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May 2024 Market Snapshot

Our home sales trends are holding steady from the past few months, so I wanted to highlight a different part of the real estate market that is showing significant signs of change: undeveloped lots and homesites.

In Valley County, sales volume on lots in the first four months of 2024 is up 40% over last year and median price is up 29%.

(The stats for Meadows Valley show similar trends, but the smaller volume in that area makes the percentages fluctuate a bit more so we’ll keep an eye on this over time).

These statistics are surprising considering building costs have not come down and interest rates on bare land are hovering around 9.5% to 10%.

We are still seeing an influx of out-of-state and in-state buyers who are in the position to pay cash, which helps offset the impact of high interest rates. A few buyers I have been involved with are planning on starting construction right away despite building costs that range from $400 per square foot to $600 per square foot (depending on finishes and size)!

As we shared at the top of this newsletter, there are a few more subdivisions that are working their way through planning and zoning so we may see more inventory hit the market this year.

I expect most lots will be in the 200K to 300K price range. It will be interesting to see if this upward sales trend continues throughout the year or if the cash buyers have already made their moves.

I’ll keep you posted on the land and home trends through the peak buying season (summer) and as always, feel free to reach out with any questions!

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