Twin Falls County Real Estate Market Update: May 2024
Do you live in Twin Falls or are interested in relocating here? Here is what happened in the Twin Falls housing market in May: Home sales surged throughout Twin Falls and the surrounding Magic Valley. With school out and summer almost officially here, the peak of the buying and selling season has arrived.
Stay tuned to gain valuable insights that will help you develop a strategy for your moving goals and understand how the current market could affect you, whether you’re considering buying or selling in 2024.
What You Need to Know About the Twin Falls Housing Market:
Number of Residential Sales
Home sales skyrocketed in May with 120 homes sold in Twin Falls County. This number is up 23.71% from May 2023 and has helped balance out the overall number of sales year-to-date (YTD), bringing it to about even with last year. Despite national news reporting a dramatic decline in home sale numbers, here in Twin Falls County, we are down only about 1.53% in total sales so far, with a total of 452 homes sold YTD. Only time can continue to tell where we’ll be by the end of the year, but this is a good sign for our local market.
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Months of Inventory (MOI)
New Listings
May was a significant month for new listings, with 207 new homes hitting the market in Twin Falls County. If you’re a buyer disappointed by the lack of available options, this might be the opportunity you’ve been waiting for. New listings in May increased by 48% from April 2024. Even better news for buyers: rates are nearly the lowest they’ve been in 30 days, and even begin with a 6. The Federal Reserve is meeting this month, and we can expect to learn more about where rates will head for the rest of the year.
Average Sales Price
The average sales price year-to-date in May was $399,521, reflecting a 5.75% increase from May 2023 when the average sales price in Twin Falls County was $377,812.
Home prices vary significantly depending on which of the eight towns you live in. Generally, the further you are from the city of Twin Falls, the more affordable the home prices. For example, the average cost of a home sold in Buhl or Castleford in May was $314,967. The most expensive area to purchase in Twin Falls County is the Kimberly, Hansen, and Murtaugh area, with an average sales price in May of $496,872. This higher price is largely due to the vast amount of new construction in the area.
Days on Market
Homes that are properly priced and marketed continue to sell quickly. While the market isn’t as fast-paced as it was during the pandemic, it remains highly competitive.
Please remember that this is general information and should be taken with a grain of salt. As always, I’m here to answer your questions. Feel free to reach out any time—I’d be happy to discuss your real estate goals and explore how we can achieve them together.
Hi, I'm Sabrina!
I’m your local Twin Falls real estate agent and soon-to-be friend in real estate! Whether you’re selling or buying, I am here to help my clients achieve their real estate goals. Through strong client advocacy, skillful marketing techniques, exceptional communication, and proven systems, I strive to make my client’s experience as smooth and stress-free as possible.
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