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Twin Falls County Real Estate Market Update: June 2024

If you have had your eye on the real estate market and are considering moving near Twin Falls, ID, I have the latest news on what happened in June in the housing market. Keep reading to learn everything from the number of homes sold to market predictions, giving you a clear picture of what’s happening. Let’s dive in and see what the numbers reveal about our market!

What You Need to Know About the Twin Falls County Market:

Number of Residential Sales

In June 2024, Twin Falls County saw a total of 112 single-family homes sold, a slight decrease from the 121 homes sold in June 2023. This represents a year-over-year decline of 7.44%. Breaking it down further, 90 existing homes were sold, compared to 106 in June 2023, marking a significant decrease of 15.09%. Conversely, newly constructed home sales increased by 46.67%, with 22 homes sold compared to 15 in the same month last year. 

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Months of Inventory (MOI)

The months of inventory, a crucial indicator of market balance, reflects how long it would take to sell all current listings at the current sales pace. For June 2024, the total active residential listings stood at 339, up from 294 in June 2023. With the slower sales pace and increased listings, the MOI has slightly increased, indicating a shift towards a balanced market.

New Listings

In June 2024, there were 339 new residential listings in Twin Falls County, compared to 294 in June 2023. This increase in new listings, along with a decrease in sales, is providing buyers with more options and potentially greater negotiating power than they’ve seen in the last few years.

Average Sales Price

The average sales price for single-family homes in Twin Falls County saw a slight increase. For June 2024, the average price was $400,439, a modest rise from $383,202 in June 2023, reflecting a year-over-year increase of 4.5%. For existing homes, the average price increased by 3.28%, from $386,423 to $398,138. Newly constructed homes experienced a slight decrease in average price, down 2.27% year-over-year. However, this is likely because of a lot of new construction availble this year that is more budget friendly.

Days on Market

The average days on market (DOM) for homes in Twin Falls County varied between existing and newly constructed homes. Overall, homes sold in June 2024 had an average DOM of 49 days, compared to 67 days in June 2023, indicating quicker sales. Specifically, existing homes had an average DOM of 38 days, a reduction from 57 days the previous year. Newly constructed homes, however, took longer to sell, with an average DOM of 96 days compared to 111 days in June 2023.

The real estate market in Twin Falls County is showing signs of transitioning towards a more balanced market, with an increase in inventory and new listings, coupled with a slight decrease in the number of homes sold. Despite this, average sales prices remain relatively stable, and the days on market have decreased for existing homes, indicating that well-priced properties still attract quick interest. For those looking to buy or sell in Twin Falls, understanding these market dynamics will be crucial in making informed decisions.

Stay tuned for further updates and detailed analyses as I continue to monitor the trends in the Twin Falls real estate market.

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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Twin Falls County Real Estate Market Update: May 2024

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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)

With the influx of sales, we observed a slight increase in the Months of Inventory (MOI). We are still in a seller’s market, with approximately 3.37 months of inventory. The MOI is a reliable indicator of market health and trends. We have consistently seen the MOI remain below 4 months, often closer to around 3 months. This consistently shows that we don’t have enough inventory to meet demand, favoring sellers in the market.

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.

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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

In May, the average days on the market (DOM) was 59, while the year-to-date average was 72. However, the median DOM for Twin Falls County in May was just 31 days.

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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