No End in Sight For Boise Housing Demand
It is no surprise that Boise continues to be featured as one of the fastest-growing cities in the US. Check out the latest articles in the Business Insiders, The Boise Dev, and Keller Williams Realty! Yet the popularity extends beyond just the city of Boise. Neighboring cities including Meridian, Kuna, and Eagle continue to see tremendous growth, as well.
With more out-of-state movers continuing to migrate, the demand for housing has skyrocketed. With the increased demand, we’ve also seen Ada County home prices hitting new record highs. The median price of a house in Ada County has increased by nearly $46,000 in just one year, which represents a 14.5% increase. Will prices continue to rise? Our best guess is yes.
Moving into 2021, we can infer that the Boise Metro area will continue to suffer from a significant housing shortage. The above chart shows the number of homes for sale in the Treasure Valley over the last 13 years. To make matters worse, hundreds of these available homes are to-be-built or under construction, so actual available inventory is much lower than it appears.
As the cost to purchase a home in Ada and Canyon counties increases, more households will elect to rent. With Idaho's overall low cost of living, the Treasure Valley continues to stand out from the crowd as a compelling and attractive place to live. If you are a developer, builder, or investor of multi-family units, we would love to connect with you!