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
Months of Inventory (MOI)
New Listings
Average Sales Price
Days on 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)

In August 2024, total active residential listings rose to 407, up from 336 in August 2023, signaling an increase in inventory and offering buyers more options. Twin Falls County now has 3.96 months of inventory, marking the most balanced real estate market the area has experienced in the past five years. Typically, a balanced market is considered to have 4-6 months of inventory, creating an even playing field for both buyers and sellers.

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

Home prices in Twin Falls County have continued to grow steadily, with the average price of a home reaching $405,093 year-to-date, reflecting a 3.66% increase. This is a return to more typical annual price growth, contrasting with the double-digit appreciation of recent years. Interestingly, while overall prices rise, new construction homes in the county are seeing a price decrease of 3.68%, with the average price now at $456,014. This drop is partly driven by the increased availability of entry-level construction to meet demand.

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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Twin Falls Real Estate Snapshot: Rising Inventory and Shifting Prices – August 2024 Market Trends