Kootenai County housing market heating up

Things are looking up for Kootenai County’s housing market. 

The median home price, homes sold and active residential listings have increased from a year ago, according to the Coeur d’Alene Regional Realtors. 

“Activity in the real estate market has seemed to pick up considerably this spring. I feel that we are seeing more buyer activity, more listing activity and prices have seemed to remain pretty stable,” said Jared McFarland, real estate agent with Century 21 Beutler and Associates. 

According to CRR, the median price of a single-family home in Kootenai County in April was $543,021, up 4.4% from one year ago. 

The number of homes sold through April totaled 697, a 5.6% increase from April 2024, while residential listings as of May 5 were 1,011, a 15.7% increase from one year ago. 

Homes were selling faster. A home for sale in Kootenai County was spending 99 days on the market, down 1% from April 2024. 

Jennifer Smock, co-owner and managing broker with Windermere/Coeur d’Alene Realty, said the market is behaving much like it typically does in the spring and summer months.  

“Buyer interest is increasing as we approach the peak selling season,” she said. “While there is still some hesitation due to interest rates, many consumers who were waiting for rates to drop are beginning to accept the current range as the new normal. This shift in mindset has helped boost market activity during the warmer months.” 

She said over the past month, she has seen some properties receive multiple offers. 

“An encouraging sign that market momentum is picking up,” Smock said. 

Single-family homes in the Silver Valley also saw a median price increase, to $288,000, up 4.7% from one year ago. The number of listings as of May 5 was 117, a 54% increase from the same time last year. 

Silver Valley homes sold through April totaled 40, a decline of 11.1% from April 2024. 

The North Idaho housing market is thriving despite higher interest rates. 

According to bankrate.com, the current average interest rate for a 30-year fixed mortgage was 6.83% on Tuesday.  

For homeowners looking to refinance, the national interest rate for a 30-year fixed refinance was 6.93%, while the 15-year fixed refinance interest rate was 6.28%. 

McFarland said he believes the real estate market is seeing strong activity because people are done waiting for the interest rates to come down.

“I think they are getting used to them being in the 6% to 7% range and they are moving forward with their plans,” he said. 

McFarland said the increase in new listings is a product of pent-up supply. He said many sellers have been holding on to their homes because they have a very low interest rate and don't want to trade it in for a higher interest rate. 

“That works for so long, but eventually as families grow or shrink or life situations change, you end up needing a new house,” McFarland said. “I think many sellers have been holding on hoping that interest rates will go down and after a few years of them staying where they are at, they have finally decided to list their homes and move forward."

McFarland said he expects more listings to hit the market between now and Memorial Day weekend.