What's Happening?
In Boone County, the median home listing price in July 2025 was $429,500, a 2.9% decrease from the previous month, according to Realtor.com. Despite this monthly decline, the price was slightly higher than in July 2024. The median home size was 2,140 square feet, with a price of $201 per square foot. Homes were listed for a median of 39 days, faster than the national median of 58 days. The number of new listings increased by 15.6% compared to July 2024, with 282 homes newly listed.
Why It's Important?
The decline in home prices in Boone County, coupled with an increase in new listings, suggests a potential shift towards a more competitive housing market. This could benefit buyers seeking more options and potentially lower prices. However, sellers may face challenges in achieving higher sale prices. The faster turnover rate indicates strong demand, which could stabilize prices if sustained.
What's Next?
Continued monitoring of listing trends and market demand will be crucial for stakeholders. If the trend of increased listings persists, it could lead to further price adjustments. Economic factors such as interest rates and local employment conditions will also influence future market dynamics.
