Boise, Idaho – Market Report April 2024

An Overview of Boise’s Real Estate Market Dynamics

The real estate landscape in Boise, Idaho, has been a spectacle of ebb and flow with significant fluctuations marking its recent history. The city, known for its lush landscapes and vibrant culture, has seen its average property values experience a rollercoaster ride. After reaching a peak in June 2023 at approximately $564,817, the market cooled off, with values dipping to around $519,950 by January 2024. However, this was followed by an upturn in February 2024, with the average value edging up to approximately $539,900.

Simultaneously, Boise’s price per square foot—a key indicator of market demand—has shown a general upward trajectory, climbing from roughly $303 in March 2023 to around $307 in December 2023. This increment reflects a growing appetite for Boise properties though it levelled off shortly thereafter, with the figure hovering between $300 and $302.

The volatility of the market didn’t leave the quantity of properties sold untouched. A remarkable peak occurred in September 2023 with an impressive 3,089 properties changing hands. Yet, by February 2024, a noticeable descent brought the number down to 2,302 properties sold. This variability might suggest seasonal trends or shifting buyer sentiment in Boise’s real estate market.

Neighboring Cities: Comparative Market Trends

Casting the net wider to encompass nearby cities, we find that each area presents its own unique market narrative. Kuna, a stone’s throw away, witnessed a notable upswing with its average home values escalating to around $559,900 by February 2024 from a lower plateau at about $499,900 in March 2023. This demonstrates a robust and consistent appreciation in real estate worth in the area.

Conversely, Mountain Home paints a contrasting picture with the lowest average property values amongst its counterparts, ranging broadly between $319,000 and $355,000. This, coupled with a decline in the average sale price per square foot from $250 in March 2023 down to about $243 in February 2024, indicates a mild softening in the market.

Garden City’s real estate loop has had its share of ups and downs, with average values dipping from about $477,900 in October 2023 to around $444,750 by December, only to rebound to approximately $502,450 as of February 2024. Such trends hint at a market that’s correcting itself after a period of adjustment.

Meridian’s market posture has been one of relative stability, with a slight correction from around $599,998 in May 2023 to $575,000 come December, before nudging back up to $585,000 in February 2024. Meanwhile, Eagle demonstrated a more marked decrease in average values, descending from an apex of roughly $912,400 in April 2023 to around $799,900 by December, before climbing steeply to $919,300 by February 2024. This could be reflective of a high-end market’s typical fluctuations.

Snapshot of Current Market Conditions

As we zero in on February 2024, the current state of real estate in Boise and its surrounding cities offer insights into both the value and volume of the market. In Boise, an average property value of approximately $539,900 coupled with an average sale price per square foot at around $302 demonstrates a stable demand for the city’s living spaces. However, with only 403 properties up for grabs, the inventory is perhaps reflective of a tighter market.

Meanwhile, in Kuna, properties bear an average value of about $559,900, yet the average sale price per square foot stands at $268, suggesting that larger properties might be influencing this market. Interestingly, the sale volume shows that 274 properties exchanged hands, asserting a healthy transactional flow.

Mountain Home’s real estate, with an average value of approximately $325,000 and a competitive $204 price per square foot, indicates a more accessible entry point to homeownership, underscored by the 198 properties sold.

In the case of Garden City, the average property value sits at roughly $502,450 and an average sale price per square foot of $317. With only 22 properties on the ledger, it smacks of exclusivity or possibly a lull in listings.

Meridian shows an average property value near $585,000 with a sale price per square foot of $274, boasting a volume of 1,121 properties sold—an indicator of a dynamic market.

Lastly, Eagle asserts its stance as the premium market locale with an average property value at a commanding $919,300 and a sale price per square foot at $340, supported by 444 property sales, signaling a luxurious but active market segment.

In conclusion, Boise and its neighboring cities present a mosaic of market conditions, with each area portraying unique trends and behaviors. Buyers and sellers alike navigate through tranquil waters and undercurrents in this ever-evolving real estate landscape.