October 2024: Idaho Falls Market Report
This month, the median list price for single-family homes in Idaho Falls is $449,000. The Market Action Index (MAI), which measures the balance between supply and demand, is at 38, indicating a slight seller's advantage. Inventory has increased to 345 active listings.
Key Market Metrics
Median List Price: $449,000
Median Price of New Listings: $405,000
Price per Square Foot: $165
Average Days on Market: 65
Median Days on Market: 49
Price Decreases: 49%
Price Increases: 3%
Relisted Properties: 7%
Inventory: 345 listings
Median Rent: $1,425
Market Segments
The market is divided into four price segments, each representing approximately 25% of the market:
$750,000: Homes around 4,096 sq. ft., on 0.5 - 1 acre lots, typically 5 bedrooms and 3.5 bathrooms. These homes average 17 years old and spend 56 days on the market.
$505,000: Homes around 3,160 sq. ft., on 0.25 - 0.5 acre lots, typically 5 bedrooms and 3 bathrooms. These homes average 5 years old and spend 63 days on the market.
$409,950: Homes around 2,621 sq. ft., on 0.25 - 0.5 acre lots, typically 4 bedrooms and 3 bathrooms. These homes average 37 years old and spend 35 days on the market.
$300,000: Homes around 1,755 sq. ft., on 6,500 - 8,000 sq. ft. lots, typically 3 bedrooms and 2 bathrooms. These homes average 68 years old and spend 35 days on the market.
Conclusion
As of October 2024, the Idaho Falls real estate market is experiencing a slight seller's advantage with a median list price of $449,000 and an increase in inventory to 345 active listings. The median days on market is 49, with 49% of homes seeing price reductions.