Current Meridian Idaho Market Update

Quick Real Estate Market Update for you for Meridian (83642 side)

Meridian, Idaho Real Estate Market Update – Spring/Early Summer 2024

The Meridian real estate market continues to show strong activity and balanced conditions for buyers and sellers alike. Here are the key insights from the last six months:

Market Overview:

• The average active listing price stands at approximately $672,000, with homes spending about 59 days on the market before going under contract.
• Pending listings have an average list price of around $571,000, indicating solid buyer interest in homes priced slightly below active listings.
• The pending-to-active ratio is a healthy 63%, reflecting a steady pace of sales relative to inventory.

Sales Performance:

• Homes sold in the past six months averaged around $588,000, closing very close to their final list prices at 99% of the asking price, underscoring a competitive market.
• The median days on market for sold homes is 22 days, highlighting quick turnover.
• The months' supply of inventory remains low at 2.7 months, favoring sellers but still providing reasonable options for buyers.

Price Segment Highlights:

• The most active segment is homes priced between $500K and $1M, where the average active listing price is about $690,000, and the pending ratio is 50%.
• Entry-level homes under $500K show a higher pending ratio, around 95%, signaling strong demand in this price range.
• Luxury homes over $1M have a lower pending ratio at 24%, with longer market times averaging 68 days, suggesting a slower pace in the high-end market.

What This Means for You: For sellers, pricing your home competitively and acting quickly can lead to favorable outcomes given the strong pending-to-active ratio and quick sales turnaround. Buyers should be prepared to move decisively, especially in the sub-$1M market segments where demand remains robust.

If you have questions about how these trends impact your buying or selling plans in Meridian, feel free to reach out. At the Ben Kinney Real Estate Team, we're here to help you navigate this dynamic market with confidence.

Let me know if you'd like this tailored further or need additional details!
BKT Idaho
Keller Williams Realty Boise
208-340-1571bktidaho.com