Is Now a Good Time to Buy a Home in Boise, Idaho?

Clients often ask me if it’s a good time to buy or sell a home in Boise. Acquaintances that know I’m a Realtor ask me what’s going on in the Boise real estate market. For both, here is what I’ve been seeing recently, as opposed to one year ago at this time.

  • The median sales price of a Boise home is 2.6 percent lower this year than last year at this time.

 

  • The inventory of available homes is falling. Last year at this time there were 1,656 homes listed for sale. This year there are 1,404.

The inventory statistic is the most important to evaluate when trying to determine which way the real estate market is poised to turn. In this case we have a shrinking inventory. If it continues to shrink – meaning fewer homes enter the market – prices may rise in response to the lack of supply but steady demand.

If you’ve been considering looking at homes for sale in Boise, Idaho, now is the ideal time to do so. Interest rates are still amazingly low and, with homes still at rock-bottom prices, you’ll get a lot more home for your money than if you wait until later in the year.

If you’re just moving to the Boise area, here are a few quick facts about our town and its residents:

  • Boise residents have a higher median household income that Idaho’s average.
  • Home values are higher in Boise than the state’s median value.
  • Boise’s cost of living index is lower than the U.S. average.

Some of Boise’s more popular neighborhoods include Alliance, West Valley, Depot Bench, Hillcrest and the North end. You’ll find a variety of housing choices in each of these neighborhoods.

When you’re ready to look at Boise, Idaho real estate, give me a call. I’m happy to show you any homes currently on the market.