2022 Boise Idaho Real Estate Blog

BuildIdaho.com predicts continued growth in the Boise Idaho Real Estate Market

Main Idaho Real Estate Insights
The lack of homes for sale and the number of people from out of state moving to Boise Idaho are driving home values back up.

One measure of the Boise Idaho Real Estate market is the number of homes for sale and if that number is able to meet market demand.  A six-month supply, which means there is enough homes to supply sales for six months based on current number of monthly sales, is considered a healthy and normal market. Currently, the number homes for sale in Boise Idaho would only satisfy three months’ worth of demand.

That shortage of homes for sale has kicked the Boise market into high gear and is now considered a sellers market which is quite the contrast from just 2 years ago. Today homes are receiving multiple offers and above the asking price. Part of this scenario is the interest from investors.

Another driving force of the real estate market is in-migration of new residents from other states. The Idaho Department of Transportation noted 9,020 new drivers licenses in 2011, up 1,059 from 2010, in Ada County which includes Boise, Eagle, Meridian, Star and Kuna. People from all over the world moved to Boise in 2011 but the majority were from California- 1,799 (19.9% of total new residents) and Washington- 1,181 (13.1% of total new residents). BuildIdaho.com notes that this is important to consider because last year only about 1,400+ homes were built so there is a shortage of homes for new residents that is also driving the market.

Boise Idaho still has unemployment  issues and although according to many Boise real estate agents many out of state home buyers are retired or semi-retired, these home buyers do not necessarily bring jobs to the area.

About Boise Idaho
If you are not from Boise you may be wondering what the fuss is all about? There is this little school with a football team, Boise State Broncos, that is probably the most talked about team in the country for their accomplishments. Endless recognition from major media sources setting records for Best Place to Live Work and Play in the country but what could be so great about a city in the middle of a desert? Of course, that’s what they said about Las Vegas years ago as well.Learn more about  Homes for Sale in Boise Idaho.

Posted by tlangford at 6/8/2012 5:15:00 PM

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