Twin Falls Real Estate Market Update July 2024
Welcome to the latest update on the Twin Falls real estate market! Whether you’re buying, selling, or just interested in local market trends, I have all the information you need. Let’s dive into the key data points, including residential sales, inventory levels, new listings, average prices, and how long homes are staying on the market.
What You Need to Know About the Twin Falls County Market:
Number of Residential Sales
July 2024 was an active month for the Twin Falls real estate market, with 150 single-family homes sold, showing a strong increase from 86 homes sold in July 2023. This marks a significant year-over-year growth of 74.42%. Existing home sales also surged, with 120 homes sold compared to 70 in July 2023, reflecting a 71.43% increase. Newly constructed homes saw even more impressive growth, with 30 homes sold compared to 16 in July 2023, an 87.5% increase.
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Months of Inventory (MOI)
Twin Falls County currently has 3.5 Months of Inventory (MOI). The total active residential listings in July 2024 rose to 378, up from 301 in July 2023. This increase in inventory suggests that buyers have more options available, which could lead to a slightly less competitive market compared to previous months. However, the increase in sales is helping to balance this out, keeping the market dynamic.
New Listings
New listings continue to enter the market at a steady pace, with 378 active residential listings in July 2024, an increase from 301 listings in July 2023. This uptick in new listings reflects the ongoing interest in the Twin Falls market, both from sellers looking to capitalize on favorable conditions and buyers eager to find their ideal home.
Average Sales Price
The average sales price for single-family homes in Twin Falls County has also seen positive movement. In July 2024, the average price was $417,175, a 4.07% increase from $400,857 in July 2023. The average price for existing homes rose by 3.54%, reaching $406,227. Newly constructed homes commanded a higher average price of $460,964, a 5.20% increase from $438,188 in the previous year.
Days on Market
Homes in Twin Falls are selling faster than they did last year. The average days on market (DOM) for all homes in July 2024 was 59 days, down from 66 days in July 2023. Existing homes are moving even quicker, with an average DOM of 49 days compared to 55 days last year. Newly constructed homes are taking slightly longer, with an average DOM of 101 days, though this is an improvement from 110 days in July 2023.
The Twin Falls real estate market continues to show robust growth, with significant increases in both sales and prices. The market remains active, with more homes coming onto the market, and selling faster than in the last couple of years.
Whether you’re looking to buy or sell, staying informed about these trends will help you navigate the market effectively. Stay in the know with my monthly newsletter!
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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