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The Boise Real Estate market has been a seller's market for many years but COVID really turned up the heat! In the spring of 2021, the Boise Real Estate Market Action Index Score peaked at a score of 96! Many will recall the bidding wars and escalation clauses as well as builders requiring non-refundable earnest money! By mid-2022, the local real estate market shifted. By and large, homes are staying on the market for time periods closer to pre-pandemic levels and listing prices were coming down from inflated pandemic highs.
Key Takeaways:
Review current real estate market trends in specific cities. These detailed reports are updated weekly so you have the most accurate information, numbers, and trends in the local real estate markets we serve.
The most expensive home sold in both Ada and Canyon Counties in 2022 was $5.2 million. The 5,628-square-foot home in Eagle sat on 10 acres with a vineyard and pond. Build Idaho sold the 14th most expensive home in this area at $3.15 million
Here is a list of how many million-dollar homes sold in Ada and Canyon Counties since 2015.
The following infographics display current stats as well as Year-Over-Year comparisons.
How Have Home Values Changed? Compare New vs. Existing homes sold values by quarter since 2005. It has been a seller's market for years due to the interest from out-of-state buyers, lack of inventory of houses for sale, and people's ability to pay. The ability to actually buy a home is important because there is a lot of interest from California, Portland, and Seattle, which have higher-priced houses and larger incomes—which equates to greater buying power.
Ada County, Idaho
Canyon County, Idaho
*The following chart ranks areas by median price **sorted by most affordable price
Buyers were immediately ready in January 2022 to make offers on houses which would indicate another intense year of buying. Last year, many experienced buyer fatigue, which is when people have looked at so many homes and made so many offers that were rejected, that they got tired. This led to many buyers sitting on the sidelines, hoping for more favorable buying conditions.
One thing to consider is that overall, sales are flat, so people are staying longer in their homes. Many people have not moved due to Covid, but, at some point in 2023, they may be ready to sell and move. If your housing needs change, at some point you have to make adjustments.
Ada County Listings Inventory
Canyon County Listings Inventory
New Construction Statistics in Treasure Valley
Total Building Permits:
In 2021, local builders in both Ada County and Canyon County built over 7,500 homes but this continues to not be enough to meet local demand! This demand is so strong, even new apartments are popping up all over but rent rates also continue to rise. There is not enough supply to slow down how fast home values are rising. Demand remains strong from out-of-state buyers who are seeking the better quality of life that Boise offers. That is probably one of the strongest reasons for the growth.
"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%." - Rocket Homes (January 2022)
What does the history of building permits look like in Boise?
Review the following chart of building permits pulled over the last 27 years. You can see how the market was out of control compared to today. Note: building permits do not represent actual homes built. The spike in building permits of 2005 represented a market when sellers could sell anything but many did not become realized
Is Boise, Idaho really affordable?
A lot of home buyers were turned off by Boise in 2021, as they watched real estate values increase and concluded that they might as well not move because it was no longer a bargain. Consider other facets of living in Idaho that cost much less. Electric bills in Idaho are half or better than in other states. Buying a car costs less in Idaho than in California. In addition, gas and car registration costs are considerably lower. Water bills are much lower in the Boise area and the area has a vast system of canals for irrigation water which feeds most homes. The canals mean from mid-April to mid-October you can use all the water you need to wash cars, the dog, or the house for about $100 on a quarter-acre lot. Water the lawn and garden and all your plants. Play in the sprinkler with the kids from sunrise to sunset.
Review Home Values across Treasure Valley
Review current home value trends in specific cities. These detailed reports are updated weekly so you have the most accurate information, numbers, and trends in the locale real estate markets we serve.
