How many $1M+ homes sold in Boise in 2023?
After 6 years in a row of rising $1M+ home sales, Build Idaho notices luxury home sales decelerate.
2023 Million Dollar Homes Sold in Boise area
- Ada County 683 sold. Median Price $1,300,000
- Canyon 116 homes sold, $1,200,000
- View interactive chart
Luxury home sales decreased by about 25% in 2023. This is significant because many builders have shifted their marketing to these luxury buyers.
Why are million dollar home sales down in Boise?
It is not clear. The interest rates in 2023 discouraged many from buying a home but this segment of the market is normally less affected, as they are many times cash buyers.
The overall lackluster sales volume was expected to affect all price points. The most interesting price point that agents talked about was the $600,000 to $900,000. These homes surprisingly sat longer than expected.
How will Million Dollar Home Sales in Boise look in 2024?
Interest rates are down into the 6s and are expected to come further down, which will help. 2024 is also an election year, which causes lots of emotions! Home sales in Idaho should remain strong through August but as Election Day gets closer, the uncertainty of who the next president will be will probably causes people to put the breaks on.
For that reason, sellers should consider selling earlier in 2024.
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