As reported by Boise Regional REALTORS®, builders and prospective home sellers in the Boise housing market continue to prove unable to keep up with homebuyer demand.  BRR suggests the following factors as major contributors to the rapid influx of buyers:  

  • General population growth
  • Millennials “aging into” the traditional homeowner years
  • In-migration due to our comparative affordability (which unfortunately seems to be decreasing rapidly)
  • The ability for many to work from anywhere (and the fact that the Boise area is an attractive option=-) 

Housing supply remains tight considering the number of buyers, which of course contributes to the fast-paced and competitive market we find ourselves in today.  The average number of days on market for existing/resale homes was just 10 days last month, compared to 32 days last year.  And, it is rare to see an existing home go up for sale and not receive multiple offers with a final price well over asking.    

However, there may be signs of the market at least beginning to move toward an improved supply/demand balance.  The number of homes for sale increased by 63.1% from January to February.  And though inventory levels were a lot lower than 2019 or 2020 in the beginning weeks of 2021, last week’s inventory bumped up to nearly even with 2020 and just below 2019. 

Although no one can say for sure where the market is headed, we tend to think prices in our area will continue to rise.  But, as supply begins to catch up to demand, the rate of that increase will begin to slow.  Though, as a homeowner, I am grateful for the equity we’ve gained in our property over the past few years (Note: Per a report by CoreLogic, Idaho ranked 2nd in the nation for homeowners gaining the most equity between 2019 and 2020), I can also say I’m eager or the rate of this increase to slow down.  Rising prices continue to push people out of the market for purchasing a home.  And, I don’t want our area to experience the housing affordability crises experienced by many of the larger cities in our nation who had similar growth patterns to what we are seeing here now.  This is something I hope we can all keep our eyes on and do our part to protect, because safe, decent, affordable housing is an essential component to the well-being of all people in our community.  

For more information and specifics on the current market, please check out Boise Regional REALTORS® Market Report HERE.