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Buyers and sellers like to know how much home prices are going for at any given moment. It helps buyers understand what their financial obligations are, and tells sellers how much they may be able to fetch for their homes.
This article will provide numbers and projections on home price trends in Boise, ID throughout 2021, and also in two other neighboring areas.
As home prices in areas such as Seattle, WA have skyrocketed in recent years, many buyers have gone elsewhere to search for suitable homes. Seattle is undoubtedly one of the most expensive markets, both in Washington State and across the nation.
But in the most recent 12-month period, median home values have increased in more modest amounts in Seattle, according to Zillow. This is primarily due to the fact that many would-be buyers in the Seattle market have been priced out as a result of previous price increases. Many of these would-be buyers have been looking elsewhere for more affordable housing, and that includes Boise, ID.
Those who want to stay in the Pacific Northwest have flocked to Boise, Idaho. As such, the city of Boise is currently listed as a “hot” market by Zillow, and is actually been one of the hottest markets in the country throughout 2020 and 2021. More specifically, the price for homes in Boise soared a whopping 46.1% over the past 12 months, according to Zillow.
The average home price in Boise now sits at $523,309. Compare that to the statewide average home price of $427,410, marking a 36% increase over a 12-month period. Boise is about $100,000 more expensive than Idaho in general, though is still relatively affordable compared to other city centers across the Pacific Northwest.
Certain subareas within Boise (or adjacent to Boise) have become particularly desirable and have showed gains that outpace the rate of growth for Boise in general.
In this post, we will look at home price trends in Boise, ID throughout 2021. We will also look at price trends in a specific sub-area of Boise, and the price trends in an area that borders Boise. These latter numbers will help give us a deeper sense of what’s happening in the Boise, ID real estate market.
Finally, we will encourage our readers to reach out to our mortgage professionals to learn more about the Boise market, the home buying process, or other related topics. Our team of professionals is here to help you navigate the market and determine the best course of action for you.
As mentioned, Zillow currently labels the real estate market in the city of Boise as a “hot” market. As of October 2021, the median home value in the city of Boise, ID is $523,309, as mentioned. This value represents an increase of 46.1% over the last 12-month period!
It wasn’t too long ago that we saw double-digit gains in the Seattle area; now, it appears that things have migrated east as we’re seeing this same level of growth in Boise.
These numbers should all come as very good news for homeowners. And for buyers, the real estate market of Boise is very affordable when compared to other Pacific Northwest cities. If you jump into the market now, you could be handsomely rewarded years down the line with a property that has appreciated in value.
A rapid increase in property value means your home equity will increase. Your home equity represents how much interest you have in your home and is calculated by subtracting the balance of your mortgage from your home’s current market value.
Although these numbers for the city of Boise, ID as a whole are impressive, things are even better when we look at specific subareas within Boise. In Hidden Springs, an area on the northern side of Boise, the current median sale price is $564,422, which is a bit higher than the general Boise median.
This sub-area has seen an increase of 47.3% over the past 12 months! Zillow classifies this as a “very hot” real estate market at the present time.
Located to the immediate northwest of Boise in Garden City, ID. Over the past 12 months, Garden City has also experienced impressive growth in home values, which are now averaging $559,725. Garden City saw an increase of 47.3% over the most recent 12 month period.
Garden City is a very healthy market. If you decided to plant roots down here, instead of Boise proper, you’d likely still be making a smart investment.
Even though we’ve seen other Pacific Northwest cities in the spotlight because of their impressive markets, it looks like Boise may be poised to steal the show in the near future. Home price trends have been in a very steeply upward trajectory over the past 12 months. Now maybe the time to flock to this market if you’re looking for a home.
If you’re thinking about buying in Boise, ID, you will definitely want to contact the mortgage professionals at Sammamish Mortgage. Buying a home can be a very complicated process, and it’s a good idea to have a partner to help you navigate through this process successfully.
In addition to the cities just mentioned, there are other affordable real estate markets in Idaho that are not far from Boise that homebuyers may want to consider. Here they are, along with their associated average prices as of the fall of 2021:
All of these cities in Idaho are much more affordable compared to Boise make great options for those looking to be somewhat close to Boise while taking advantage of lower home prices.
Sammamish Mortgage has been in business since 1992, and during that time we’ve proudly helped buyers find homes in the Pacific Northwest with a number of mortgage programs. We serve buyers in the states of WA, ID, OR, and CO, and so we have a detailed knowledge of these markets and the various rates which can apply. If you’d like to learn more, contact us today with all your questions!
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