Boise, ID Real Estate & Homes for Sale | RE/MAX (2024)

FAQs

Are house prices dropping in Boise, Idaho? ›

Buyers can breathe a sigh of relief as the median home price for single-family homes in Boise dropped to $473,000 in September, a 3.3% decrease year over year, based on Redfin data. However, Boise's median home prices were well above the national median of $412,000.

Idaho Housing Market Conditions

The current real estate market conditions in Idaho are becoming favorable for home buyers. Here's how: Lower Mortgage Rates: The interest rates for home loans have decreased to 7.03%, marking a decline from approximately 8% in the preceding year of 2023.

Boise, ID housing market

In April 2024, the median listing home price in Boise, ID was $599.9K, trending up 9.1% year-over-year. The median listing home price per square foot was $319. The median home sold price was $482.1K.

Idaho ranked 51st as the most “overvalued” local housing market as of the second quarter of 2023, with a median home price estimated by Redfin of $467,000, Insider reported.

From 2012-2022, the overall economic output per job in the area went up 14%, though that's off somewhat from a 2021 post-pandemic high. The output figure softened in 2022. Wages are also up, with the average worker seeing their paycheck grow by 21.5% from 2012 to 2022. That's sixth among the large metro area group.

Star, Caldwell and Nampa were among some of the fastest-growing cities in Idaho from 2021-2022, according to U.S. Census Bureau population estimates.

Future Projections in Idaho

In 2024, a forecast indicates a predicted increase of 4.9% in home prices, reflecting a likely growth trend for real estate values during that period.

According to the city's official website: “Boise requires 2,770 units every year for the next 10 years to meet demand … over the last 3 years, housing construction in Boise produced 4,146 units less than the need.” This also helps to explain why home prices in the Boise area started rising again in 2023.

Why is property so expensive in Boise? ›

Ada County home prices are surging as rising competition for scarce listings sends buyers scrambling. With robust demand and historically low inventory, 2024 is already turning out to be a good year for home sellers.

Supply and Demand

Regarding Boise specifically, the city's known for having low inventory and high demand, which often drove home prices up. However, the inventory in Boise is almost doubling the numbers from last year, and that's because of all the new construction getting done there.

To determine how much money you will need to make to live comfortably in Boise, assume you'll be paying for the median rent for a one-bedroom at the least, which will cost $1,148. According to the 30% rule, your monthly wages should be at least three times this amount, equalling $3,826 per month or $45,920 annually.

The effective property tax rate here is 0.80%. In urban areas, such as the city of Boise, the average nominal tax rate is, on average, 1.327%. The rural rate is somewhat lower at 0.893%.

The Boise housing market's trend denotes a competitive landscape, where homes have been typically selling in around 36 days, showing a slight slowing down in pace. In particular, the market observed a decrease in median sale price, down to $450K, reflecting a 6.3% dip since the previous year.

Future Projections in Idaho

In 2024, a forecast indicates a predicted increase of 4.9% in home prices, reflecting a likely growth trend for real estate values during that period.

As of April 2024, data shows no widespread home price drops in Idaho. Individual markets may fluctuate, but overall, prices have risen in recent years due to population growth, limited inventory, and strong demand. Continued monitoring of market conditions is advisable.

Over time, the two biggest factors are income growth and new construction.