Real estate prices in Boise, Idaho, continue to boom, with median home prices crossing the 500k psychological mark. It happened in Ada County, the most coveted neighborhood in Boise, where the median home price rose to $523,250 in May. That’s 30% up from May 2020 when the median price in Ada County stood at $360,000.
In April, the median price was $481,000 so crossing the $500,000 threshold represents the sharpest one month jump since the beginning of the pandemic in 2020.
The same trend can be observed in Canyon County. The median price of homes sold in May was $410,000 up a whooping 48% as compared to the same period last year.
Highest house price rise in the US
House prices are on the rise nationwide, but nowhere near as fast as in Boise. According to experts, the city of Boise is experiencing the fastest growth in real estate prices countrywide. A study of 300 US cities conducted by Realtor.com put Boise on top of the list with a 71% surge in house prices over the past four years, while the national average stood at 57%.
While prices in Ada County have jumped over the $500,000 mark, the nationwide average home price is at $341,600.
The surge in house prices in the City of Trees is very good news for those selling their properties, but not so much for those looking to buy or rent.
Houses selling in record times
Because the demand is so high you need to move fast if you find a house you like in Boise. Four years ago, a house in Boise sat on the market for 32 days on average. By April 2021, it was just 23 days. In places like Canyon County, the average time a house was on the market was just 12 days, a little under two weeks.
Who’s buying up such expensive houses in such a short time? Realtors say it’s the people moving in from large cities on the Western Coast. Yes, prices are high in Boise, but not that high by California standards.
For the most part, it’s the professionals in the tech industry looking for a new home in an area with a similar sunny and dry climate. The tech industry has been growing steadily in the Treasure Valley so there are plenty of job opportunities.
Another reason behind this exodus of Western Coast residents towards more peaceful and more affordable inner cities is the shock of the pandemic and the scary stay-at-home orders. If you’re to be restricted to a small area, better be somewhere relaxed and close to nature rather than be confined to the asphalt jungle of a big city. Also, the pandemic made work-for-home commonplace and this trend is definitely going to stay.
As for the future, real estate experts say that prices in Boise will continue to rise for the foreseeable future, but maybe not so fast. A more sustainable growth is preferable, as overheated markets are notoriously unpredictable.