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Boise Idaho Housing Trends

March 7, 2023

The city of Boise is one of the fastest growing and appreciating metropolitan areas in the United States. Boise is the state capital, Ada county seat, and the largest city in Idaho. The Boise metropolitan area, also known as the Treasure Valley, stretches all the way from Ontario, Oregon to Mountain Home, Idaho. So what do you need to know about the current housing trends?

The Treasure Valley includes five counties, and is the most populous metro area in Idaho, containing the state’s three largest cities; Boise, Nampa, and Meridian. From 2020 to 2022, the valley grew at a rate of 7.8% with a currently increasing population of approximately 780,000. With low crime rates, highly accessible nature and outdoor activities, and high quality schools, the larger Boise metro is among the fifteenth-fastest growing areas in the country. According to the last census, the population of Boise proper only increased by less than 1% – approximately 2,000 people– but, with a population increase of nearly 50,000 people, Boise's western suburbs are growing steadily. Meridian, Nampa, and Caldwell are all experiencing growth at approximately 5%. 


As indicated by its rapid population growth, Boise has seen incredible growth in the job market over the past several years as well. Boise residents are highly educated, with a median income of $61,000 for a one-person household and $87,500 for a four-person household. Since January of 2022, Boise is the 11th fastest growing job market in the country with a very low unemployment rate. From 2017-2022, Boise's tech employment alone has increased by 41%, with a 10% growth in tech wages. Going forward, Boise is expected to see future job growth of over 50%, much higher than the U.S. expected growth rate of 30%. 


In this city rich with investment opportunities, you'll find single-family homes, student rental properties, condos, apartments, townhomes and more available.  With all that being said, the Boise market is on fire. It's one of the best markets in the country, homes selling at rates 50% above what they have historically.


The median sale price for single-family houses in Boise is $485,000 based on 238 home sales, and an average square footage price runs at $273/square foot (a 16.5% increase from 2021-2022.) Between March and April of 2022, home prices increased by over $20,000. New construction home prices have also significantly increased in price (up 36.7%) at a record high of $690,000 in April of 2022. Half the homes listed in April were sold within seven days, with a median of 6 days on the market. 


Want to know more about the Boise market and how to play the market so it benefits you now, and in the long-run? Give us a call at (208)254-1501 and we'll be in touch!


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