The year 2020 has been a busy one for the real estate market. But what will 2021 be like? Check out this infographic to learn more.
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 2021. 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.
Home Prices Are Up
According to Zillow, home sale prices jumped in 2020 by 14.5%.
Median Home Prices to Continue to Rise in 2021
Home prices in Idaho are expected to continue increasing in 2021, with home prices anticipated to rise by another 11.7%.
Tight Inventory in Boise
According to the Boise Area Realtors, home inventory is tight in Boise. Right now, there is a 0.5-month supply of homes in the city and surrounding areas.
Low Inventory in Ada County
Active listings in Ada County have dropped almost 73% over the past year.
Home Prices in Boise Have Skyrocketed
The median sales price for a typical house in Idaho as of January 2021 is $391,700 up a staggering 18.2% from last year.
Ada and Canyon Counties Hit Average Home Price Records
Both Ada and Canyon Counties have seen record-breaking months in 2020. Ada County’s median home sales price increased 17.1% over the past year, while in Canyon County, prices increased 18.6%.
Current Rates Are Historically Low
Current rates in Idaho are 2.67% for a 30-year fixed, 2.17% for a 15-year fixed, and 2.71% for a 5/1 adjustable-rate mortgage (ARM), according to Freddie Mac.
Boise to Explode in 2021
Boise is still expected to be one of the hottest real estate markets in the country in 2021. 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. Prices are expected to rise by 12.8% in Boise over the next 12 months, according to Zillow.
Days on the Market
In Boise, listings go pending in about 6 days after being put on the market.
Homes Sell Over Asking
The average home sells for 1% over the listing price in the city of Boise.
Ready to Apply For a Mortgage in Idaho?
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. 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.