‘Boise is One of the Biggest Housing Bubbles In America’
Unlike last year, the Boise housing market has seen massive price reductions. "Home sales are down 31% in Boise," Real estate consultant/YouTuber Nic Gerli shared with his online audience. He continued his prediction that Boise is one of the largest real estate bubbles in the country. Gerlie says one of the reasons for the housing decline is the economic uncertainty of what's happening in California.
Several California tech firms have begun laying off workers or not allowing them to relocate to other states like Idaho. Several California tech firms have begun laying off workers or not allowing them to relocate to other states like Idaho. Gerlie is not alone in his assessment of the Boise market; as reported here, another national outlet says prices are declining rapidly in the Boise market.
Boise's rise in popularity has been well covered during the last three years during the housing boom. CBS, NBC, and ABC have all sent reporters here to cover the rapid rise in home prices. As prices normalize or drop, one can assume that the area will receive more national attention covering the market's decline.
The Wall Street Journal has devoted extensive space to covering the Boise market. The Journal reports that higher interest rates have caused more home homes to be on the market longer, and price reductions are now the norm for the market. One couple tells the Journal that they cut the price of their home by over $100,000.
How Big Was The Growth?
According to the Wall Street Journal:
"The buying frenzy sent the median sales price for existing single-family homes in Ada County soaring to a peak of $586,750 in May—up 79% from three years earlier, and 44% higher than the equivalent national figure. Idaho posted the strongest home-price growth of any state last year, according to mortgage-finance company Freddie Mac."
The good news is that if you're waiting to buy a home in Boise, prices are predicted to drop by as much as10%. Some see prices continuing to fall as folks decide that the Idaho life may not be for them.
The days of affordable Boise as an attraction to outsiders may be over for now, but most experts believe that buyers will return to Boise as home prices fall.