The Idaho housing market has been experiencing some changes and challenges in recent years, with fluctuating prices and shifts in supply and demand. As we move further into 2023, it's important for both buyers and sellers to have a clear understanding of the current state of the market.
In this article, we will delve into the latest housing market data and trends in Idaho, examining key metrics such as median home prices, sales, inventory, and buyer demand. We will also explore some of the top cities and regions experiencing growth and competitiveness in the housing market, as well as offer a brief outlook on what we can expect for the Idaho housing market in the coming months.
Idaho Housing Market Update
The housing market is a key indicator of the strength of an economy and the affordability of housing for residents. As per data by Redfin, in July 2023, home prices in Idaho were down 0.63% compared to last year, selling for a median price of $479,400. On average, the number of homes sold was down 6.6% year over year, with 2,264 homes sold in July this year, down from 2,423 homes sold in July last year. The median days on the market was 27 days, up 2 year over year.
Median Sale Price
All Home Types
The direction and pace at which home prices are changing are indicators of the strength of the housing market and whether homes are becoming more or less affordable. The median price of a home in the United States is currently $479,400.
What does this mean?
The direction and pace at which home prices are changing are indicators of the strength of the housing market and whether homes are becoming more or less affordable. The median price of a home in the United States is currently $479,400.
Top 10 Metros in Idaho with the Fastest Growing Sales Price
- Moscow, ID 13.2%
- Post Falls, ID 1.5%
- Boise, ID 0.3%
- Twin Falls, ID -0.3%
- Hayden, ID -0.7%
- Lewiston, ID -1.0%
- Mountain Home, ID -1.3%
- Kuna, ID -2.5%
- Nampa, ID -4.0%
- Coeur d'Alene, ID -4.8%
Idaho Housing Supply
Are there enough homes for sale to meet buyer demand? In July 2023, there were 8,600 homes for sale in Idaho, down 30.8% year over year. The number of newly listed homes was 2,625, down 33.8% year over year. The average months of supply is 3 months, down 1 year over year.
# of Homes for Sale
All Home Types
The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. They can also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. There are currently 8,600 residential homes for sale in the United States.
What does this mean?
The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. They can also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. There are currently 8,600 residential homes for sale in the United States.
Idaho Housing Demand
How competitive is the market? In July 2023, 13.3% of homes in Idaho sold below list price, down 3.0 points year over year. There were only 39.1% of homes that had price drops, down from 47.0% of homes in July last year. There was a 98.1% sale-to-list price, down 0.31 points year over year.
Homes Sold Above List Price
All Home Types
Homes that sold above list price likely received multiple offers. A high or growing percentage of homes selling above list price indicates that the housing market is competitive and bidding wars are becoming more common. A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive.
What does this mean?
Homes that sold above list price likely received multiple offers. A high or growing percentage of homes selling above list price indicates that the housing market is competitive and bidding wars are becoming more common. A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive.
Top 10 Most Competitive Cities in Idaho
Competition calculated using Redfin's Compete Score™
- Moscow, ID
- Boise, ID
- Sandpoint, ID
- Mountain Home, ID
- Post Falls, ID
- Coeur d'Alene, ID
- Caldwell, ID
- Rathdrum, ID
- Spirit Lake, ID
- Osburn, ID
Idaho Housing Market Forecast 2023-2024
The Idaho housing market has seen significant changes in recent times, with key metrics providing insights into the current state of the real estate landscape. According to Zillow, as of July 31, 2023, the average home value in Idaho stands at $440,864, representing a 7.3% decrease over the past year. Additionally, homes in Idaho are going pending in approximately 16 days, indicating a fast-moving market.
Here are some essential statistics for the Idaho housing market as of June 30, 2023:
- Median Sale to List Ratio: 0.998
- Percent of Sales Over List Price: 25.2%
- Percent of Sales Under List Price: 49.3%
- Median Days to Pending: 16
Idaho MSA Housing Market Forecast by July 2024
The housing market in various Metropolitan Statistical Areas (MSAs) within Idaho is expected to experience growth and changes in the coming months. Here's a look at the housing market forecast for selected Idaho MSAs by July 2024:
Boise City, ID MSA: As of July 31, 2023, the base data indicates a positive trend, and by July 2024, it is projected to see a significant increase in housing market performance with a forecasted growth rate of 6.4%.
Coeur d'Alene, ID MSA: Similar to Boise City, the Coeur d'Alene MSA shows a promising outlook with a forecasted growth rate of 10.1% by July 2024, building on its base data from July 31, 2023.
Idaho Falls, ID MSA: This MSA is expected to experience a growth rate of 7.6% by July 2024, indicating a positive trend in the housing market compared to its base data as of July 31, 2023.
Twin Falls, ID MSA: With a forecasted growth rate of 8.8% by July 2024, Twin Falls demonstrates a promising outlook, building on its base data from July 31, 2023.
Pocatello, ID MSA: The housing market in Pocatello is forecasted to grow by 9% by July 2024, showing a positive trend in comparison to its base data from July 31, 2023.
Rexburg, ID MSA: Rexburg's housing market is expected to improve with a growth rate of 8% by July 2024, starting from its base data on July 31, 2023.
Lewiston, ID MSA: Lewiston is predicted to experience a growth rate of 5.8% by July 2024, indicating positive changes in the housing market compared to its base data as of July 31, 2023.
Blackfoot, ID MSA: With a projected growth rate of 7.8% by July 2024, Blackfoot demonstrates potential improvements in the housing market, building on its base data from July 31, 2023.
Sandpoint, ID MSA: Sandpoint's housing market is forecasted to grow by 9.2% by July 2024, showing positive trends in comparison to its base data from July 31, 2023.
Burley, ID MSA: The Burley MSA is expected to experience a growth rate of 9.7% by July 2024, indicating promising changes in the housing market based on its base data as of July 31, 2023.
Moscow, ID MSA: Moscow's housing market is forecasted to grow by 7.5% by July 2024, building on its base data from July 31, 2023.
Mountain Home, ID MSA: With a projected growth rate of 11.9% by July 2024, Mountain Home demonstrates significant potential improvements in the housing market compared to its base data as of July 31, 2023.
Hailey, ID MSA: Hailey is forecasted to experience growth with a growth rate of 10% by July 2024, building on its base data from July 31, 2023.
These forecasts provide valuable insights into the expected performance of Idaho's housing market in various regions, offering guidance to buyers, sellers, and investors in making informed decisions regarding real estate transactions.
Sources:
- https://www.zillow.com/research/data/
- https://www.zillow.com/home-values/20/id/
- https://www.redfin.com/state/Idaho/housing-market
- https://fred.stlouisfed.org/series/IDSTHPI#
