There is a lot of uncertainty in the Idaho real estate market, which has seen certain changes and difficulties in recent months, resulting in price fluctuations and changes in demand and supply. With increasing home prices and a decline in homes sold in the market, there is a tendency for the Idaho housing market to be more of a sellers’ market. A lack of inventory and rising competition have contributed to this.
Current Idaho Housing Market Trends
What is the current state of the housing market? The housing market is an important indicator of the quality of an economy and the residents’ housing costs.
Home Prices and Sales Volume
According to the data provided by Redfin, the cost of homes in Idaho saw a 3.5 percent increase from last year’s prices and reached the median price of $460,900. However, the number of homes sold experienced a decrease of 10.7 percent over the year, and 1,626 homes were sold in December 2023, a reduction from 1,828 homes sold in December 2022. The median number of days on the market fell to 58 days. This was a decrease of 12 days from the previous year.
Idaho Housing Supply
Homes available for auction saw a decline of 20.8 percent year-over-year, which was 6,980 listings during December of 2023. The number of recently listed properties was up 6.2 percent over the prior year, which was 1,242. The supply of homes dropped to 3 months, which indicates the tightening of the market.
Market Competitiveness
Regarding market competition, 10.1% of homes in Idaho were sold for more than the cost of listing, which was the slightest decrease of 0.63 points compared to last year. Prices dropped for homes, falling to 18.7 percent, a decrease from 24.0 percent in December of the previous year. The sale-to-list price ratio has increased to 98.5 percent, indicating an increase of 0.8 points over a year.
Regional Variations in Price Growth
The top 10 metros of Idaho that have the most rapid growth in sales are shown in a mixed manner:
- Twin Falls, ID: 21.5%
- Coeur d’Alene, ID: 13.9%
- Nampa, ID: 7.9%
- Lewiston, ID: 4.3%
- Caldwell, ID: 3.9%
- Kuna, ID: -2.1%
- Meridian, ID: -4.0%
- Boise, ID: -4.1%
- Eagle, ID: -7.0%
- Rathdrum, ID
Most Competitive Cities in Idaho
It was the Top 10 cities in Idaho that are the most highly competitive city in Idaho comprised:
- St. Maries, ID
- Filer, ID
- Hauser, ID
- Mountain Home, ID
- Osburn, ID
- Rathdrum, ID
- Hayden, ID
- Caldwell, ID
- Boise, ID
- Priest River, ID
Are Home Prices Dropping in Idaho?
There is no evidence that home prices in Idaho saw a 3.5 percent increase in December 2023 compared to the previous year. This is a positive direction in the market, and prices are on an upward trend, with the current data and the lack of evidence of an impending home market crash. However, monitoring market conditions is vital to determine possible changes or risks.
Is Now a Good Time to Buy a House?
Despite the competitive market, rising home prices, and a limited supply of houses, it is an ideal time for buyers who are prepared to purchase an apartment. Buyers must be savvy and quick in dealing with the complexities of the market.
Idaho Housing Market Forecast for 2024
The present situation of the Idaho real estate market, as predicted by Zillow, provides crucial insights into the current trends and data affecting the real estate market. Although the median home value has shown a slight decline, the rapid pace of transactions and the balance between demand and supply make for a lively market.
Average Idaho Home Value
The median home value in Idaho is $432,307, a 2.0 percent decrease from last year. This indicates the foundation, providing an overall picture of the condition of housing markets in Idaho.
Days on Market
Properties located in Idaho are expected to be pending in about 36 days, which is an incredibly fast pace of real estate transactions. This measure demonstrates the demand for homes and the effectiveness of the market in coordinating buyers to available properties.
For Sale Inventory (December 31, 2023)
The number of homes available to be sold in Idaho on December 31, 2023, was 6,892. This number is essential to understand the balance between supply and demand; a decrease in supply will likely mean more buyer competition.
New Listings (December 31, 2023)
In December 2023, Idaho saw 1352 new listings added to the inventory, providing buyers with new possibilities. The increase in new listings gives insight into the market’s dynamism and the development of new buyer alternatives.
Median Sale to List Ratio (November 30, 2023)
The median sale-to-list ratio as of November 30, 2023 was 0.987. This ratio reveals the connection between the price listed and the actual price of sale, providing a sense of the negotiation process within the market.
Median Sale Price (November 30, 2023)
In November 2023, as of November 30, 2023, the median house price in Idaho was $424,780. This is the middle of all sale prices, providing an accurate understanding of the price distribution of the market.
Median List Price (December 31, 2023)
The median price of the list for houses in Idaho on December 31, 2023, is $519,666. This indicates that sellers are a benchmark for buyers and influence the negotiation and decision-making process.
Percent of Sales Over/Under List Price (November 30, 2023)
Looking at the rates, we discover that 16.1 percent of all sales made in Idaho are carried out at the price of the list, which suggests the possibility of competitive bidding. However, 59.5% of sales are less than the list price, giving insight into possible negotiation opportunities for buyers.
Top Areas in Idaho Poised for Home Price Growth in 2024
Particular regions of Idaho are considered prime areas for buyers and investors, offering the potential for a dramatic increase in property value through 2024. Look at these regions and the expected growth rates in more detail.
Mountain Home, ID
Mountain Home emerges as a nexus point for the possibility of a significant increase in home prices, projected to rise by 7 percent by 2024’s end. Even though the market saw a dip of -0.2 percent in the first quarter of the year, it is expected to bounce back and see significant growth. This resiliency suggests an enviable real estate market and makes it a desirable region for those looking at the long-term potential of investments.
Pocatello, ID
Pocatello offers optimism and a projected cost of homes to rise by 6.8 percent until 2024’s end. The positive outlook is evident in the steady rise from 0.1 percent at the beginning of the year to 0.6 percent by March. The continued rise is evidence of the market’s stability and the possibility of capital appreciation, creating Pocatello as an area to watch for those interested in real estate.
Hailey, ID
In the charming village of Hailey Hailey, the real estate market is set to grow and is expected to grow by a rate of 6.3 percent by 2024’s end. The call begins the year with an average 0.1 percent rise, which will increase to 0.3 percent by March. This trend is positioning Hailey as a desirable destination for people who want beauty in nature and lucrative potential investment options in real property.
Coeur d’Alene, ID
Coeur d’Alene, famous for its breathtaking views of the lake, is set to witness a surge in home prices and a projected rise of 5.6 percent until 2024’s end. Although the city saw a slight reduction of -0.5 percent at the start of the year and an additional drop of -0.4 percent by April, the general trend suggests a positive outlook and the possibility of rapid growth. Coeur d’Alene remains a sought-after place with picturesque charm and investment opportunities.
Sandpoint, ID
The market in Sandpoint Sandpoint, the real estate market, shows resilience and is expected to see a growth of 5.4 percent in 2024. Even though it was hit with a minor loss of -0.4 percent decrease at the start of the year and an even more significant drop of -1% in March, the expected growth at the end of the year indicates an improvement. Sandpoint’s distinct appeal and the expected market recovery make it a specific area for potential real estate ventures.
Twin Falls, ID
For Twin Falls, an ebb at the close of 2023 -0.3 percent is expected to last into the first quarter, averaging -0.4 percent. However, despite these initial losses, the market is predicted to recover with an anticipated rise in the cost of homes to 5.2 percent by the end of 2024. This upward trend indicates a robust real estate market thriving in Twin Falls, providing potential prospects for those willing to endure the short-term volatility.
Blackfoot, ID
Blackfoot is set to enter 2024 with a small decline of -0.4 percent and then a rise to -0.5 percent in March. However, the market is predicted to experience an improvement, resulting in a 5.2 percent increase in the price of homes at the closing this year. The real estate landscape in Blackfoot offers an interesting example of first problems turning into opportunities, making it a good area to watch for prospective investors.
Burley, ID
Burley has an even more significant drop in the beginning in the beginning, which is -0.6 percent as of the end of 2023. This will increase to -0.7 percent by March. Despite this, it is predicted that the market will begin to recover with an expected 4.9 percent rise in the cost of homes until the year’s end in 2024. Burley’s real estate market indicates the possibility of a resurgence and offers challenges and potential for investors in the region.
Boise City, ID
Boise City, Idaho’s capital, has a small initial drop of -0.2 percent and remains steady with a -0.2 percent decrease in March. The market shows its resilience, with an expected 4.8 percent rise in the cost of homes at 2024’s end. The stability of Boise City and its projected growth make it a desirable place for people looking for an ideal balance between urban conveniences and the possibility of appreciation in real estate.
Idaho Falls, ID
For Idaho Falls, the market is facing an initial drop of -0.4 percent and then -0.5 percent by March. Despite this, however, the city is predicted to experience a positive change that will result in a 4.7 percent rise in the price of homes in 2024. Idaho Falls presents a scenario that sees short-term fluctuations pave the way for long-term growth, making it an interesting area for real estate professionals.