The median price of a single-family home in Ada County rose from $453,000 in February 2021 to $550,000 in February 2022. Canyon County saw a similar increase: $368,000 in 2021 to $434,000 in 2022. After slowing in Q4 2021, these prices increases have picked back up, promising a competitive spring market.
Eastern Idaho saw a moderate increase in the acreage of commercial land listings this quarter; Ada County, Canyon County and Southern Idaho all saw moderate decreases. Eastern Idaho and Ada County currently have the most commercial land listed, with 4,823 acres and 3,411 acres available, respectively.
We see no change in demand for residential product, both multifamily and single-family detached. Fewer SFD lots will be delivered to the market in 2022 than in 2021, so supply remains constrained. Spring, traditionally the most active period for the market, will be very competitive for buyers this year.