Ada County, Idaho, has experienced significant changes in its real estate market over the past eighteen years. This blog post delves into the trends and numbers of houses sold from 2005 to 2023, offering insights into how the market has evolved.
Here are the total number of houses sold in Ada County, Idaho by broken down by month from the years 2005 - 2023:
2005-2010: Early Trends
The real estate market in Ada County started on a high note in 2005, with approximately 13,114 homes sold. However, the impact of the national housing market crisis was felt here as well, with a sharp decline in sales to around 5,824 homes by 2008. The end of the decade saw a gradual recovery, with numbers climbing back to 6,858 homes sold in 2010.
2011-2015: Recovery and Growth
Post-recession, the market in Ada County began to stabilize. The year 2011 recorded 7,143 homes sold, and this number steadily increased year-on-year. By 2015, the market was booming again, with over 10,425 houses sold, reflecting the county's growing appeal and economic recovery.
2016-2020: A Surge in Demand
This period marked a significant surge in Ada County's real estate market. 2016 saw 11,925 homes sold, and by 2019, this number had jumped to 12,499, driven by a strong economy and an influx of new residents. 2020 remained strong even with the global pandemic, with sales increasing to 13,488.
2021-2023: Recent Trends and Future Outlook
The real estate market in Ada County stayed strong in 2021 with 11,983 homes sold. However, in 2022 and 2023, the market began to show signs of cooling, with sales dropping to 8,334 homes sold in 2023, likely due to increasing interest rates.
Over the past eighteen years, Ada County's real estate market has mirrored national trends while also showcasing its unique dynamics. The county has experienced fluctuations but has generally shown robust growth and resilience. Looking ahead to 2024, unless a large number of existing home owners are willing to sell and new construction continues to increase, the Boise area will not have enough homes to fill the demand and prices will increase.