Before you buy a house, you need to know the housing market trends to understand when to buy, where to buy, and how much to sell your house for. Knowing the average asking price, the most desirable areas in Boise, and how to use a professional to help you get the most bang for your buck is essential to getting a good deal on your home.
Or, if you are looking to purchase a house, knowing the housing market trends in Boise for this year can help you buy when the prices are at an all-time low. Before moving forward with the real estate process, let’s check out the prominent trends that every home buyer and house seller needs to know.
Average Days on Sale Trends
Homeowners and sellers need to own migration and housing market trends to see the average days houses spend on the market, when you should sell your house, and the trends of people moving in and out of the Boise area. According to recent studies, Idaho has one of the highest inbound moves in the U.S.
As a result, the city has risen in terms of inventory sales, total sales per year, and the one-year return percentage. Construction has flourished in the Boise area due to the developed land and the potential for expansion. Therefore, there’s plenty of room for more people to move.
The average days on sale trend for Boise, Idaho comes out to just six days on the market, which is up one day from last year. However, this is still a good number, with most homes on the market for less than one week.
Furthermore, just last month, in April of 2022, Boise home prices increased almost 13% compared to 2021, selling for an average of under $530,000. Compared to other blossoming states, like California, this is a huge number for a less-prominent part of the country.
In just April of this year, 318 homes were sold. Many of these homes received multiple offers from various buyers, showing how purchasing is desirable at this current time. Although the homes are currently selling for 1% above the listing price, this is not high enough to deter eager buyers from purchasing homes.
Overall, homes can sell for as high as 3% above the asking price, giving sellers a significant profit on their homes. The “hottest” homes on the market can reach this profit level and sell in as little as three days.
These numbers show how current homeowners in Idaho, and Boise in particular, can make a profit from revamping their homes, flipping houses, or renovating old lots to make quick cash.
Property By Type Trends
Some home buyers want to purchase specific types of houses that can work for their needs. Boise has everything if you are looking for a family home, condominiums, apartments, or waterfront properties. Plus, home buyers can look for particular neighborhoods to find the most desirable area for themselves and their families.
So, what should buyers focus on? Seeing how the real estate market ebbs and flows in Boise, and how specific properties do better than others, can help buyers and sellers read the market.
Let’s check out some of the property by type market trends and the areas which are hot on the market right now:
- A single-family home in the nearby Ada County increased to almost $600K, a record high for this area (reducing the affordability).
- The median home prices in Canyon County increased by over 20% from last year to 2021 (higher interest rates).
- Boise reached a new record high of $567.8K as a median home price.
- The nearby Meridian County surpassed the $600K mark for the third time in history.
- Mortgage rates continued to increase since 2021
- There has been a nationwide demand for commercial and industrial development, such as condominiums, apartments, and family homes
Areas of Growth for Property Owners
Property owners looking to make a profit when selling their house in Boise, Idaho, need to consider the areas of growth. Instead of just reading the current housing market trends, new homeowners should work with local real estate agents and professionals to figure out the best time to sell and how to improve their home values.
One of the best ways to increase home value is to do necessary repairs, renovations, or replacements. For example, renovating huge rooms, like kitchens, bathrooms, and the living room can help boost the home prices on the housing market. In this case, spending extra money upfront can lead to a hefty profit in the end.
Since the demand for houses continually increases in Boise, homeowners need to meet the growing demand for quick sales. Fortunately for homeowners who need to sell their house quickly, this is a great time to put your house on the market. Who knows, your house might become one of the most expensive home sales in Idaho!
Currently, Boise is a seller’s market—the demand for housing is eclipsing the current homes on the market. This means buyers are currently getting multiple offers above asking the average home prices, cash offers, and contingency deferrals. If you need help selling your home, use Gem State Cash Offer to get the best deal possible.
Furthermore, the Boise metro area is currently booming in terms of expats flocking to the region. This area encompasses Boise Canyon, Owyhee, Gem, and Ada counties in Idaho. All of these counties’ housing markets are currently skyrocketing, meaning that property owners in these areas can enjoy a less-stressful time selling their houses.
Bosie is one of the fastest-growing cities in the country, driving up the median sales price and lowering the monthly supply of homes.
Areas of Decline for Property Owners
One thing to keep in mind when it comes to selling homes in the Boise housing market is that the supply is very low. This means that first-time homebuyers will have to pay over the asking price (which is good for sellers).
Still, it does mean that the severe increase in home prices can also reduce the multiple offers and competitive real estate market that was apparent earlier in the year. The consistent demand could lead to new construction, which could cause more realtor competition on websites like Zillow.
In addition, although expats in the area are looking to buy, the inbound move percentage compared to other states is lower. For example, Vermont is currently experiencing a 74% inbound move percentage, whereas Idaho is only at 60%.
The lack of people moving into the state could reduce the competition for houses in the Boise real estate market. If you need a buyer, we buy homes in Boise can help you get a quick sale.
Real Estate Market Value Growth in Boise
The real estate value has continued to grow in Boise, Idaho. Due to the inventory growth, price growth, and huge increase in percentage in median housing growth in the past years, this is the perfect storm for a seller’s market.
Compared to other cities in the United States, Boise has experienced the second-largest jump in median household income out of every city in the country.
This suggests that the increased wages of Boise natives and the desire to move to a high-paying area have led to more demand for permanent housing in Idaho.
Furthermore, the demand for houses has continued to grow, despite the pandemic, changes in wages, and remote working. In fact, there is currently a greater demand for homes in Boise than there was before the pandemic.
Demand for Boise real estate reached an all-time high when homes were selling for almost 81% more than the average home prices—showcasing how the demand was much higher than the current inventory.
Therefore, homeowners can do a lucrative business by upgrading and selling their houses. By learning the real estate market trends in the Boise metropolitan area, they can play into the era of remote workers and increase housing prices.
Since many office workers are now operating from their homes, employees are looking for homes in affordable housing areas with a home office—which makes Noise, Idaho, very desirable.
Not to mention, the culture of the Boise metropolitan area is a huge draw for those looking to put down permanent roots. The culture of Boise focuses on outdoor things to do, green spaces and parks, local restaurants, cute shops, and entertainment venues that are great for solo individuals, couples, and families alike.
Work with professionals, like companies that buy houses in Meridian, to get a great deal on selling a new home.
Conclusion
For homeowners who are curious about the process of selling a house or home buyers who are looking to get the best deal possible, understanding the Bosie housing market trends is essential to saving money. Work with a professional who can help teach you the average days on sale trends, property by type trends, and areas of growth to work on as a property owner.