A growing number of tech workers are leaving major coastal cities and finding new opportunities in places like Boise, Idaho.
As a result of this growth, the Boise real estate market has become increasingly competitive over the past five to seven years—and also more expensive.
In fact, the median home price in Boise rose from around $300,000 in 2019 to an all-time record high of $524,000 during the summer of 2022. That’s an increase of nearly $225,000 in only three years.
The Boise, Idaho housing market has cooled off since then, with some easing in prices and a slower pace of growth. But the tech industry’s impact on the Boise housing market still makes it a competitive one for buyers.
The Boise metro area’s population has swelled in recent years, led by a surge in tech jobs.
But while the tech industry features heavily in this story, there’s more to it. The wave of tech company layoffs from 2022 to 2023 has shifted demographic dynamics. Young people continue to flock to Boise. They’re just seeking a broader range of job types. This is one of the few unique Boise real estate trends that the area has seen in recent years.
“There’s a startup and entrepreneurial culture driving growth, too. Boise today feels like Nashville or Austin two or three decades ago, says Clark Krause, executive director of the Boise Valley Economic Partnership, a regional business organization.”
Many of the younger workers pouring into Boise have relocated from pricier coastal areas like San Francisco. The median home value in the San Francisco Bay Area is well over $1 million in 2024, compared to a median of around $480,000 in the Boise area.
But relative affordability isn’t the only thing drawing new residents. According to the Boise Valley Economic Partnership, growth also stems from “the draw of recreational and cultural amenities occurring simultaneously with the economic pull of strong jobs.”
High-paying tech industry jobs in Boise attract residents from elsewhere in the United States and from abroad. Over the years, this had made the local real estate market more competitive.
But a lot of these housing market trends in Boise faded over the past couple of years. Starting in 2022, higher mortgage rates and home prices slowed real estate in Boise to a crawl. The same thing happened in most parts of the country.
The market has started to favor buyers more than it did during the pandemic-era frenzy. While supply levels remain low from a historical standpoint, they’ve improved from the record lows seen during the pandemic. This gives buyers more property choices while easing competition.
Going forward, tight inventory conditions will continue to be the biggest challenge for Boise-area home buyers. Inventory simply hasn’t kept up with population growth, despite gains made over the past year.
According to local officials, the City of Boise will require 2,019 new or significantly renovated units each year over the next ten years to meet resident demand. City data also shows that a substantial share of that demand is for more affordable housing.
But construction is not keeping up. According to officials, from 2018 to 2021, the City needed 4,146 more housing units than were produced.
Because of this, buyers in Boise may still need patience and flexibility during their housing search.
Buyers can still succeed in this real estate market. But they might have to make compromises along the way, when it comes to location, home size, and other factors.
The tech industry remains one factor shaping Boise-area housing demand, but it is not the only one. Job growth, migration, mortgage rates, and limited inventory all affect how competitive the market feels from one month to the next.
For buyers, the key takeaway is not to wait for a perfectly predictable market. Instead, use this information to narrow your timing, decide how flexible you can be on location, and prepare your financing before you start making offers. If Boise proper feels too competitive or too expensive, expanding your search to nearby areas might create more options. And if you expect to move quickly when the right property appears, having your budget, loan strategy, and preapproval lined up ahead of time can make the process much smoother.
Sammamish Mortgage can help. We serve clients across Washington, Idaho, Colorado, Oregon, and California. Since 1992, we’ve been providing several mortgage programs and products with flexible qualification criteria to borrowers across the Pacific Northwest. Visit our website to get an instant rate quote or to use our online mortgage calculator. Or, reach out to us if you are ready to get pre-approved for a mortgage.
Yes. The tech industry still affects housing demand in Boise, but it is now only one of several forces shaping the market. Job growth, migration, mortgage rates, and limited inventory all play a role in how competitive the Boise-area market feels.
The Boise housing market has cooled from its pandemic-era peak. Price growth has eased, competition is less intense than it was in 2021 and 2022, and buyers generally have more choices than they did when inventory hit record lows. Even so, supply remains tight by historical standards.
The market has cooled since the 2022 peak, with some easing in prices and a slower pace of growth. That does not necessarily mean the market is in a broad decline. Boise remains competitive in many areas because inventory still has not fully kept up with demand.
There is no way to predict a crash with certainty. Current conditions described here point more to a market slowdown and rebalancing than to a sudden collapse. Higher mortgage rates reduced some of the frenzy, but low housing supply continues to support demand.
Boise attracted many tech and remote workers because it offered better affordability than expensive coastal markets, along with strong job opportunities, outdoor recreation, and cultural amenities. The area also developed a startup and entrepreneurial reputation that appealed to younger workers.
No. Tech migration has been an important factor, but it is not the only reason prices and competition changed. Housing supply constraints, broader population growth, mortgage rates, and overall economic conditions also affect home prices in Boise.
Inventory remains the biggest challenge for many Boise-area buyers. Supply has improved from the extremely low levels seen during the pandemic, but it still has not kept pace with population growth. That ongoing shortage can keep the market competitive, especially for desirable homes.
Conditions can vary widely across the Boise metro area. Inventory levels, home prices, and competition may differ between Boise, Meridian, and Nampa, which is why buyers are often encouraged to expand their search beyond one city if they are not finding the right fit.
Out-of-state buyers may benefit from renting first so they can learn the area and compare neighborhoods before making a long-term commitment. It also helps to prepare financing early, define a realistic budget, and stay flexible on location and home features.
Yes. Although buyers have more options than they did during the height of the market frenzy, limited inventory still makes many parts of the Boise area competitive. Buyers often improve their chances by using market data, making strong offers, and keeping an open mind about nearby locations.
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