Idaho Falls, Idaho Housing Market: March 2023 vs. March 2022

The housing market in Idaho Falls, Idaho, has seen some changes in March 2023 compared to the same period last year. According to the latest data from the Multiple Listing Service (MLS), home sales are down by 15.4%, home prices have decreased by 12.1%, new listings are down by 25.7%, interest rates have increased by 2.4%, days on market have increased to 58 days, and absorption rate has increased to 2.2 months.

Home Sales

In March 2022, 143 homes were sold in Idaho Falls, while in March 2023, only 121 homes were sold, a decrease of 15.4%. This decline in sales may be attributed to the high demand for housing, which has led to an increase in prices, and an increase in interest rates making it harder for some buyers to enter the market.

Home Prices

The median sales price for homes in Idaho Falls in March 2022 was $434,000, while in March 2023, the median price was $382,000, representing a decrease of 12.1%. This decline in home prices may be attributed to the increase in inventory levels, as well as the decrease in demand due to rising interest rates.

New Listings

In March 2022, there were 202 new listings in Idaho Falls, while in March 2023, there were only 150 new listings, a decrease of 25.7%. This decrease in new listings may be due to the rising home prices and the lack of inventory in the market.

Interest Rates

Interest rates have increased from 4.2% in March 2022 to 6.5% in March 2023, representing an increase of 2.4%. This increase in interest rates may be attributed to the overall economy's performance, as well as the Federal Reserve's monetary policy.

Days on Market

The average number of days on the market for homes in Idaho Falls increased from 18 days in March 2022 to 58 days in March 2023, representing a 21% increase. This increase may be attributed to the increase in inventory levels overtime and higher interest rates.

Absorption Rate

The absorption rate in Idaho Falls increased from .07 months in March 2022 to 2.2 months in March 2023, representing an increase of 1.5 months. This increase in the absorption rate may be due to the decrease in demand and the increase in inventory levels.

Conclusion

Overall, the housing market in Idaho Falls, Idaho, has seen some changes in March 2023 compared to the same period last year. Home sales, home prices, new listings, and absorption rates have all decreased, while interest rates and days on market have increased. While these changes may present challenges for home sellers, they may also provide opportunities for home buyers looking for more affordable housing options.