2021 BOISE IDAHO REAL ESTATE BLOG
Home Value Appreciation in the Boise Area Main Treasure Valley Life

Home values in Idaho and across the country have soared as a result of the COVID-19 pandemic-fuelled real estate boom. Now that we are halfway through 2021, we gathered some of the most important numbers to see how they have changed since the pandemic started last March.

This real estate boom is driven by the laws of supply and demand: fewer homes on the market with more interested buyers than houses leads to prices going up. When a home sells in a subdivision for a higher price, it raises the prices of homes around it, leading to increases in homeowner equity. In fact, homeowner equity has risen by an average of $33,400 nationwide, and Idaho homeowners have seen an average increase of $71,000. Throughout the pandemic, Idaho homeowners have consistently realized the highest equity gains in the country. 

Looking to the future, homeowners will see almost unprecedented equity growth continuing for the next few years. Even as interest rates climb back up to pre-pandemic levels and home price increases level off, being a homeowner in 2020 and 2021 will pay dividends. The most recent Home Price Expectations Survey—a national survey of over 100 top economists— reveals expectations that national home values will continue to see record growth for the next 2-3 years before coming down closer to the 3.5%-4% normal appreciation. 

Recently, Zillow reported that the housing values have more than doubled in six states since 2011, with a lot of that coming directly from the last 12-14 months. Idaho leads the way with homes seeing values increasing 149% as home prices rise and builders struggle to build enough homes to try to stave off demand. Nevada (146.3%), Utah (126.2%), Arizona (116.5%), Colorado (111.6%) and Washington (108%) round out the rest of the list. Since Boise has grown so much so quickly, this increase is the most in the top 100 metro areas in the nation.

 

If you are curious about what your home is worth as a result of these rising home values, click here to get a free, no-obligation home valuation.

 
Posted by AndrewS at 7/29/2021 12:51:00 AM
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