Recent forecasts for the Boise, Idaho housing market in 2024 suggest the market could continue to be subdued, after recent record-setting price growth.
This would be a welcome trend for home buyers who are planning to make a purchase over the coming months. Among other things, buyers could enjoy more negotiating leverage in 2024 (compared to what we saw from mid-2020 into early 2022).
Here are three predictions for the Boise housing market in 2024.
What the Boise Housing Market Might Be Like in 2024
Slower price growth, more homes to choose from, and less competition among buyers. Those are some of the current predictions for the Boise, Idaho housing market in 2024, based on where we are right now. So let’s take them one at a time.
1. Home-price growth could continue to be slow in 2024.
Home prices in the Boise-Nampa metro area rose at a rapid pace all through 2020, and for most of 2021. But starting in the fall of 2021, they began to fluctuate up and down, as if they had hit a “ceiling.”
The same is true for many major cities and metros across the U.S. After nearly two years of steady (and sometimes rapid) home-price growth, housing markets across the country are starting to normalize a bit.
According to Zillow, the median home value in the Boise area was around $459,653 as of January 2024. That was down slightly from the all-time high of $509,295 reached in mid-2022. We might see additional declines over the coming months, as the market continues to self-correct.
In 2024, some forecasts suggest that the Boise real estate scene could revert back to a more “normal” and sustainable rate of price growth. Other forecasters predict that house values will decline further next year. Only time will tell.
We can’t say for sure what house prices will do next year. But with the way things are going now, it seems reasonable to expect a more normal rate of home-price growth over the coming years.
2. Inventory growth could tilt the market in favor of buyers.
Another key prediction for the Boise, Idaho real estate market relates to inventory growth. In 2024, home buyers in the area could have many more homes to choose from when compared to previous years. This could shift the local market dynamic in favor of buyers (for a change).
Recent reports have shown that the Boise housing market is now gaining inventory at a rapid pace. That’s a big step in the right direction, from a home buyer’s perspective.
Inventory levels “bottomed out” in December 2021, when there was a meager 0.9-month supply of homes for sale. But by the summer of 2022, the Boise-area real estate market had a mere 1.32-month supply. That’s still low by historical standards, but we could see a shift in 2024.
Inventory growth has caught the attention of sellers, as well. Last month, more than 60% of homes listed for sale in the Boise metro area had a price reduction. That’s partly due to the rise in inventory mentioned above. With more homes hitting the market, sellers have to be more flexible with their pricing.
Housing inventory in Boise has been on the increase since early 2023. As a result of these changes, Boise home buyers will probably enjoy more bargaining power in 2024.
3. It may not take as long to sell a house in the Boise area.
According to the latest data, Boise-area homes listed for sale last month spent a median of 39 days on the market. That was lower than the same time a year earlier.
Which brings us to a final prediction for the Boise, Idaho real estate scene. In 2024, we could see an overall increased pace of sales, with homes taking shorter to sell.
It stands to reason. Today’s higher home prices have remained stagnant while mortgage rates have increased. That said, rates are on the decline. Inventory growth, meanwhile, has given buyers more options while easing competition.
Disclaimer: This article includes forecasts for the Boise housing market stretching into 2024. Those predictions are based on current trends and therefore far from certain. No one can predict future housing trends with complete accuracy.
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