Boise Housing Sales and Trends
Boise’s housing sales and prices are skyrocketing in this second decade of the 2000s.
In Idaho’s five main metro counties (Ada, Boise, Canyon, Gem, and Owyhee), overall housing prices are up approximately 15% percent, and interest rates are down but .72% - a historic low!
But what does this mean for 2021? Can we forecast what Boise’s housing market will look like in the coming year?
Maybe we can’t predict the future - but we do have some ideas!
The 2021 Housing Market
Over the past year, home sales appreciated by a total of 10% in the greater Boise area. In the last quarter, home prices appreciated by nearly 2%. Based on these numbers, it’s estimated that home prices will appreciate by approximately 8.5% in the next year.
Housing Market Appreciation by City
Boise’s property values appreciated by 13.3% in 2020, and are expected to appreciate by another 8.5% in 2021.
Nampa’s property values appreciated by 14.7% in 2020, and are expected to appreciate by another 9.2% in 2021.
Meridian’s property values appreciated by 11.5% in 2020, and are expected to appreciate by another 8.1% in 2021.
What Does This Mean for Home Buyers or Investors?
This gradual appreciation is great news for potential buyers, and especially for those interested in an investment property! Any real estate purchased in the next few months is almost certainly going to become more valuable in the next year or two.
The Housing Market over the Next Decade
As you might expect, experts are anticipating that home values in the Treasure Valley area will only continue to appreciate over the years.
In the next 36 months, there is a 78% chance that property will continue to appreciate. It’s unlikely that property values will fall any time soon, although it’s possible that mortgage rates will begin to climb again in the 2020s.
Interested in buying a home or investing in Boise properties?
We’d love to help you! Give us a call today.
