Boise Idaho Home Values

Nearly every headline in the news that discussed real estate in 2021 listed Boise, Idaho as a top real estate market and noted how drastically home values changed in 2021. Many articles included how great of a city it is to live but most focused on the increase of home prices. The question is why did Boise experience such a dramatic increase? The appreciation of house values many realized was record-breaking and 2022 looks to continue that trend.

The problem is that Boise is such a great place to live! Here is what Rocket Homes noted in January 2022-

"Boise ranked higher than 90% of the country for job and high-tech GDP growth and reported some of the lowest unemployment and property crime rates for the metro areas. Those promising statistics along with the city’s population boom over the last couple of decades make it easy to see why Boise’s in the top 1% of the country for 1-year home appreciation. In the past 12 months, home values in the area have increased 45%."

What this city offers is peace of mind, common sense, friendliness, and plenty of other elements that make it such a desirable place to live. Do you want to live in a place where people on the street say hello with a smile? How about access to outdoor activities for all four seasons, within an hour's drive from home? The result of all this greatness is increased popularity, growth, and increasing home prices. 

 

Boise Real Estate Market Snapshot

There are three leading indicators of a changing market that real estate agents pay close attention to:

1. Price Increased. Meaning the % of homes listed that actually increased the price of the home.
2. Inventory
3. Average Days on Market

The following report is about listings, which is about what is happening in the market currently. It is a real estate report that can more quickly identify future trends in the local real estate market.

 

How are home values in Boise changing?

Real estate is seasonal and cyclical so it is best to review charts with more data so you can see a more complete story and trends over longer periods of time.  Home values normally are strongest during the home buying season which is the hottest in Spring and Summer. CoVid has disrupted what we would expect as normal trends. Also, the number of people leaving California and large cities in the northwest has made the market more year-round.   

 

How many homes are for sale in Boise?
What does the inventory of homes for sale look like currently? How many homes are there for sale? Read current Boise Real Estate Market Report

 

The total number of homes for sale across Treasure Valley is cyclical but has been trending downward steadily since June of 2020. The increasing prices have many homeowners afraid to sell, fearing they won't be able to buy. Boise continues to be on a lot of people's radar who are looking to relocate. There is no real sign of change but developers will bring on more building lots in 2022 so there is a chance that they can help with the shortage of available homes. 

 

 

Review history of Boise home values
The chart below tracks how home values have changed over the last 16 years comparing NEW to EXISTING Median Quarterly Home Values since 2005. These trend lines also display the growth of the Boise area.

 

 

The local real estate market hit bottom in 2011 during the Great Recession and has climbed steadily ever since. Northern Boise and the Foothills have captured premium prices due to the natural amenities of the Foothills and the Boise River. These luxury homes with incredible views are popular for those that can afford to encapsulate the Boise lifestyle as part of their property! Closer to downtown people are seeking homes that need renovations but are willing to pay full price to have them before the cost of remodeling. Harris Ranch, about 2 miles northeast of downtown Boise remains the top destination for lifestyle with Foothills and River access plus an easy commute to downtown. Quality of Life seems to be a recurring theme and trend for comparing home values. The better the lifestyle, the more homes cost.

 

 

What are median home prices in Boise?

Boise is broken into different areas. Each area is unique and offers different features and benefits of owning a home there. Below is a breakdown of house values by area. One piece of information that is not displayed in the charts is details about homes. For example, in NE Boise there are a lot of smaller homes and yards while the Bench area, which is considered less desirable may offer larger properties as many of the homes are older.

 

2022 Median Home Prices by Area

• The following chart ranks areas by median price sorted by most affordable price

	Median Home Price	New Homes	Existing Homes
Boise Bench	$422,000	$540,000	$420,000
West Boise	$430,000	$472,450	$430,000
Garden City	$445,000	$370,000	$452,000
Southwest Boise	$480,000	$471,245	$480,000
Southeast Boise	$510,000	$539,800	$505,000
Northwest Boise	$640,000	$748,097	$550,000
North Boise	$724,950	899,900	$715,000
Northeast Boise	$824,434	$815,808	$825,000

 

 

The Boise housing market was very competitive in 2021, with bidding wars, escalation clauses, and offers with no contingencies. 2022 looks to continue that buying trend which started immediately in January with many buyers already looking, trying to beat the spring rush. Many homes for sale in Boise receive multiple offers and many will sell right away. The median sale price of a home in Boise Metro was $525,000 at the end of 2021, up 23.14% (+$98,652) from 2020. 

How have Home Values Changed Year over Year?

includes all Boise MLS Areas

	Median Price	%∆ Year-Over-Year	Total Homes Sold	%∆ Year-Over-Year
2021	$478,000	+30.88%	5275	-10.50%
2020	$365,200	+12.40%	5,886	+2.12%
2019	$324,900	+14.00%	5,764	-5.28%
2018	$285,000	+18.21%	6,085	-3.70%
2017	$241,106	+ 7.16%	6,319	+1.80%

 

 

Is the Boise Housing Market going to Crash? Is it going to slow down?

Idaho Real Estate Agents have been upbeat about the market since 2011 when it rebounded from the crash in 2008. In 2020, buyers began looking about 4 weeks after most cities were shutting down to reduce the infection rate of CoVid. Since then, inquiries and home showing requests have ticked upward nearly vertically. The pressure for real estate agents to find clients home has been full throttle. We have discussed real estate market conditions in many of our blog posts.

 

Is Boise a good place to invest?

There has been much interest from every type of investor, even developers are paying top dollar anticipating the market remains strong. Several large land deals were put together in 2021 by national builders who are just beginning their stake in Boise. Keep in mind that land normally has a two-year lag before homes are available to sell, so developers are very positive about the market.

Additionally, there are several cranes that you can see in the skyline above Boise. There are a number of commercial projects happening with more continuing to make the news. Many retail and large service providers are bringing their products to Boise, like Amazon and TopGolf. There are also a small number of manufacturers considering Boise. Many of these are business decisions but part of that is that the executives and owners want to live here.

 

Why is Boise Real Estate Booming?

The point cannot be emphasized enough, "Quality of LIfe!" So many people are moving here for affordability, liveability and just the common sense approach that people see to how the state is running and how people live together.

As Trey Langford, founder of Build Idaho says

"The crazier the world gets, the better Boise looks!"

Idaho Summary Home Values Report:
Summary, Boise, Caldwell, Eagle, Emmett, Garden City, Kuna, McCall, Meridian, Middleton, Nampa, Star

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