Twin Falls Real Estate Snapshot: Rising Inventory and Shifting Prices – August 2024 Market Trends
Here is your Twin Falls Real Estate snapshot for August! The Twin Falls real estate market remains active, with steady movement throughout the area. Recently, the Federal Reserve cut interest rates by 50 basis points, and while mortgage rates have initially reacted slightly negatively, the long-term outlook remains positive. Over the past 18 months, we’ve seen a general decline in rates in anticipation of this decision, and we expect rates to continue to trend downward in the months ahead. Whether buying, selling, or simply watching the market, staying informed is key. Read on to explore what unfolded in the Twin Falls real estate market in August.
What You Need to Know About the Twin Falls County Market:
Number of Residential Sales
In August 2024, Twin Falls saw a slight decline in residential sales, with 97 single-family homes sold, down 4.9% from 102 homes sold in August 2023. Existing homes accounted for 79 of these sales, while newly constructed homes contributed 18. Overall, year-to-date sales reached 815, marking a 6.12% increase compared to the same period last year.
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Months of Inventory (MOI)
New Listings
In August, Twin Falls County saw 178 new listings, closely matching the 183 from the previous month. As we move closer to the holiday season, we can likely expect the number of new listings to start decreasing, a typical trend during this time of year.
Average Sales Price
Days on Market
The days on market in Twin Falls County have remained relatively stable, with an average of 65 days, down just 2 days from last year. The median time homes spent on the market is lower at 35 days. As we approach the holiday season, it’s expected these numbers will increase slightly. However, the recent rate cut could potentially keep the fall and winter market busier than usual, making it an interesting time to watch.
The market in Twin Falls remains active but shows signs of a slowdown in sales and slight price adjustments. With more homes on the market, buyers may have more negotiating power as inventory continues to grow. If you’ve been thinking about making a move, but are unsure where to start, let’s connect today!
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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