What You Need to Know About the Real Estate Market in Boise

The housing market in Boise, Idaho, is booming right now, and it's a great time to think about purchasing property in this gorgeous town. The town has so many great things going for it, and it's in a fantastic location. If you want to know more about what the housing market is like in Boise, keep reading to see everything you need to know about the real estate market in Boise.

What is the town of Boise like?

For anyone who is moving into the town (or anyone who is looking to buy some investment property), it's a good idea to get to know it a bit better. Boise has a population of about 230,000 people, and it is the capital of Idaho. The town is well known for its rich history along with its beautiful scenery.

Most of the city's residents work in the local medical buildings as well as the local Micron Technology facility, which produces memory cards, USB drives, and other small technology. They have a large cultural community that is supported by numerous art galleries, museums, and musical performance centers.

What kind of people live in Boise?

Boise has a large population of young professionals that live in Boise, and it's likely due to the fantastic economy the town has had over the last few years. The majority (95%) of adult residents are high school graduates, and almost half (42%) are college graduates. They have a median household income of about 63k per household.

People love living in Boise and enjoy the great location that allows them to commute easily. Many residents who have moved from other cities rave about the minimal traffic, kind-hearted residents, and excellent access to outdoor activities. They also enjoy being so close to some of the great Universities and highly rated schools that allow their school-aged children to get an excellent education.

What is the real estate market like in Boise, Idaho?

Any Boise realtor will tell you that the city has a great market, with over 1,000 homes currently available on the market. The median home sale price for Boise is in the upper 500k range, which is a 21% rise in the last year. Homes have started to sell at a slower rate, with an average of 350 sold per month (down from an average of 400 per month at the same time last year). The houses in Boise are also selling fast, with the majority being on the market for just six days.

Boise homes are also selling at higher than their listing price, with 43% of homes selling at over their listing and an average overage of 1%. According to redfin.com, many of the houses get multiple offers, and some even have waived contingencies.

What kind of homes are for sale in Boise?

Boise has homes at every price range, including empty lots, so you can build your own dream home at an incredible price. Homes are typically single-family homes (65%), with the majority being one or two stories. Over half of the homes (57%) were built between 1970 and 1999, but new homes (built after 2000) are on the rise.

Homes are also on the larger side, with a larger percentage (almost 40%) that have three bedrooms or two bedrooms (26%) which is great for growing families or anyone who wants to start looking for larger investment properties to rent.

What does the future for the Boise real estate market look like?

Experts predict that the market for Boise will have a significant drop in prices (possibly 15% to 20%) within the next little while, with many people considering it to be "overvalued." Boise is at the top of the list of housing markets that will likely fall, according to a report by Fortune.com. According to analytics, the Boise market is currently overvalued by about 72%, so a significant price decline will need to come soon.

With so many factors currently affecting the economy (gas prices, recovering from a pandemic, etc.), the current recession is making it difficult for many people to keep up with their mortgage payments. This means that many homes have been put back on the market after being owned for a short period, so you can get them for a great price. Some people are looking to offload their homes quickly and without any conditions so they can move onto a market with lower mortgage prices, and that's great for investors who are looking to purchase.

If you're asking yourself, "Is now a good time to buy a home in Boise, Idaho?" the answer is "Yes!". Now is one of the best times to find a home that is being offloaded at a reasonable price, and the area has a booming economy that is just getting bigger. Talk to a Boise realtor today about finding the home of your dreams.