The Idaho housing market is hot. Idahoans know it, the whole country knows it. It seems like all of us living here cannot go one day without being hit in the face with the current state of the housing market. That’s because it’s rapidly changing faster than most of us can believe or keep up with. When you observe the Year-over-year changes in our market you will notice huge gains in sales prices. When you look closer at the month to month you can see that prices have completely flattened in the third and now the fourth quarter of 2021
Raised in Idaho, a Boise State alumn, and now an Amherst Madison Realtor and Partner Tyler understand the responsibility he has to show Idahoans the truths. Some truths, like that of our growing population, are relatively unavoidable. But others, like that Idaho real estate could never be affordable, are truths that Tyler Horn knows he has the data to dispel.
We asked Tyler to shed some light on what happened to the Idaho housing market in the year 2020 and 2021, along with a prediction of where it could be going in 2022.
If you’re looking to buy a house in Idaho anytime soon, keep reading to get the inside scoop on the truths of the Idaho housing market.
Idaho Housing Market Data for 2020 in Ada and Canyon County
As Idaho’s capital, Boise and the surrounding Treasure valley have seen some of the highest growth in the last decade. If you were trying to buy a home in the summer of 2020, you probably saw the worst of this; Tyler saw this issue as well.
In Ada County - Boise, Meridian, Eagle, Kuna, Garden City, Hidden Springs, and Star - for the year 2020, there were only 443 active listings in the month of October, with a median price of $406,684. Fast forward to October 2021 and Ada County has 1,145 active listings with a median price of $533,950. This explains much of the same-day-offers accepted that potential buyers would have been running into last year that we are not seeing in the 3rd and now 4th quarter of 2021.
While you could have seen some houses in Boise be on the market for as little as 2-3 days, the average day on the market for Ada County In October is 23 days, September was 19, and May listings only sat on the market 6 days! All
So how did the market change in 2021?
Idaho Housing Market Data for 2021 in Ada
For 2021, while the year isn’t quite over, we’ve seen some interesting changes thus far. Median house prices in Ada County rose to $537,425, but the rate at which house prices are rising is cooling down from last year with the number of active listings rising to 1,145 in October.
While our market is still very strong, The market has definitely cooled off from the giant gains we saw in 2020 and early 2021. Something I think is important to understand is median sales price in Portland, Oregon is currently $539,000, It is $585,000 in Denver, Colorado, And the median sales price in Seattle, Washington is $775,000. Our median sales price is $500,000 and I believe Boise tops all those cities in lifestyle and family living!
Idaho Housing Market Prediction For 2022
If you’re wondering where all this data is leading up to, Tyler Horn shares his predictions for what the Valley can expect in the next year, and how you can use it to your advantage.
Boise, Meridian, Eagle, and Nampa, and the surrounding areas are expected to keep growing, and if you’re looking to become a first-time homebuyer or purchase a new home, your best plan of action is to be prepared.
“Interest rates are projected to rise in 2022. They will still be very good for buyers staying in the mid 3% range according to some experts. This may slow down the appreciation in home values but as long as we have more buyers than sellers here in Ada county we will see this competitive market continue to rise,” shared Tyler.
The Treasure Valley is still predominantly a seller’s market, but the market has begun to look better and better for first-time buyers. If you are a first-time buyer, your best move is to make sure you have a solid plan with a trusted and knowledgeable realtor, like Tyler Horn. Realtors like Horn are committed to staying up to date with the real data and reality of the Treasure Valley housing market to better empower his clients.
To contact Tyler Horn and follow his social channels, check out the link below!
Website: hornre.com
Facebook: @THornRealEstate
LinkedIn: @TylerHornRE
Instagram: @Horn_RE
Read our previous blogs on Tyler Horn:
Planning Your BSU Gameday with Tyler Horn
Tyler Shares Family-Friendly Summer Activities
Tips For Home Sellers From Tyler Horn
Tyler Talks East Boise's Growing Popularity
Tyler is Part of the Boise Community