Don't like to read watch the video here: Video

Hey there, everyone! Welcome back to another market update from CW Real Estate. I’m Cody, your local Idaho Falls realtor, and today we’re diving into the real estate stats for September. We’ll talk about home prices, interest rates (the Fed just released some news), and I’ll show you some real-world examples of homes that sold last month, ranging from the lowest price point to the top of the market. Plus, I’m going to break down what the two leading presidential candidates are planning to do about the housing market. Let’s dive in!

Home Prices:

Starting off with home prices, we’re seeing a 6% increase year-over-year. This bucks the usual seasonal trend, where we typically see a bit of a slowdown this time of year. If we compare it to 2021, we’re actually following a similar pattern. The slight bump in prices could be related to some positive news on interest rates, which I’ll talk about in a bit. Overall, home prices are holding strong, and if interest rates continue to improve, we might see prices rise a little more.

Now, let's look at the homes that sold in September:

1. Lowest Sale: $160,000 – A 3-bedroom, 1-bath home, 2,990 square feet, built in 1916, sitting on 0.18 acres. It’s in rough shape and needs a full renovation, but there’s a lot of potential equity once the updates are made.

   

2. Median Sale: $397,000 – A 4-bedroom, 3-bath home, 3,496 square feet, built in 1960 on 0.29 acres. This home has been completely remodeled and looks great inside, offering a solid example of a modernized mid-century home.

   

3. Highest Sale: $1.535 million – A 5-bedroom, 4-bath home with an additional half-bath, 5,284 square feet, built in 2018, sitting on over 10 acres. This one’s a beauty with a farmhouse vibe and stunning views. Definitely a high-end property with a lot to offer.

   

Inventory and Market Stats:

Now let’s look at the numbers for active listings and sales compared to August. We’ve got 362 active single-family listings in September, which is a 9% increase from August. However, new listings are down by 12%, and pending sales have dropped by 23%. Closings are up slightly by 1%. We’re sitting at 3.1 months of inventory, which is up a bit from previous months but still signals a seller’s market—though it's starting to feel a bit more balanced.

Here’s a quick breakdown of how the price ranges are doing in terms of days on market:

• Homes under $400,000 are staying on the market for about 40 days.

• Homes between $400,000 and $600,000 are sitting for around 53 days.

• Homes in the $600,000 to $800,000 range are moving faster, with an average of 36 days on market.

• For properties above $800,000, the average days on market jumps to 114.

Interest Rates:

Last week, the Fed made a move and cut the basis rate by half a point. This is good news for buyers as we’ve seen some favorable shifts in mortgage rates. Recently, rates dipped as low as 5.7%, though they’ve bounced back up to about 6.2-6.3%. If you’re interested in locking in a good rate, now’s a great time to reach out. I can connect you with local lenders to help you out.

The downside to lower rates is that we’re still dealing with low housing supply, which could drive prices higher again as demand increases. It’s tricky to balance low rates, low prices, and low competition all at once—something’s usually got to give in real estate.

Presidential Candidates and Housing Plans:

With the election right around the corner, I wanted to give you a quick overview of what Kamala Harris and Donald Trump have planned for the housing market. I’m not here to sway you either way—just providing the info.

Kamala Harris’s Plan (10 pages of explanations for these main points):

• Unlocking 1.2 million new affordable rental homes through historic incentives for the private sector by expanding the Low-Income Housing Tax Credit.

• Creating a new tax credit to rehabilitate affordable housing for homeowners who want to stay in their communities. Incentives for first-time homebuyers to build new affordable homes, which could be a game changer for people struggling to find a foothold in the market.

• Building up supply through the first-ever tax incentive for building affordable homes for first-time homebuyers.

• Launching a $40 Billion Local Innovation Fund for Housing Expansion.

• Taking on algorithmic price fixing, which distort markets, and ending unfair practices that help large corporate landlords dramatically raise rents.

• Stopping Wall Street investors from buying up and marking up homes in bulk.

• Expanding homeownership with historic $25,000 down-payment assistance for first-time homebuyers.

  Platform Link: https://kamalaharris.com/wp-content/uploads/2024/09/Policy_Book_Economic-Opportunity.pdf

Donald Trump’s Plan (One paragraph of information):

• Housing Affordability To help new home buyers, Republicans will reduce mortgage rates by slashing Inflation, open limited portions of Federal Lands to allow for new home construction, promote homeownership through Tax Incentives and support for first-time buyers, and cut unnecessary Regulations that raise housing costs.

 Platform Link: https://www.donaldjtrump.com/platform

That’s it for this month’s update! If you’re thinking about buying or selling, or you just want to chat about what these changes mean for you, don’t hesitate to reach out. I’m always happy to help you navigate the market, whether you’re staying local or moving out of state.

Thanks for reading, and I’ll catch you in next month’s update!

Thinking of moving to Idaho Falls, ID? We can help!

Contact me:

📱Call or Text: 208-520-5361

📅 Schedule a Call: https://bit.ly/3OOSV4F

📨Email: codywohlra@gmail.com

🌐Website: https://youridahofallshome.com

🏠FREE Guides

Sellers Guide: https://bit.ly/49GcILG

Buyers Guide: https://bit.ly/48sev5U

Relocation Guide: https://bit.ly/3UKQJPx

Money Playbook: https://bit.ly/42Hwnsl

🚚📦Thinking of moving to Idaho Falls or in South East Idaho?  Fill out this Dream Home Questionnaire to get feedback on the area that's right for you! 👉 https://youridahofallshome.com/buy

💲🏠Thinking of selling your current home? https://youridahofallshome.com/seller-consult

🔍Start you home search now:

Download App: https://bit.ly/4b7VLdr

Website Search: https://bit.ly/437EoqO

📚Learn About the buying process:

Video: https://app.orbit.realestate/v2/preview/cac1RE9RMX2iOGVuHYsd

📚Learn About the selling process:

Video: https://app.orbit.realestate/location/Eb9IhR6GpDdikE5OdMVH/page-builder/eyANxmSLRiOD0lyVsh4u

Follow me on Social Media

👍Facebook: https://bit.ly/3DFnJzY

📸 Instagram: https://bit.ly/3DyY3VN

🎵📱TikTok: @codywohlschlegel

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