Boise Housing Market: Trends & Prices
Boise Real Estate Market Overview
(Last Updated – 01/2022)
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 is also gaining attention for its hot real estate market. As of November, Boise’s median home prices had risen by 20% compared with a year ago, according to the experts at Redfin.
Despite escalating home prices, Idaho continues to grow rapidly. The latest census data shows that Idaho was the fastest-growing state in the country between 2019 and 2020 — its population growing by 2.9% — and the second-fastest-growing state over the past decade, with a population increase of 17.3%.
In 2020, most new Boise residents came from in-state, followed by California and Washington. The overall affordability of Idaho is a large part of the state’s appeal. With the exception of Wyoming, Idaho has a lower cost of living than all of the states that it borders. Boise in particular is drawing new residents because of its growing tech industry and strong job market. Boise’s tech sector employment alone grew by 41% over the past five years.
Recommended: Cost of Living in Idaho (2022)
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 “sizzling hot,” with homes still selling at record levels. They note, however, that the substantial month-to-month price increases they were seeing over the past year slowed a bit in the fall. They say this is in line with seasonal local housing market trends, though, so don’t expect it to last.
As of November 2021, home prices in Boise had a median sale price of $480,000, and homes in this area typically complete the sales process in a speedy 15 days.
$480,000
Median Sale Price
$292
Avg. Price Per Sq. Ft
15 days
Avg. Time on Market
Boise Housing Market Forecast
If you’re seriously considering buying a home in Boise, you should know that while home values flattened a bit during the fall, new home listings plunged while demand remained high, giving the seller the advantage.
In addition, median home values are still at or near record highs, and real estate experts predict that prices will rise by double digits before the end of next year. The current home prices already make the Boise real estate market unaffordable for many middle-income families.
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: $60,035
Median Age: 37.2
College Educated: 41.6%
Homeowners: 60.9%
Married: 56.8%
Popular Boise Neighborhoods
Boise is home to 34 neighborhoods, but here are fast facts about five of the most popular ones to help make your decision a bit easier.
Recommended: Price-to-Rent Ratio in 50 CitiesNorth End
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:
22,775
Median Age:
39.8
Housing Units:
11,958
Bike Score:
81
Walk Score:
64
Transit Score:
31
Average Household Income:
$108,936
North End Housing Market
The North End housing market may be showing signs of cooling down a bit as of November 2021. Redfin describes it as a somewhat competitive market, with some homes receiving multiple offers.
The average home sells in around 15 days, and sometimes only five days if they are one of the more in-demand options.
Median Sale Price
$658,000
Average Price Per Square Ft.
$340
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:
2,658
Median Age:
36
Housing Units:
1,254
Bike Score:
98
Walk Score:
80
Transit Score:
44
Average Household Income:
$100,594
Downtown Housing Market
Downtown Boise is very competitive, with a median sale price that’s up 29.6% since November 2020.
Many homes receive multiple offers, most sell for 2% above their list price, and the average home sells in around nine days.
Median Sale Price
$635,000
Average Price Per Square Ft.
$481
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:
5,976
Median Age:
34
Housing Units:
2,612
Bike Score:
84
Walk Score:
67
Transit Score:
28
Average Household Income:
$72,003
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.
Many homes in this neighborhood receive multiple offers and sell for 2% to 4% above their list price.
Median Sale Price
$375,000
Average Price Per Square Ft.
$293
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:
21,613
Median Age:
35
Housing Units:
9,739
Bike Score:
67
Walk Score:
33
Transit Score:
20
Average Household Income:
$89,829
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 15 days, with some getting multiple offers, so be ready to bid.
Median Sale Price
$510,000
Average Price Per Square Ft.
$311
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:
9,746
Median Age:
41.6
Housing Units:
4,352
Bike Score:
63
Walk Score:
34
Transit Score:
24
Average Household Income:
$120,348
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 six to 11 days.
Median Sale Price
$715,000
Average Price Per Square Ft.
$355
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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