Inventory Surges While Prices Hold…For Now

If you’re thinking about buying or selling a home in Boise, April’s market update is packed with insights. The local housing market is changing, and this update will help you understand what those changes mean for you, even if you’re not a real estate expert.

📉 More Homes Are for Sale

Boise had 1,093 homes listed for sale at the end of April. That’s up 30% from this time last year and 28% more than just a month ago. It might sound like a big jump—and it is—but it also means more options for buyers and more competition for sellers.

🏡 Homes Are Still Selling

• 614 homes went under contract in April (meaning buyers agreed to buy them). That’s a 24% increase from March and 8.5% more than last April.
• 500 homes officially sold in April—slightly fewer than the 508 sold this time last year.

So, while more homes are coming onto the market, they’re not selling quite as fast as before.

⚖️ The Market Is Shifting Slightly Toward Buyers

• On average, there are now 2.3 months of homes available for sale. A few months ago, it was just 1.8.
• Luxury homes (over $1 million) are seeing even more supply:
  • $1M+: 4.2 months
  • $1.5M–$2M: 7.3 months
  • $2M+: 10.4 months

More homes for sale gives buyers more choices, especially in the higher price ranges.

💲 Prices Are Holding Steady (For Now)

• The typical home price stayed the same as last month at $524,900.
• The average price of all homes sold was $610,121.
  Pending sales (homes under contract) have a median price of $560,000, suggesting some upward pressure in the near future.

Even with more homes for sale, prices haven’t dropped—yet.

✅ Tips for Sellers

• Set the right price from the start. Look at homes that have sold recently AND what’s currently for sale.
• Don’t overprice. Pricing too high can mean your home sits longer and sells for less in the end.
• Understand your competition. Especially if you’re in the luxury market, buyers might be comparing your home to the cost of building a new one.

🛒 Tips for Buyers

• You have more choices. Take your time, but act quickly on homes that are well-priced.
• Be prepared. Homes under $500K are still seeing multiple offers.
• Work with a knowledgeable agent. A good agent will know how to spot a fair deal and help you negotiate.

🔍 The Bottom Line

There are more homes for sale in Boise than we’ve seen in a while. That’s great news for buyers, but sellers need to price wisely. The market hasn’t shifted completely in favor of buyers, but it’s heading in that direction—especially at higher price points.

If you’re looking to buy or sell this spring, now is the time to connect with a trusted agent at City of Trees Real Estate. We’re here to guide you every step of the way.