Fromley Markets
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Market Competitiveness
In May 2024, 17.3% of homes in Idaho sold above list price, up 2.5 percentage points year-over-year. Additionally, 33.4% of homes had price drops, up from 27.0% in May 2023. The sale-to-list price ratio was 98.2%, down 0.49 points year-over-year.
Days on Market
The median days on market in May 2024 was 32 days, down by 3 days year-over-year.
Home Prices
The median home price in Idaho was $488,200 in May 2024, marking a 4.3% increase year-over-year. The average home price in the region rose by 2.7% year-over-year to $636,148 in Q3 2023.
Home Sales
In May 2024, 2,540 homes were sold, up 7.0% from 2,364 homes sold in May 2023. However, in Q3 2023, 4,945 homes were sold, which represented a 6.2% decrease from Q3 2022.
Inventory
There were 9,741 homes for sale in Idaho in May 2024, an increase of 3.7% year-over-year. Newly listed homes numbered 3,606, up 3.0% year-over-year. The average months of supply stood at 3 months.