Rexburg, Idaho Real Estate Market Update

February 3, 2023

 

Welcome to this week's market update! This week we have seen a slight improvement in market activity, but not much. It still continues to be much slower than in the last several years. Year to date in Madison County Idaho, there have been 12 homes that have sold. The is a 53% decrease compared to last year at this time. Interest rates have fallen slightly to 6.09%, but we are still 72% higher than last year. The biggest obstacle continues to be the prices of homes not coming down as quickly as they should. The median sale price in Madison county is currently $319,000. That is a 16.5% decrease compared to last year.

 

Should I Wait to Buy or Sell?

What I generally recommend to my clients is if they are planning to purchase property as a long-term investment, you will most likely be just fine. Markets will always recover, and if you look at all of the historical trends in the United States over the last 70 years, we are always on an upward trend. Timing the market is extremely difficult, but if you plan to hold your property for more than five years, I would say that you will probably be in good shape. 

 

What About the High-Interest Rates?

The beautiful thing about interest rates is that they always change. If rates drop significantly over the next few years, you have the ability to refinance your property and lock in a much lower interest rate. However, if interest rates go up even more, you will be locked into your interest rate. That is unless you do an adjustable-rate mortgage. You have to remember that these are still historically low-interest rates compared to history. Although they might seem high it is just because we became so used to 2 1/2% and 3 1/2% interest rates for a few years. We definitely were spoiled!

 

Madison County Idaho YTD Real Estate Market Statistics