Foreclosures and Home Prices in Boise: An Upward Trend in 2024

Much speculation surrounds home prices in Boise, Idaho, for the remainder of 2024 and into the next year. What should buyers and homeowners in Boise expect regarding home values and other market trends in the coming months?

Undoubtedly, Boise’s real estate market has undergone significant changes in recent years. With the past three years marked by chaos, price fluctuations, and a considerable number of foreclosures, today’s buyers and homeowners have many questions.

Now in full autumn, Boise’s real estate market appears to be entering another transition phase. After a decline in the second half of last year, home prices in the Boise metropolitan area and Idaho overall have begun to rise again.

To better understand, let’s take a look at some home price trends in Boise over the past few years.

To start, home prices in the Boise area followed an upward trajectory for many years, even before the nationwide price increases triggered by the COVID-19 pandemic.

However, before this, and for nearly a decade, Boise was one of the places chosen by many looking to move from more expensive real estate markets, attracted by its affordable home prices, along with other factors such as abundant outdoor activities and a high quality of life, among others.

For instance, the city of Nampa, in particular, has experienced significant population growth over the past 10 years, which has reduced real estate inventory in the area and driven up home prices.

To consider just one statistic, in June 2022, the median sale price in the Boise-Nampa metropolitan area was around $550,000. Ten years earlier, in June 2012, the median price was closer to $150,000, demonstrating the significant growth in prices over a decade.

However, home values in Boise did not stay at that peak for long. According to data and studies from major outlets, the median home price in Boise dropped by more than $50,000 during the second half of 2022, making it one of the real estate markets with the most significant price decline in the country.

Yet, by early spring of this year, home prices in Boise began to rise again, a trend widely confirmed by numerous sources like Zillow and various local realtor associations. It’s worth noting that this price increase has been more moderate, which is considered beneficial for the city’s market.

Other Notable Real Estate Market Trends

It’s important to note that rising home prices in Boise aren’t the only noteworthy market trend, as the market has also seen other significant changes, including inventory levels. Statistics show that real estate supply saw a major drop in 2021 and 2022, which rose again at the beginning of 2023, making it much easier for local buyers to find homes that fit their budgets. Unfortunately, in recent months, that supply has started to decrease again, though it remains higher than during the pandemic era.

According to Boise’s official website, the city will need at least 2,770 housing units per year over the next 10 years to meet growing demand. But in the past 3 years, home construction in Boise fell short by 4,146 units needed to meet demand, explaining the rising prices, as many buyers compete for fewer properties.

All this movement in the real estate market has led to homes selling faster, a change that undoubtedly continues to favor property sellers.

Given these trends, those aspiring to buy a property in Boise should decide as soon as possible, as the current supply and demand situation suggests that prices are likely to keep rising at a moderate pace this year and next.

Available Foreclosures:

Boise: 120 homes available.
Nampa: 85 homes available.

By Elias DaSilva | September 24, 2024.