If you regularly surf Zillow, you know that there’s a shift happening in the Boise housing market. Is it anywhere near the “full fledged housing crash” that some people predicted? Hardly.
While November's median listing price in Boise is down to $545,000 from this year’s peak at $576,650 in April, it’s still up 1.9% from the same time a year ago. With higher interest rates, it is taking a little longer for the homes to sell. In November 2021, it took about 48 days for a home in Boise to sell. This year? 56. Realtor.com’s price barometer shows the market creeping back toward “balanced” but still says that it’s a sellers market.
But, is Boise one of the most expensive places to call home in Idaho? According to Homesnacks it is in 2022. Homesnacks has been ranking the most expensive cities to live in Idaho for the past eight years. To determine the list, they looked at the American Community Survey conducted by the United States Census Bureau to find the median home value, median income, median home value to income ratio and median income to rate ratio for Idaho cities with a population of at least 5,000 people.
The American Community Survey looks at five years of data and that’s probably why we had to do a double take at the home values. They seemed so far off. We added a more current snapshot of what the current median listing price is for these cities based on the inventory statistics from Realtor.com.
When the dust settled, these were determined to be the most expensive cities to live in in 2022, along with the most expensive and most affordable homes on the market there in mid-December.