Are you looking to buy or sell real estate in Boise, Idaho? If you need assistance with affordable housing in the Boise housing market, the information below will provide you with data on average and median home prices in Boise.
You’ll learn about higher and lower home values and the best places in Boise for homebuyers to consider.
How has the Boise housing market fluctuated or grown in the last year? The information below will outline how the real estate market has changed in Boise. Keep reading to learn all about the Boise real estate market. Let’s get started!
Average Home Price in Boise
Boise home prices are far from cheap. The median sales price is $575,000, which shows a growth of 22.02 percent as compared to 2021.
Furthermore, median Boise home prices of sold properties have risen to $585,475 over the past year. Essentially, the price has skyrocketed by nearly 21 percent.
The housing inventory has also decreased over time and fewer home sales occurred in 2022 as compared to 2021. On average, homes have spent only five days on the market. The 30-year fixed mortgage interest rates have also increased to 5.23 percent or more from around 2.96 percent.
Essentially, first-time homebuyers interested in Boise homes for sale will need a large chunk of money to cover the down payment and the mortgage. For example, in March 2022, Boise saw a $25,000 increase in home prices over just one month.
Canyon County tends to have more affordable housing, but real estate has grown by $19,000 during the same period here. Ada County housing prices increased by $25,000 in March 2022.
The issue is that demand for housing in the Boise, Idaho area grows much faster than the declining housing inventory available.
The only way for the affordability of homes to improve in the Boise metro area is through new construction projects and a reduction in mortgage rates. The pandemic has delayed many construction projects nationwide. Regardless of whether you’re moving to California, Utah, Oregon, or Idaho, housing projects have declined nationwide.
High and Low Home Prices in Boise
According to Zillow, the standard home value in Boise is $535,281 as of April 2022. With 31 neighborhoods throughout Boise, you will find ones with low and high home values.
Homeowners list their properties at around $1.6 million in the Warm Springs Mesa neighborhood, which is the richest area of Boise.
Central Bench is the most affordable area in Boise for homebuyers looking for a new home. The neighborhood has homes sold at an average of $415,000. One of the cheaper homes available has a listed price of $379,000 on Westminster Lane in Boise.
The median purchase price of homes in the Depot Bench neighborhood is $181,200. Yet, the median listing home price per square foot is $324.
Another reason why the properties in Boise are so high relates to the very high-quality schools found throughout the city with excellent reviews from students and parents.
Every neighborhood has different home prices and benefits, so you will want to consider which Boise area is best for you and your family.
Best Areas to Live in Boise
Boise has plenty of great neighborhoods for you to consider. The city has a rich restaurant scene for foodies and families alike. You can enjoy plenty of nature and a generally low cost of living in Boise. The best and most affordable neighborhoods in Boise include:
- Depot Bench
- Collister
- Southwest Ada
- North End
- West Valley
These five neighborhoods have some of the best options in most U.S. housing markets. When working with a real estate agent, ask about Depot Bench and its 30 percent safer crime rate than the rest of Boise.
The area is perfect for nature lovers as well as those who enjoy big city life, as it holds plenty of restaurants, bars, and coffee shops.
Collister, a laidback neighborhood with great scenery, has great schools for kids and affordable eateries. You will enjoy a great park, library, and golf course there.
The North End has beautiful architecture and plenty of green space to enjoy. The modern style of homes and excellent schools also make it the perfect location for families with children.
West Valley also offers some modern homes and other ranch-style houses. Here, you can find condos and apartments to rent as well. With great schools nearby, the area is great for families as well as single professionals.
Sale-to-List Price Ratio in Boise
The sale-to-list price ratio is the final sale price of a home or the amount the buyer spends on a house divided by the last listed price and then displayed as a percentage.
In addition, according to Realtor.com, the pending ratio is the ratio of the number of pending listings as compared to the active listing count in a certain area during a specific month.
When the sale-to-list price ratio is above 100 percent, the house sells for higher than the listed price. If the ratio drops below 100 percent, then it sells for less than the listed price.
Home sellers and buyers would benefit from learning about an area’s sale-to-list price ratio to better understand how to negotiate during the home buying process.
In Idaho, the sale-to-list price ratio changes depending on the month that you’re selling or buying a property. In May 2019, the sale-to-list ratio was 98.9 percent in Idaho while the average annual sale-to-list ratio was 98.37 percent.
June also had a similar ratio of 98.8 percent. The month of January, however, had the lowest sale-to-list ratio of 97.3 percent.
Understanding this type of information will help homeowners pick the best time to put a house on the market.
Average Days in Housing Market
The average number of days a home spends on the housing market will guarantee whether the place gets a good price or takes too long to sell. When a home spends too much time on the housing market, homebuyers tend to think there is a problem with the property.
The longer a place spends on the market, the fewer incentives buyers have to buy it. On various websites like Zillow or Redfin, you can find how long a property has spent on the housing market.
If a house has been on the market for too long, you may want to reduce the price or even conduct some renovations and then relist the home on the real estate market. You may want to stage the home differently and market it to make the house more attractive to homebuyers.
If your home has spent too much time on the market, you may want to consider selling to cash home buyers in Meridian, who will buy your property quickly in its as-is condition. Companies that buy houses in Boise with cash won’t need to get a loan and can buy your property much quicker.
However, in Boise, most homes get sold very quickly, especially due to the low housing inventory across the city. On average, homes get three offers and sell in about six or seven days. Therefore, sellers’ properties only spend about a week on the housing market.
Conclusion
The cost of selling a house in Idaho depends on how many renovations the property needs. However, the profit from most properties in Boise is rather high, so most sellers are likely to spend much less on renovating than the overall profit from the home sale.
If your home has spent too much time on the housing market, contact us because we buy houses in Idaho with cash in their as-is conditions.