fast under $500K. Lower-priced homes are still seeing multiple offers and fast movement.
- Partner with a data-driven agent. You want someone who understands local shifts and can guide you in making competitive (but smart) offers.
🔍 The Bottom Line
May’s numbers confirm what we saw starting in April: Boise’s inventory is growing, and while buyers are still active, sales aren’t quite keeping up with new listings. The result? A market that’s still healthy, but increasingly competitive and price-sensitive.
If you’re thinking of buying or selling, it’s not just about timing anymore—it’s about strategy. Connect with a trusted agent at City of Trees Real Estate to help you navigate this evolving market with confidence.
City of Trees Real Estate
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