Assessing the prevailing conditions, the Idaho housing market leans towards a seller's market due to limited inventory and heightened competition among buyers. With homes selling at or above the list price and a declining number of price drops, sellers hold a favorable position in negotiations.
The future outlook for the Idaho housing market remains optimistic yet cautious. While the current trends indicate robust growth and competitiveness, factors such as inventory constraints and economic uncertainties may influence the trajectory in the coming months. However, the resilience exhibited by the market coupled with favorable sale-to-list price ratios bode well for sustained stability and growth.
Idaho Housing Market Trends in 2024
How is the Housing Market Doing Currently?
The housing market is a key indicator of the strength of an economy and the affordability of housing for residents. In January 2024, the Idaho housing market continues to display resilience and growth. As per data by Redfin, home prices have surged by 0.9% compared to the previous year, boasting a median price of $447,600.
Despite this uptick, the number of homes sold has experienced a slight dip of 0.61%, with 1,464 homes changing hands, marking a decrease from the figures recorded in January of the previous year. Additionally, the median days on the market have decreased by 15 days, now standing at 65 days, indicating a faster pace of transactions.
How Competitive is the Idaho Housing Market?
The Idaho housing market reflects a competitive landscape, characterized by a decrease in the number of homes available for sale. In January 2024, there were 6,612 homes listed, marking a 25.1% decline compared to the previous year. Newly listed homes have also witnessed a 16.0% decrease year over year, further intensifying the competition among buyers. With an average months of supply now standing at 3 months, down by 1 year over year, the market favors swift decision-making and proactive engagement.
Are There Enough Homes for Sale in Idaho to Meet Buyer Demand?
The data reveals a tightening inventory in the Idaho housing market, raising concerns about meeting the escalating demand from buyers. With a reduced number of homes available for sale and a shrinking pool of newly listed properties, the market grapples with a supply-demand imbalance. Only 10.5% of homes were sold above the list price in January 2024, indicating fierce competition among buyers vying for limited options. Conversely, the percentage of homes with price drops has decreased from 26.0% to 25.0%, suggesting a stabilization in pricing trends.
Top 10 Metros in Idaho with the Fastest Growing Sales Price
- Meridian, ID: 17.3%
- Kuna, ID: 14.8%
- Twin Falls, ID: 10.9%
- Rathdrum, ID: 9.4%
- Caldwell, ID: 8.4%
- Nampa, ID: 7.1%
- Coeur d'Alene, ID: -0.9%
- Post Falls, ID: -5.0%
- Boise, ID: -6.3%
- Eagle, ID: -16.5%
The list highlights the diverse performance of various metros in Idaho, with some areas experiencing significant growth in sales prices while others witness a decline. Understanding these regional nuances is crucial for both buyers and sellers in making informed decisions.
Idaho Housing Market Forecast for 2024 and 2025
Average Home Value
According to Zillow, the average Idaho home value stands at $443,500, reflecting a 0.3% increase over the past year. This metric is pivotal for understanding the overall health of the market, as it indicates the typical price at which homes are selling.
Days to Pending
Properties in Idaho typically go to pending status in approximately 37 days. This metric highlights the speed at which homes are being snatched off the market, providing valuable insight into the level of demand among buyers.
Inventory
As of February 29, 2024, there were 5,638 homes available for sale in Idaho. Inventory levels play a significant role in determining market dynamics, as they influence factors such as pricing and competition among buyers.
New Listings
During the same period, 1,334 new listings entered the market. This metric indicates the rate at which fresh inventory is being introduced, providing insights into market activity and potential shifts in supply and demand.
Median Sale to List Ratio
The median sale to list ratio in Idaho as of January 31, 2024, stood at 0.984. This ratio compares the final sale price of a home to its initial listing price, offering valuable insights into negotiation dynamics and market competitiveness.
Median Sale Price
As of January 31, 2024, the median sale price for homes in Idaho was $409,333. This metric serves as a key benchmark for understanding pricing trends and affordability within the market.
Median List Price
On February 29, 2024, the median list price for homes in Idaho was $510,666. This figure represents the midpoint of all listed prices and provides insight into sellers' pricing strategies and market expectations.
Percent of Sales Over/Under List Price
As of January 31, 2024, 15.2% of sales in Idaho were over list price, while 62.0% were under list price. These percentages offer valuable insights into market competitiveness and the prevalence of bidding wars among buyers.
Are Home Prices Dropping in Idaho?
As of the latest available data, home prices in Idaho are not dropping. In fact, they have shown a modest increase over the past year, indicating continued demand and market stability. However, real estate markets are subject to fluctuations, so it's essential to monitor trends closely for any signs of change.
Currently, Idaho leans more towards being a seller's housing market. With limited inventory and high demand from buyers, sellers have the advantage of dictating terms and often receiving multiple offers for their properties. This competitive environment typically results in higher sale prices and shorter time on the market for listings.
Will the Housing Market Crash in Idaho?
While predicting a housing market crash with certainty is challenging, there are currently no indicators suggesting an imminent crash in Idaho's housing market. The state has experienced steady growth in home values and demand, supported by factors such as population growth, economic stability, and favorable living conditions. However, market conditions can change, and it's crucial for both buyers and sellers to stay informed and cautious.
Is Now a Good Time to Buy a House in Idaho?
Whether now is a good time to buy a house depends on various factors, including personal circ*mstances, financial readiness, and long-term goals. While Idaho's housing market favors sellers at the moment, buyers can still find opportunities, especially with historically low mortgage rates and the potential for future appreciation. However, it's essential for buyers to conduct thorough research, assess their financial situation, and work with experienced real estate professionals to make informed decisions.
Regional Housing Market Forecast for Idaho
When examining the regional housing market forecast for Idaho, it's essential to delve into the specific dynamics at play in various cities and regions across the state. Let's explore the projections for key areas:
Boise City, ID
- Base Date: January 31, 2024
- February 29, 2024: With a projected increase of 0.2%, the housing market in Boise City shows signs of modest growth.
- April 30, 2024: Expectations rise further, with a projected increase of 2%, indicating sustained momentum in the market.
- January 31, 2025: Projections suggest significant growth, with an estimated increase of 7.5%, reflecting strong demand and market activity.
The forecast for Boise City indicates a thriving real estate market, characterized by steady appreciation and robust demand from buyers.
Coeur d'Alene, ID
- Base Date: January 31, 2024
- February 29, 2024: The market remains stable, with no significant change indicated from the base date.
- April 30, 2024: Modest growth is projected, with an increase of 1.1%, suggesting gradual appreciation in property values.
- January 31, 2025: Projections indicate continued growth, with an estimated increase of 7.4%, highlighting strong demand in the Coeur d'Alene housing market.
Despite starting from a stable base, Coeur d'Alene is expected to experience notable growth in property values over the forecast period, driven by increasing demand from both local and out-of-state buyers.
Idaho Falls, ID
- Base Date: January 31, 2024
- February 29, 2024: A slight decrease of 0.1% is projected, indicating a minor adjustment in the Idaho Falls housing market.
- April 30, 2024: Modest growth of 0.4% is anticipated, suggesting a return to positive momentum in the market.
- January 31, 2025: Projections point to continued growth, with an estimated increase of 5.9%, indicating renewed confidence and activity in the Idaho Falls real estate sector.
Despite a slight dip initially, Idaho Falls is expected to rebound and experience healthy growth over the forecast period, driven by factors such as population growth and economic stability.
Twin Falls, ID
- Base Date: January 31, 2024
- February 29, 2024: A modest increase of 1.2% is projected, indicating positive momentum in the Twin Falls housing market.
- April 30, 2024: Growth continues, with an estimated increase of 7.1%, highlighting strong demand and market activity in the region.
The forecast for Twin Falls suggests sustained growth and market vitality, driven by factors such as economic development and affordability compared to other areas in Idaho.
Pocatello, ID
- Base Date: January 31, 2024
- February 29, 2024: A modest increase of 1.6% is projected, indicating positive momentum in the Pocatello housing market.
- April 30, 2024: Growth continues, with an estimated increase of 8%, reflecting strong demand and market activity in the region.
Pocatello is expected to experience robust growth and increased demand for housing, driven by factors such as affordability and a favorable quality of life.
Rexburg, ID
- Base Date: January 31, 2024
- February 29, 2024: No significant change is projected, indicating stability in the Rexburg housing market.
- April 30, 2024: Modest growth of 0.6% is anticipated, suggesting positive momentum in property values.
- January 31, 2025: Projections indicate continued growth, with an estimated increase of 6.3%, reflecting sustained demand and market activity.
Rexburg's housing market is expected to remain stable initially, with gradual but steady growth over the forecast period, driven by factors such as population growth and economic development.
Lewiston, ID
- Base Date: January 31, 2024
- February 29, 2024: A modest increase of 0.1% is projected, indicating positive momentum in the Lewiston housing market.
- April 30, 2024: Growth continues, with an estimated increase of 0.8%, highlighting sustained demand and market activity.
- January 31, 2025: Projections suggest continued growth, with an estimated increase of 4.8%, indicating a healthy real estate market in the region.
Lewiston is expected to experience steady growth and increased demand for housing, driven by factors such as economic development and a favorable quality of life.
Blackfoot, ID
- Base Date: January 31, 2024
- February 29, 2024: A slight decrease of 0.1% is projected, indicating a minor adjustment in the Blackfoot housing market.
- April 30, 2024: Modest growth of 0.7% is anticipated, suggesting positive momentum in property values.
- January 31, 2025: Projections indicate continued growth, with an estimated increase of 6.6%, reflecting sustained demand and market activity.
Despite a minor setback initially, Blackfoot's housing market is expected to rebound and experience healthy growth over the forecast period, driven by factors such as affordability and economic stability.
Sandpoint, ID
- Base Date: January 31, 2024
- February 29, 2024: A slight decrease of 0.1% is projected, indicating a minor adjustment in the Sandpoint housing market.
- April 30, 2024: No significant change is anticipated.
- January 31, 2025: Projections suggest modest growth, with an estimated increase of 6.7%, indicating stability and sustained demand in the market.
Sandpoint's housing market is expected to remain relatively stable, with gradual but steady growth over the forecast period, driven by factors such as its scenic location and appeal to tourists and retirees.
Burley, ID
- Base Date: January 31, 2024
- February 29, 2024: A slight decrease of 0.2% is projected, indicating a minor adjustment in the Burley housing market.
- April 30, 2024: Modest growth of 0.6% is anticipated, suggesting positive momentum in property values.
- January 31, 2025: Projections indicate continued growth, with an estimated increase of 6.5%, reflecting sustained demand and market activity.
Burley is expected to experience steady growth and increased demand for housing, driven by factors such as its agricultural economy and affordability compared to other areas in Idaho.
Moscow, ID
- Base Date: January 31, 2024
- February 29, 2024: The market sees a moderate increase of 0.3%, indicating positive momentum in the Moscow housing market.
- April 30, 2024: Growth continues, with an estimated increase of 1.3%, reflecting sustained demand and market activity.
- January 31, 2025: Projections suggest continued growth, with an estimated increase of 5.7%, indicating stability and sustained demand in the market.
Moscow's housing market is expected to experience steady growth over the forecast period, driven by factors such as its status as a college town and its appeal to both students and professionals.
Mountain Home, ID
- Base Date: January 31, 2024
- February 29, 2024: The market experiences a notable increase of 0.4%, indicating positive momentum in the Mountain Home housing market.
- April 30, 2024: Growth accelerates, with an estimated increase of 1.7%, reflecting strong demand and market activity.
- January 31, 2025: Projections suggest continued growth, with an estimated increase of 8.7%, indicating significant appreciation and demand in the market.
Mountain Home's housing market is expected to experience robust growth and increased demand for housing, driven by factors such as its proximity to military installations and affordable housing options.
Hailey, ID
- Base Date: January 31, 2024
- February 29, 2024: The market sees a moderate increase of 0.3%, indicating positive momentum in the Hailey housing market.
- April 30, 2024: Growth continues, with an estimated increase of 1%, reflecting sustained demand and market activity.
- January 31, 2025: Projections suggest continued growth, with an estimated increase of 7.3%, indicating stability and sustained demand in the market.
Hailey's housing market is expected to experience steady growth over the forecast period, driven by factors such as its scenic location, outdoor recreational opportunities, and appeal to affluent buyers seeking vacation homes.
Sources:
- https://www.zillow.com/research/data/
- https://www.zillow.com/home-values/20/id/
- https://www.redfin.com/state/Idaho/housing-market
- https://fred.stlouisfed.org/series/IDSTHPI#
