I’ve recently seen some news comparing the cost of Boise new homes vs. the cost of Boise resale homes.
That news spoke of dramatically higher prices for new homes vs. resale homes, and I was skeptical about its accuracy.
So, I drilled into actual Intermountain MLS data this morning to get the true numbers.
Here’s a breakdown of MLS data for those two categories of Boise real estate sales.
Boise Resale Home Sales
- Average Price: $217,233
- Median Price: $184,900
Boise New Home Sales
- Average Price: $305,035
% Difference: +40.4%
- Median Price: $284,000
% Difference: +53.6%
As the data indicates, new home prices are substantially higher than resale home prices.
The reasons for higher new home prices are numerous, including:
- Higher land costs
- Higher materials costs
- Higher labor costs
- Differences in location, size, features, and amenities.
New homes in the Boise real estate market continue to sell despite costing more than resale homes.
That’s because many buyers want a brand-new home with the latest finishes, features, and that intoxicating new home aroma.
We’ve closed 703 new home sales YTD in the Boise real estate market, comprising 19.3% of our 3,649 total YTD closed home sales.
Data pertains to Ada County single-family homes on lot or acreage.
Data does not include condo or townhome properties.
Data includes sales from 01/01/2014 to 06/19/2014
New home = To Be Built, Under Construction, and New-Never Occupied ages.