What’s Happening with Property Prices and Appreciation? | Your Boise Market Update

If you’re a current or future property owner in Boise, the real estate landscape is shifting as we move through the end of September 2024. Whether you’re considering buying, selling, or just keeping an eye on market trends, here are the top three things you need to know about Boise’s real estate market:

1. Stability in the Mid-Range Market Homes priced between $400,000 and $1 million are showing consistent stability. This applies to both new construction and existing homes. Despite an overall increase in inventory, this price range is still experiencing solid activity. In some cases, we’re even seeing multiple offers for homes priced right. So, if you’re a seller in this range, now is a great time to list your property.
2. Opportunities in the Luxury Market If you’re in the market for a luxury property, now could be the perfect time to buy. Homes priced over $1 million, particularly in the $2 million+ range, are softening. With a 12 to 15-month supply of homes available in this segment, buyers have more negotiation power. The average luxury property is selling for about 95% of the original asking price, translating to significant savings. If you’re considering a high-end purchase, you’re likely in the driver’s seat.
3. Price Trends: What to Expect Over the next 6 to 12 months, the market is expected to experience steady, modest appreciation in the $300,000 to $1 million range, with prices potentially increasing by 2-4%. However, in the luxury sector (over $1 million), we could see some price depreciation unless interest rates drop significantly.

What This Means for Sellers

If you’re selling in the $300,000 to $1 million range, it’s a strong market with plenty of activity. But if you’re listing a property over $1 million, now’s the time to get serious. With inventory creeping up, you want to price competitively and ensure your property stands out with high-quality staging and presentation. Working with an experienced real estate agent who understands how to navigate these market conditions is crucial.

What This Means for Buyers

For buyers, increased inventory means more options. Interest rates, although still hovering, are much more favorable than they were a few months ago, making it a good time to lock in a deal before potential appreciation kicks in. In the luxury market, with many sellers needing to offload their properties, there’s room for negotiation—meaning now could be the right time to make your move.

In conclusion, the Boise real estate market is holding steady in many segments, while offering unique opportunities for luxury buyers. Whether you’re buying or selling, understanding these trends will help you make the best decision for your circumstances. Keep an eye on the market, and if you’re unsure, consult with a knowledgeable real estate agent to guide you through the process. Stay tuned for the next market update!