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The real estate market in Idaho is very hot right now, largely as a result of tight inventory and skyrocketing home prices over recent months. The same situation is expected to continue in 2023. Certain centers, in particular, are expected to be even hotter than the state-wide average, including in Boise. Homebuyers looking to buy a home in Idaho will want to get in fast before prices really start to take off, as well as to take advantage of extremely low mortgage interest rates.
According to Zillow, home sale prices dropped in 2022 by 5.1%.
According to the Boise Area Realtors, home inventory is tight in Boise. Right now, there is a 3-month supply of homes in the city and surrounding areas.
Ada County has a low 1.7-month supply of available homes for sale.
Year-over-year, 815 homes were sold, which is up 213 as compared to the same time last year.
The median sales price for a typical house in Idaho as of December 2022 is $447,197.
Both Ada and Canyon Counties have seen record-breaking months in 2022. Ada County’s median home sales price decreased 2.9% over the past year, while in Canyon County, prices decreased 4.3%.
Current rates in Idaho are 5.80% for a 30-year fixed, 5.02% for a 15-year fixed, and 5.68% for a 5/1 adjustable-rate mortgage (ARM), according to Zillow
Boise is still expected to be one of the hottest real estate markets in the country in 2023. This is largely due to the increase in population as an increasing number of people continue to flock to Boise from more expensive markets. They are not only drawn to the affordable prices, but also the mild climate, employment opportunities, and great outdoor lifestyle. Home prices in Boise currently sit at $492,277.
In Boise, listings go pending in about 17 days after being put on the market.
The average home sells for 1% below the listing price in the city of Boise.
If you’re curious about mortgages in Idaho, Sammamish Mortgage can help. We are a local mortgage company based out of Bellevue, Washington that serves the entire state, as well as Oregon, Idaho, and Colorado since 1991. Our mortgage professionals can work with you to help you decide which one of our mortgage programs is right for you. Contact us today with any questions you have about home loans in Idaho.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.