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.

The months from March to June are the best time to buy a house in Idaho. This is due to the higher inventory, increased competition among sellers, and potentially lower asking prices.

$483,604. The average Boise home value is $483,604, up 3.2% over the past year and goes to pending in around 12 days.

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.

Idaho's capital city has a record for being one of the best cities for long-term real estate investments. Boise's housing market was ranked as the country's top market by Realtor.com based on the combined yearly percentage growth in home sales and prices.

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.

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.

What is the most expensive place to live in Idaho? ›

Payette. Payette offers budget-friendly living with a median rent of $1,847, which is $38 lower than the national median. With healthcare costs being 9.8% lower than the state average, the city stands out as one of the most inexpensive places to live in Idaho.

California is home to the most expensive housing markets in the US: See a nationwide breakdown. California is one of the largest and most populous states in the U.S. – it's also one of the most expensive places to live.

Taxes on real estate in Idaho are relatively low in comparison with the rest of the country. The typical homeowner in the Gem State pays $1,817 annually in property taxes, around $1,000 less than the national average. Not in Idaho?

Home sales also got affected heavily over the past year. In April 2023, there were only 225 homes sold in Boise, compared to 292 last year; this implies a 22.9% decrease from last year.

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.

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.