MERIDIAN, Idaho — Ada County homes are in demand once again. A new market report shows an increase in interest in homes across the county, ranging between $250,000 and $500,000.
However, the median sales price for homes in May 2023 dropped nearly 11%, compared to the same time last year, landing at $534,900, which was $17,400 more than last month.
"Idaho still has that demand," said Greg Langhaim, EXP Realty Group Broker. "People have found Idaho. They want to be part of it, and they want to experience what everyone else is experiencing here.”
There were 1,259 single-family homes available in Ada County in May, down 17% from this time last year. And it was the first year-over-year decrease in inventory since June 2021.
“Tackling supply issues will be a large factor in easing affordability concerns in our area. Builders will carry the torch for ensuring we can provide more options for middle-income families,” stated Debbi Myers, Boise Regional Realtors’ 2023 President.
However, market reports also list Boise as one of the U.S. metro areas with the fewest affordable homes available for middle-income buyers.
“And we are under inventory in low-income housing or medium-income housing, so prices for first-time home buyers, we don't have a lot of that inventory in Ada County,” said Elizabeth Hume, President for Boise Regional Realtors.
Five years ago, that income group was able to afford 50% of all available homes. Now that number has shrunk to 23%.
