Jared McFarland, 2023 Realtor of the Year who is with Century 21 Beutler and Associates, said inventory has remained relatively low, which continues to put upward pressure on pricing.

"Overall, we are seeing prices remain fairly stable, with moderate appreciation in the more active and affordable market segments," he said. "Well-priced homes continue to attract strong buyer interest, while overpriced homes are taking longer to sell."

McFarland said most segments of the market are showing slight increases in both prices and sales activity compared to this time last year. The strongest growth has been in the lower to mid-priced single-family home market, particularly in the $350,000 to $600,000 range.

"This price range has seen the highest demand due to affordability and pent-up buyer demand from those most impacted by interest rates and rising housing costs over the past few years," McFarland said. "As rates stabilize, many buyers who had been waiting on the sidelines are becoming active again."

McFarland said waterfront properties and luxury homes have remained relatively stable so far this year, though activity in those segments typically increases as we move closer to summer and the seasonal North Idaho market gains momentum.

He said negotiations have definitely changed from the post-COVID frenzy, but multiple offers have not disappeared entirely. Homes that are priced correctly and presented well are still seeing strong activity, and some are receiving multiple offers and selling above asking price.

Shoshone County saw similar price changes. In April 2021, the median price of a single-family home was $197,500. Today, its $327,000, a 79% increase.

With housing costs consuming up to 50% of the median income in some states, the personal-finance company WalletHub recently released its report on "States Where People Spend the Most and Least on Housing" to highlight where homeownership is least affordable for the average resident.

It found that Idaho residents spend the eighth-highest percentage of income on housing. According to the report, Idaho's average monthly housing cost was just over $2,000

It said the average cost of housing as a percentage of median monthly household income was 30.88%.

“Homeowners and home buyers have faced whiplash over the past few years, with housing prices soaring and interest rates fluctuating from historic lows back up to the highest rates in more than a decade, said Chip Lupo, WalletHub writer and analyst.

Today’s buyers are extremely educated on pricing because of the amount of information available online, McFarland said. Because of that, homes that are overpriced — even slightly — tend to sit on the market much longer. In contrast, homes priced appropriately often sell within the first week.

"The $400,000 price range continues to see the strongest demand, and many homes in that segment are still experiencing competitive situations and sales above asking price," he said. "On the other hand, homes that linger on the market for several months often face increased buyer negotiation and eventual price reductions."

On average, homes are currently selling for approximately 98% of their list price. In the lower price ranges, that number is closer to 99% because of stronger demand. 

"Higher-end homes generally require more patience and negotiation, although limited inventory in some luxury segments has helped support pricing," he said.

Overall, the market remains healthy and relatively balanced. 

"That balance suggests we are closer to a stable, sustainable market rather than the extreme seller’s market conditions we experienced a few years ago," McFarland said.