Home Price Trends in Boise, ID Throughout 2023

Published:
September 23, 2019
Last updated:
December 7, 2022
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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 2023, and also in two other neighboring areas.

Buyers Relocating to More Affordable 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, compared to other centers like Boise

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 was recently listed as a “hot” market by Zillow, and was actually been one of the hottest markets in the country over the recent past. More specifically, the price for homes in Boise soared a whopping 35.6% over the course of 2021, according to Zillow. 

But things have slowed in Boise over 2022. That said, looking at a longer time frame, the prices of homes in Boise have soared over the past few years.

The average home price in Boise now sits at $497,877. That’s actually a dip of 5.1% from the same time last year. However, if you look at the past 5 years, home prices in Boise have increased about 94%. 

Statewide, the average home price is $467,694, marking a 4% increase over a 12-month period. Boise is about $30,000 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 2023. 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.

To recap, we will cover the following information:

  • Home price trends in Boise, ID as a whole
  • Home price trends in Hidden Springs, ID
  • Home price trends in Garden City, ID
  • Home price trends in Nampa, ID
  • Home price trends in Middleton, ID
  • Home price trends in Fruitland, ID
  • Home price trends in Emmett, ID
  • Home price trends in Caldwell, ID
  • Home price trends in Kuna, ID

Today’s Mortgage Rates

Home Price Trends for Boise, ID as a Whole

As mentioned, Zillow currently labels the real estate market in the city of Boise as a “hot” market. As of December 2022, the median home value in the city of Boise, ID is $497,877, as mentioned. This value represents a decrease of 5.1% over the last 12-month period. But prices are expected to reverse course and continue on an upward trend over time.

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. 

Home Price Trends for Hidden Springs, ID

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 $561,240, which is a bit higher than the general Boise median.

This sub-area has seen a decrease of 3.8% over the past 12 months. 

Home Price Trends for Garden City, ID

Located to the immediate northwest of Boise in Garden City, ID. Over the past 12 months, Garden City’s homes are now averaging $529,487. Garden City saw a decrease of 5.4% 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. Before home prices start trending up soon, now may be 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.

Home Price Trends in Other City Centers in ID

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 year-end 2021:

  • Nampa. $406,359
  • Middleton. $495,500
  • Fruitland. $416,308
  • Emmett. $444,329
  • Caldwell. $393,797
  • Kuna. $444,404

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.

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Need a Home Loan in Boise?

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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