If you’re considering moving to or from Boise, Idaho, there are some housing market statistics you need to know.
Boise’s real estate market is booming, making it difficult to buy and very lucrative to sell. Understanding the local real estate market trends ensures you’re prepared to navigate market difficulties before you make an offer or list your current home.
Below, we explain everything you need to know about Boise and its competitive housing market. We’ll discuss the city in detail so you understand what drives buyers and sellers. Then, we’ll delve into current Boise housing market stats and trends so that you can make educated decisions before making your move.
Boise, Idaho, sits in Ada County in the southwestern portion of the state. It’s Idaho’s state capital and largest city, but unlike other U.S urban hot spots, Boise is exceptionally clean and safe. The rate of violent crime in Boise is 16.3 per 100,000 people. The U.S. average is 22.7. City leaders focus on keeping the area clean and friendly to families.
The city also boasts exceptional affordability compared to other metropolitan areas. Cities like Los Angeles, New York, and Chicago are far more expensive to live in than Boise.
That, combined with mild weather, stunning rivers, spectacular mountains, and pristine lakes, makes Boise the perfect place for outdoor enthusiasts who don’t want to sacrifice the conveniences of city life.
Boise started as a stop for French Canadian fur trappers in the early 19th century. They came across a cottonwood tree-lined river after miles of stark high-desert lands and named the place Boise (French for “wooded”). That river became the Boise River, and a community soon sprung up nearby. The community would eventually become the city of Boise.
Boise became Idaho’s capital in 1864; today, it’s a fast-growing metropolitan area. The Boise-Nampa area, also known as Treasure Valley, currently has a population of over 700,000.
Despite its ever-growing population, there may be more trees than people in this unique urban locale. Boise is sometimes called the “City of Trees” and features many tree-filled parks. Many of the trees were gifts from U.S. presidents and other dignitaries, including species from all over the world.
The city is also surrounded by over 4.7 million acres of wilderness, making it a recreational paradise. With an average of 234 sunny days per year, there’s plenty of time to explore the 180 miles worth of nearby trails, float the Boise River, or enjoy a weekend camping trip.
The mix of urban ease and natural wonders makes the booming Boise real estate market easy to understand. If you’re looking for a safe, clean city with unparalleled access to the great outdoors, Boise is the perfect place to settle.
About the Boise Housing Market
Given all that Boise has to offer, it’s no wonder that home prices in Boise have been on the rise. Boise is North America’s second least affordable housing market, and Oxford Economics ranks it the least affordable market in the U.S.
With the increase in remote work options during the pandemic, Boise’s home values skyrocketed. Homebuyers, no longer tied to their offices, fled populated areas of California and other states in search of more affordable living and better outdoor access. In response, the Boise real estate market flourished last year.
In early 2022, Boise was deemed the most overvalued real estate market in the United States, and housing prices were 80.64% higher than they should be. This was mainly because the number of interested buyers far outnumbered the number of homes available.
With interest rates still low, open house activity thrived. Sellers often received multiple offers on new listings; many sold above the asking price.
As of April 2022, though, the white-hot market began to cool, and 41% of Boise sellers dropped the list price on their homes. Rising mortgage rates are mostly to blame for the slight cooldown. At the same time, coastal employers are asking many to return to in-office work, pushing demand down further.
Still, though, the market is booming overall. Buying demand is still high, and housing inventory is still low. That means the Boise metropolitan area is still a prime seller’s market, even with the increase in interest rates.
A number of new homes are being built in Boise to satisfy the increased demand. But even with the advent of new construction, Boise home prices will likely stay high for the time being.
New homes are priced at a premium because building supplies are currently very expensive. And to achieve market balance, there would need to be a three to four-month supply of single-family home listings. Currently, there’s only a 1.32-month supply.
So, it’s a great time to do so if you’re looking to sell your home in the greater Boise metro area, including Meridian or Nampa. These are some of the best places to live in Boise, with many interested buyers.
Of course, the normal selling process comes with a barrage of fees, including real estate agent commissions. If you’re hoping to avoid that, we buy homes in Nampa, Boise, and the surrounding areas without commission or fees. We’ll manage the process and cover all the costs, making the experience quick and easy.
So, if you’re thinking, “I wish someone would buy my house in Boise area without the headaches of a traditional sale.” we can help.
Alternatively, if you’re considering buying a home in Boise, be ready to offer a little over the price. You’ll need to work with a realtor who knows the market well, especially if you’re a first-time homebuyer. And, you’ll probably want to get pre-approved for financing.
Boise Housing Market Statistics
Housing market trends in Boise are cooling compared to 2021 and early 2022, but it’s still a scorching market. Below we provide the latest statistics and help you decide what they mean for buying or selling a home.
Median Home Price
The median sales price indicates property value because, unlike an average home price, the median price isn’t skewed by exceptionally low or high-value properties.
As of the end of May 2022, the median home price in Boise was $585,000, a 21.9% increase over the past year, according to Redfin. Zillow reports slightly lower numbers of $533,538 for the median price and an 11.1% increase year-over-year.
Meanwhile, the median home price in Ada County (which includes Boise, Meridian, Garden City, Eagle, Star, and Kuna) set record highs and topped $600,000. That’s a 16.22% increase over 2021.
Nearby Canyon County saw median home prices jump 12.95% to $459,990, the second-highest median home price ever recorded.
Median Days on Market
The median days on market (DOM) indicates how potential buyers react to a property. If the DOM is exceptionally high, the home is probably overpriced. If it’s low, say under seven days, the house will likely sell for the asking price or higher.
The median DOM for Boise is currently six days. A home that’s very competitive within the market could go much faster, in as little as three days, and may command up to 3% above the asking price.
Price Per Square Foot
The average price per square foot can help you determine the market value of any home. As of May 2022, Boise’s average price per square foot is $346. That’s a 16.5% increase over last year.
The sales-to-list ratio is the home’s final price divided by the home’s list price. It tells you whether homes are selling for more or less than the asking price. If the sales-to-list ratio is over 100%, homes are selling for more than the asking price.
In Boise, home sales show an average sales-to-list ratio of 101.2%. Perhaps surprisingly, this is a 2.2-point decrease over last year when homeowners were easily gaining 3% or more over the asking price.
Boise real estate is in high demand. The city is growing fast for a number of reasons, including its commitment to cleanliness, low crime rate, and easy access to the great outdoors. That makes it a seller’s market that may be tough for first-time homebuyers to break into.
If you’re thinking of selling your Boise home, there are companies that buy houses in Idaho has to offer. These companies, like ours, can streamline the home selling process while covering costs and eliminating commissions. In a hot market like Boise, it’s the easiest way to sell your home quickly.