It’s probably a bit obvious by this point, but the Treasure Valley Housing Market is absolutely skyrocketing right now. Compared to other markets throughout the country, Idaho has about a 2.9% higher growth rate.
According to KTVB7, “Most housing markets in the U.S. are showing a rate of growth of 0.1%, while the Treasure Valley and Idaho are growing at 3%, making it so that some Idahoans are being priced out.”
“The Valley just can’t keep up with the demand for homes,” said Kristi Cozens from Idaho Home Realty.
I wanted a realtor’s perspective, so I reached out to Kristi and asked her for her thoughts. She said, “The Treasure Valley housing market remains strong in 2022 due primarily to an imbalance of supply and demand, similar to much of the nation.”
She also believes that “as the Pandemic has allowed for more flexible work environments, home ownership has been a priority for so many. Even as rates slightly increase, keep in mind that they are still worth taking advantage of, as they are well below the average for the last five decades.”
And according to FreddieMac, “The all-item Consumer Price Inflation (CPI) hit a 40-year high of 7.0% year-over-year in December 2021, while the core CPI came in at 5.5% year-over-year. We expect the inflationary pressures to moderate this year as the Federal Reserve begins to taper its asset purchases and raise rates. We forecast rates to average 3.6% in 2022 and 3.9% in 2023.”
The answer? Yes – the Housing Market in the Treasure Valley is going to keep growing. However, just as Kristi shared (above), taking advantage of the rates where they’re at right now could still be a good idea.