How much home your money buys you in Meridian, July 2016

Over the last several years home values have been increasing in Meridian. I have watched as the $150,000 and below homes have virtually disappeared and a new normal has gained hold. I thought it might be interesting to look at what a typical home looks like in each of the major price ranges.

Less than $150,000
Built in 1905 and located in the up and coming Old Town Meridian location this home has 2 Beds and 1 Bath. It sits on a decent sized lot and has great walkability. Priced at $129,900 it is your typical sub $150,000 Home.

Finding a home under $150,000 in Meridian has become almost impossible right now. The competition is stiff and there are usually multiple offers on everything in this range. They are on for an average of 13 days and sell for 101% of asking price. The best example in the range just happens to be my own listing. See all the homes available under $150,000
Less than $250,000
Here is a great example of your typical sub $250,000 Meridian Home. 4 Beds 3 Baths 2117 Square Feet and priced at $249,999.

The under $250,000 price range has grown to become nearly as competitive as the under $150,000 range. the average days on market for a home in this range is just 28 days and they sell for a whopping 100.16% of asking price. See all the homes currently available under $250,000
Less than $500,000

This new home built by Zac Evans Construction is in South Meridian. It’s 4 beds 2.5 Baths and listed at $499,900. It has all the modern features you would expect.

Half a million dollars, not too long ago that would have bought you just about anything in Meridian but with home and lot sizes increasing in some of the new developments and new construction costs on the rise this price point is becoming the norm. The average days on Market for this price range is 56 and they sell for 99.8% of asking price. Here is a typical example of what you might expect. See all homes currently available under $500,000
$500,000+
5 Beds, 5.5 Baths and 5700 square feet. This home sits on 1 Acre and is listed at $1.3 Million.

The $500,000+ price range is a fun one in Meridian. Land is a common theme in this price range. Homes here usually have 3-10 acres and typically quite large. This price range only has 25 active homes as of today but also has one of the largest supply at just under 5 months. The homes here sell for 98.6% of asking price. See all homes for sale over $500,000.