The housing market in Boise is always evolving. As of the latest data, the Boise housing market presents a somewhat competitive landscape for prospective homebuyers, with houses receiving an average of two offers and being sold in around 21 days. This pace underscores a brisk but not frenetic market, allowing buyers some breathing room to make the right decisions at the right time.
The Boise housing market at a glance
A key indicator of market health, the median sale price of a home in Boise stands at $515,000, marking a modest year-over-year increase of 1.0%. This gentle price ascent reflects a market that is growing steadily, avoiding the pitfalls of sudden spikes or declines that can lead to instability.
Even more telling is the median sale price per square foot, which has seen a slight decrease of 3.8% since last year, possibly pointing to larger homes entering the market or a shift in the types of properties being sold.
The volume of sales tells a more nuanced story. In 2023, Boise saw 227 homes sold, a decrease of 19.8% compared to the previous year. This drop could reflect a variety of factors, including a potential shortage of inventory or a change in buyer sentiment. Nevertheless, the median days on market — a metric indicating how long homes are listed before a sale is agreed upon — has dropped from 34 to 21 days year-over-year, revealing that while fewer homes are being sold, those that are listed are moving quickly.
Competition in Boise’s housing market
Boise’s real estate market competitiveness is further clarified by the Redfin Compete Score™, which rates areas on a scale of 0 to 100, with 100 being the most competitive. Boise scores a 61, illustrating a market where homes often receive multiple offers but typically sell for about 1% below the listing price. Homes categorized as “hot” may sell for around the list price and go under contract in as few as 5 days, showcasing the desirability of certain listings.
Furthermore, the sale-to-list price ratio in Boise is 99.1%, up 1.2 points from the previous year, indicating that homes are selling close to their asking prices, a sign of a healthy market where there is a good balance between buyer demand and seller pricing.
Investing in Boise real estate
For those considering Boise as their next home or investment, these figures paint a picture of a market that is competitive but not overheated. The city’s real estate market is managing to keep pace with demand without succumbing to the volatility seen in other regions. This suggests a sustainable growth trajectory for Boise’s housing sector, making it an equally attractive proposition for buyers and investors.
Find a beautiful house in Boise
The Boise housing market is characterized by a stable yet competitive atmosphere, with homes selling relatively quickly and for near asking prices. While the number of homes sold has seen a downturn, the overall health of the market remains robust, reflected in the consistent sale prices and the competitive nature of listings. As Boise continues to attract attention for its quality of life and economic opportunities, its housing market is poised to maintain its steady course.
Renting in Boise
Turning our attention to the rental market in Boise, it also reflects the city’s broader economic trends and the influences affecting the housing market.
Rental markets in cities like Boise are typically influenced by several factors including the availability of housing, population growth and economic conditions. As home prices rise modestly, it can signal a corresponding shift in the rental market. Potential homebuyers who are priced out of purchasing may turn to renting, which can increase demand for rental properties and, subsequently, rental prices.
Average rent in Boise
- Studio: $1,195
- One-bedroom: $1,405
- Two-bedroom: $1,643
In markets characterized by a competitive housing environment with rapid sales and close-to-list prices, rental properties often see high occupancy rates. Landlords and property managers may have the leverage to ask for higher rents, especially if the local economy is strong and the population is growing, which seems to be the case with Boise.
How the housing market affects the rental market
Additionally, when home sales decrease, as noted with the 19.8% year-over-year drop in Boise home sales, the rental market might absorb those who are waiting for the right time to buy or who prefer the flexibility that renting offers. This can lead to a decrease in rental vacancies, further pushing up rental prices.
However, it’s important to note that rental prices are also subject to regulatory changes, like rent control laws and the development of new rental properties, which can increase supply and potentially stabilize or lower rents.
Apartment rent ranges in Boise
- $501 – $700: 1%
- $701 – $1,000: 4%
- $1,001 – $1,500: 29%
- $1,501 – $2,100: 35%
- $2,101+: 30%
Considering these factors, those looking to move to Boise should be aware of the potential for a competitive rental market. Prospective renters may face quick turnaround times on rental listings and should be prepared for a possibly dynamic pricing environment. Like the housing market, the rental market in Boise is likely to be resilient, reflecting the city’s economic stability and appeal as a growing urban center in Idaho.
Find the best spot for you in Boise
Those considering Boise as their home should weigh the pros and cons of renting versus buying in a market that is robust and thriving, with both sectors offering opportunities and challenges that reflect the city’s desirability as a place to live and work.
If you’re ready to settle down in Boise, find your home in just a few clicks with Rent.
