The housing market in Boise, Idaho, has seen significant changes over the past year, and as we head into spring, the trend shows no signs of slowing down. While the pandemic caused some uncertainty in the market in 2020, the demand for housing in Boise has remained strong, resulting in a seller’s market with high prices and low inventory.
One of the main factors driving the demand for housing in Boise is the city’s growing population. According to the U.S. Census Bureau, Boise’s population increased by more than 13% between 2010 and 2020, making it one of the fastest-growing cities in the country. This influx of new residents has put pressure on the housing market, as more people compete for the limited number of homes available.
Another factor contributing to the housing market’s strength is the city’s attractive quality of life. Boise boasts a low cost of living, easy access to outdoor recreation opportunities, and a thriving arts and culture scene, making it an appealing destination for both retirees and young professionals. Additionally, the city’s proximity to major metropolitan areas like Portland, Seattle, and Salt Lake City makes it an attractive location for businesses and entrepreneurs.
However, while the demand for housing in Boise remains high, inventory levels have remained relatively low. According to data from the Boise Regional Realtors Association, the number of homes for sale in the Boise area decreased by 64% in February 2021 compared to the same month in 2020. This shortage of homes has driven up prices, with the median sales price for single-family homes in Ada County (which includes Boise) reaching an all-time high of $469,000 in January 2021.
The low inventory and high prices have made it challenging for buyers to find homes in Boise. Many homes are receiving multiple offers and selling above the asking price, with some buyers even waiving contingencies like inspections and appraisals to increase their chances of winning a bidding war.
Despite the challenges for buyers, the housing market in Boise is expected to remain strong in the coming months. Low interest rates and the city’s growing economy are likely to continue fueling demand, while new construction projects are expected to increase inventory levels. Additionally some experts predict that more people will move from larger cities to smaller, more affordable cities like Boise.
In conclusion, the housing market in Boise, Idaho, is currently experiencing high demand and low inventory, resulting in a seller’s market with high prices. However, the city’s growing population and attractive quality of life are likely to continue driving demand in the coming months, while new construction projects are expected to help alleviate the inventory shortage. As we head into spring, the Boise housing market remains an interesting space to watch.