Boise Housing Market: Trends & Prices
Boise Real Estate Market Overview
(Last Updated – 7/2023)
If you end up calling Boise home, you’ll quickly see why its nickname is the City of Trees. Idaho in general has over 4.7 million acres of wilderness, and Boise has its fair share of beautiful trees to enjoy.
You probably know that Idaho is famous for its potatoes, but for those of you with a sweet tooth, don’t forget that the state fruit is the huckleberry. Idaho has also been gaining attention in recent years for its hot real estate market.
The capital city’s housing market in particular is one to look at. With low inventory of available homes and fierce buyer competition, houses don’t stay on the market for very long in Boise. The city is also drawing new residents because of its growing tech industry and strong job market. The expansion of Micron Technology’s headquarters, the area’s largest private employer, by 2030 is expected to create about 17,000 new jobs itself.
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If you’re considering dipping your toe into the Boise real estate market, keep reading.
Overall Boise Market Trends
Real estate experts consider the Boise market “very hot,” with homes selling quickly. They note, however, that median home prices dropped by 16.8% in May 2023 compared to last year. They say this is in line with local housing market trends.
As of May 2023, home prices in Boise had a median sale price of $487,000, and homes in this area typically complete the sales process in a speedy 11 days.
$487,000
Median Sale Price
$297
Avg. Price Per Sq. Ft
11 days
Avg. Time on Market
Boise Housing Market Forecast
If you’re seriously considering buying a home in Boise, you should know that home values are expected to rise again and demand should remain high, thus giving the seller the advantage.
In addition, the current home prices still make the Boise real estate market unaffordable for many middle-income families. The area is also experiencing a shortage of affordable homes in general.
Demographics of the Boise Market
From farms to forests to bustling cityscapes, Boise provides close access to every type of lifestyle and countless recreational activities.
Before detailing Boise’s most popular neighborhoods, you may benefit from taking a look at the overall Boise real estate market’s demographics.
Median Income: $68,373
Median Age: 40.2
College Educated: 43.7%
Homeowners: 62.4%
Married: 57.7%
Popular Boise Neighborhoods
Boise is home to 35 neighborhoods, but here are fast facts about five of the most popular ones to help make your decision a bit easier.
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The stunning North End is known nationwide for being the gateway to the Boise foothills and home to Hyde Park, so nature lovers will feel right at home here.
This neighborhood is full of trees and flowers, plus sightseeing, dining, and shopping options. It’s super pedestrian friendly and is popular with singles and families alike.
Quick Facts
Population:
22,966
Median Age:
40.2
Housing Units:
12,143
Bike Score:
85/100
Walk Score:
65/100
Transit Score:
31/100
Average Household Income:
$119,303
North End Housing Market
The North End housing market may be showing signs of cooling down since last year. In May 2023, median home sale prices dropped by 12.4% compared to last year. Redfin describes it as a somewhat competitive market, with some homes receiving multiple offers.
The average home sells in around 18 days, and sometimes only five days if they are one of the more in-demand options.
Median Sale Price
$749,000
Average Price Per Square Ft.
$456
Downtown
Downtown Boise has so much to offer: arts and entertainment, business and career opportunities, food galore, and an exciting energy and vibrancy.
Quick Facts
Population:
2,766
Median Age:
36
Housing Units:
1,306
Bike Score:
98/100
Walk Score:
81/100
Transit Score:
45/100
Average Household Income:
$112,277
Downtown Housing Market
Downtown Boise is not very competitive, with a median sale price that was down 47.2% in May 2023 compared to last year.
Very few homes receive multiple offers, most sell for 4% below their list price, and the average home sells in around 66 days.
Median Sale Price
$502,000
Average Price Per Square Ft.
$606
Morris Hill
Morris Hill is dripping with charm thanks to its historic homes, mature trees, and stunning landscaping. It’s obvious why so many younger folks are moving in and reviving the homes from the turn of the century to midcentury.
Locals like to stroll down Orchard Street on the weekends. This hot spot offers a nice variety of restaurants, specialty shops, and locally owned businesses.
Quick Facts
Population:
6,186
Median Age:
34
Housing Units:
2,727
Bike Score:
86/100
Walk Score:
69/100
Transit Score:
28/100
Average Household Income:
$83,889
Morris Hill Housing Market
Good news for home sellers: In Morris Hill, most homes typically sell in six days, and hot homes sell in around four. This means homebuyers will need to keep an eagle eye on the market if they want to find a dream home in Morris Hill.
Some homes in this neighborhood receive multiple offers and sell for 2% to 4% above their list price.
Median Sale Price
$365,000
Average Price Per Square Ft.
$239
Southeast Boise
Southeast Boise is a rapidly growing neighborhood that offers access to a river, greenbelt, and the hustle and bustle of downtown.
Southeast Boise’s close proximity to major parks, sports complexes, trendy new restaurants, and Boise State University doesn’t hurt.
Quick Facts
Population:
22,783
Median Age:
36
Housing Units:
10,263
Bike Score:
67/100
Walk Score:
32/100
Transit Score:
20/100
Average Household Income:
$105,179
Southeast Boise Housing Market
You may be able to find your dream home in Southeast Boise. As of November, Redfin considered the area only somewhat competitive, with the average home selling at about 1% below list price.
Nonetheless, homes in this neighborhood sell between four and nine days, with some getting multiple offers, so be ready to bid.
Median Sale Price
$495,000
Average Price Per Square Ft.
$297
East End
This upscale historic district covers 39 blocks and consists of primarily single-family homes. Founded in 1890, East End has changed quite a bit over the years.
The most common architectural style in this area is the Craftsman bungalow, but you’ll also see quite a few Queen Anne cottages. Architecture buffs will love all of the options available to them.
Quick Facts
Population:
8,837
Median Age:
46.1
Housing Units:
4,332
Bike Score:
64/100
Walk Score:
33/100
Transit Score:
22/100
Average Household Income:
$133,195
East End Housing Market
East End is a very competitive market, with many homes in this area receiving multiple offers and selling for around list price.
You may want to move quickly if you find a home you love in East End — typically homes sell in three to seven days.
Median Sale Price
$672,000
Average Price Per Square Ft.
$379
SoFi Home Loans
It’s easy to see why Boise has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.
If you think Boise could be your home sweet home, then you may need to consider your mortgage loan options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
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