Research 2022 Idaho Home Values

Boise | Meridian | Eagle | Kuna | Middleton | Nampa | Caldwell | and Beyond

 

 

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Current Boise Real Estate Market Statistics

 

Boise Home Values market Action Index

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!

 

Boise Idaho Real Time Market Profile

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.

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Boise Median Home Prices

 

 

Current Boise Real Estate Market Statistics

The following infographics display current stats as well as Year-Over-Year comparisons.

 

Ada County Idaho 2022 Real Estate Market Infogrpahic Canyon County Idaho Real Estate Market Infogrpahic 2022

 

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-

Ada County Idaho Home Values

 

Canyon County, Idaho

Canyon County Idaho Home Values

 

  2022 Median Home Values by Area

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

  Median Home Price New Homes Existing Homes
East Nampa $378,450 $418,990 $357,750
South Caldwell $380,753 $432,745 $360,000
North Caldwell $390,000 $407,703 $371,500
South Nampa $418,130 $448,935 $400,000
Boise Bench $422,000 $540,000 $420,000
West Boise $430,000 $472,450 $430,000
Kuna $444,990 $459,995 $425,000
Garden City $445,000 $370,000 $452,000
Lake Lowell $465,000 $502,500 $465,000
Middleton $480,000 $494,450 $462,500
Southwest Boise $480,000 $471,245 $480,000
North Meridian $509,990 $522,747 $499,450
Southeast Boise $510,000 $539,800 $505,000
Star $530,000 $529,450 $535,000
South Meridian $575,725 $632,117 $559,000
Northwest Boise $640,000 $748,097 $550,000
North Boise $724,950 899,900 $715,000
Northeast Boise $824,434 $815,808 $825,000
Eagle $861,000 $864,612 $860,000
*source Intermountain MLS

 

 

What will the Boise real estate market look like in 2022?

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 just got tired.

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 2022, 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

Ada County Idaho Real Estate Market Home Inventory

 

Canyon County Listings Inventory

Canyon County Real Estate Market Median Home Value

 

 

 

New Construction Statistics in Treasure Valley

Total Building Permits:

  2021 2020 2019 2018 2017 2016 2015
Ada County 4,885 4,758 4,340 3,964 3,859 3,593 2,980
% Change from Previous Year +2.67% +9.6% +9.49% +2.7% +7.4% +20.6% +31.1%
Canyon County 2,616 2,303 2,055 1,700 1,444 1,282 1,028
% Change from Previous Year 13.59% +12.0% 20.88% +17.8% +12.6% +24.7% +18.9%

 

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 actually become realized?

Treasure Valley Building Permits (Boise, Eagle, Meridian, Star, Kuna) and (Nampa, Caldwell, Middleton)

 

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.

 

Idaho Real Estate Network