Idaho’s Housing Market and Move in Rate Drops Dramatically
For years Idaho, especially the Boise area, couldn't get a break from the housing markets rocket rise. Cost, prices, development were in full blown crazy mode with no end in sight. As you may have already heard rumors of or seen and experienced the slowdown yourself, it is definitely a different world out there than it was just two years ago. Homes used to go on sale and have bidding wars that day. Now homes in the Boise area are still selling but have tamed down quite a bit. While some real estate 'experts' claimed that the housing market would hit a full blown crash similar to 2007, we are not seeing that. However there is no denying that things are finally leveling out.
Idaho saw drastic changes and the pace of people moving into the state altered dramatically over the past few years.
According to Movebuddah.com, "Fueled by a desire to escape the perceived risks of public transportation and apartment elevators, densely-populated urban areas lost twice as many residents in 2020 as in previous years. That trend continued throughout the pandemic, as newly-remote workers found they could work from smaller cities and take advantage of affordable homes and nearby nature, and early retirees called it quits."
While Idaho was a top destination (#3) to move to in 2020 according to this study that ranked the 50 states by in-to-out ratio. Now just two years later, as of mid-2022 Idaho has fallen to #20. If you want to dive in further here's the link to the report: Mid-Year Migration Report. The top three states this year are 1. Hawaii, 2. Alaska, 3. Montana.