Boise Housing Market Update: Latest Data Reveals Positive Trends

By John West

We understand that our clients are making big life decisions and are trusting us to help them make sure those decisions are wise ones. For us, it is not about transactions, it's about relationships.

Are you waiting for home prices to drop before making a move in the Boise housing market? Uncertainty in the news may have you questioning whether it’s the right time to buy or sell. Let’s dive into the data to gain a clearer understanding of the situation and help you make informed decisions.

Initially, it may seem like home prices have decreased when looking at year-over-year data. However, this perspective can be misleading, as it compares prices to an unusually high peak from a previous year. To gain a more accurate picture, we need to examine the monthly data.

Analyzing the monthly market reports from various sources paints a different picture. It reveals that the worst home price declines are in the past, and prices are appreciating both nationally and locally in Boise, Idaho. This graph illustrates two distinct phases in the past year’s housing market.

In the first half of 2022, home prices were rapidly increasing, but around July, a downward trend began (shown in red on the graph). However, the most recent data from early 2023 indicates that prices are on the rise again. All three reports indicate a sustained period of price increases for three months or more, which is a positive sign for the housing market.

One reason why home prices didn’t crash as some anticipated is the limited availability of homes for sale. Demand continues to outpace supply, meaning there are more buyers than available homes. While rising mortgage rates may temper price growth, history shows that it’s unlikely to cause a collapse in today’s housing market.

If you’ve been holding off on buying a home due to concerns about declining prices, the data brings good news. Home prices have bounced back and historically tend to increase over time. With prices rising again, now might be the time to jump back into the market before further price increases.

For sellers who have been hesitant to list their homes, the current market conditions favor you. With low inventory and increasing buyer interest, it’s a favorable time to sell. Seize this opportunity to capitalize on the demand and potentially maximize your property’s value.

If your housing needs have changed or you’re considering buying or selling a home, our team is here to provide the information and support you need to make the right decisions for your goals. Don’t hesitate to reach out to us for a consultation. Click here to book an appointment with our team, or contact us by phone or email.