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Hey everyone, Cody Wohlschlegel here, bringing you the December 2024 Market Update from CW Real Estate. Let’s take a straightforward look at home prices, inventory, interest rates, and what 2025 might have in store. Happy New Years!

Home Prices: A Slight Increase

Home prices are up 4% compared to this time last year. Here’s a quick look at December’s numbers:

Here are some real world examples of homes that sold this month.

• Lowest Sold: $215,000 for a 4-bed, 2-bath home with 1,872 square feet, built in 1972. It had some nice potential but needed updates.

  

• Median Sold: $395,000 for a 3-bed, 2-bath, 2,734 square-foot new build on 0.2 acres.

  

• Highest Sold: $900,000 for a 5-bed, 3.5-bath home with 4,152 square feet. This modern house had bold black marble features and beautiful wood accents.

  

Inventory and Market Activity

As expected, December saw a seasonal slowdown:

• Active listings: 301 (down 8% from November)

• New listings: Down 30%

• Pending sales: Down 25%

• Closings: Down 31%

Even with the dip, we’re still in a seller’s market, with just 2.7 months of inventory averaged over 4 months. December is always a slower month, so these numbers aren’t out of the ordinary.

Interest Rates and Market Outlook

Interest rates remain in the high 6% range. While this isn’t ideal, it’s the reality buyers are working with. For sellers, tight inventory and limited competition are still working in your favor in the median to lower price ranges.

Looking ahead to 2025, the market seems poised to continue its steady trend. Without significant changes in interest rates or inventory, things are likely to remain consistent.

What This Means for You

Buyers, now’s the time to get your strategy in place. Sellers, fewer listings mean less competition, so it’s still a good time to list.

If you’re ready to buy or sell, or just want to discuss your options, feel free to reach out. I’d love to help you navigate the Idaho Falls real estate market. Here’s to a successful 2025!

Thank you!

2024 was a great year I want to thank all my clients for choosing me as their realtor and thank you to everyone that referred me. That is the main staple of my business that keeps me going so thanks everyone for supporting me!

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Cody Wohlschlegel REALTOR® | CW Real Estate | Silvercreek Realty Group