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Hey everyone, welcome back to another Idaho Falls market update. I’m Cody, a realtor here in Idaho Falls with CW Real Estate. This month, we’re taking a look at February’s numbers, comparing them to January, and talking about what’s coming next. We’ll go over home prices, interest rates, and inventory, plus show you some real-world examples of homes that sold last month so you can get a feel for what’s happening in the market.

Home Prices Are Up

Looking at the numbers, home prices are up 10% year-over-year. That’s a pretty strong increase for this time of year. The last time we saw something similar was in 2022, when the spring market was really active before interest rates started climbing. It’ll be interesting to see how this plays out in the coming months.

If you’re thinking about selling, this is good news—home values are holding strong. If you’re looking to buy, higher prices could make things a bit more challenging, but we’ll talk about ways to navigate that.

Homes That Sold in February

Here’s a quick look at the highest, lowest, and median-priced homes sold last month:

• Lowest Sold Home: $210,000 – 2 bed, 1 bath, 814 sq. ft., built in 1950, on 0.11 acres. This is pretty typical for the lowest-priced sales in our area, with most single-family homes (not including mobile homes) selling well over $200,000.

• Median Sold Home: $410,000 – 5 bed, 3 bath, 2,552 sq. ft., built in 2013, on 0.38 acres. A good example of what you’d expect at this price point, with colors and finishes that match homes built around that time.

• Highest Sold Home: $925,000 – 7 bed, 3.5 bath, 4,666 sq. ft., built in 2017, on 0.66 acres. A really nice place with curved ceilings and some unique design features.

Inventory and Market Activity

February saw some interesting shifts in inventory and sales activity. Here’s what we’re seeing:

• Active single-family listings: 303 homes, up 2% from January.

• New listings: 119, down 22% from January.

• Closings: 90, up 43% from January—a big jump, likely due to a holiday slowdown in January.

• Pending sales: 110, down 12% from January.

• Months of inventory: 3.4, which still puts us in a strong seller’s market.

If you’re buying in the lower price ranges, expect stiff competition. Here’s a breakdown of how many homes are currently for sale in each price range:

• Under $300,000 – 27 homes (up 7 from last month, which is a positive sign)

• $300,000 to $400,000 – 83 homes

• $400,000 to $600,000 – 60 days on market (average)

• $600,000 to $800,000 – 73 days on market (average)

• Over $800,000 – 61 days on market (only two data points here, so not as reliable)

Interest Rates

Interest rates have come down slightly in the past week or so. We’ve been hovering around 6.5% to 7%, but it’s best to check with a lender for exact numbers. If you’re in the market to buy, it’s a good idea to have a solid plan with your lender and agent, especially if you’re looking at the lower price points where competition is higher.

Consumer Confidence and the Housing Market

One thing to keep an eye on is consumer confidence—it’s dropped to its lowest level since 2021. If people start pulling back on spending, that could spill over into the housing market, leading to more inventory and slower sales. High prices on everyday items, like groceries, could make people hesitant to buy or sell. We’ll see how this trend develops in the coming months.

Final Thoughts

That’s the update for February. Home prices are up, inventory is shifting, and interest rates are slightly better than they were. If you’re thinking about selling, now’s a good time with prices holding strong. If you’re buying, especially in the lower price ranges, be ready for some competition.

Let me know if you have any questions or need help navigating the market. See you next month for the next update!

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