The Idaho housing market has been experiencing some changes and challenges in recent years, with fluctuating prices and shifts in supply and demand. 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 Trends 2023
What is the housing market like right now? 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, the median sale price of homes in Idaho is a pivotal indicator of the housing market's strength. As of October 2023, the median price stands at $484,500, reflecting a 0.8% increase compared to the previous year. This figure not only shapes the market sentiment but also provides insights into the affordability of homes in the region.
Top 10 Metros with Fastest Growing Sales Price
For those looking to invest or relocate, understanding the specific areas experiencing rapid price growth is essential. In Idaho, the top 10 metros with the fastest-growing sales prices include Twin Falls (19.6%), Coeur d'Alene (7.7%), and Lewiston (7.2%), among others. These figures offer valuable insights for potential buyers and sellers seeking lucrative opportunities in the market.
Idaho Housing Supply: Meeting Buyer Demand
The balance between housing supply and demand plays a crucial role in shaping the real estate landscape. In October 2023, Idaho experienced a 27.2% decrease in the number of homes for sale compared to the previous year, with a total of 8,235 homes on the market. This decline may impact the options available for buyers, influencing factors such as market competitiveness and the speed of transactions.
Idaho Housing Demand: Gauging Market Competitiveness
Market competitiveness is a key factor for both buyers and sellers. In October 2023, 10.9% of homes in Idaho sold above the list price, indicating a competitive market. The percentage of homes with price drops decreased from 49.0% to 39.0% year over year, suggesting a shift in market dynamics. Understanding these demand-related metrics can help stakeholders navigate the market more effectively.
Top 10 Most Competitive Cities in Idaho
For those considering specific cities within Idaho, knowing the most competitive areas is crucial. According to Redfin's Compete Score™, cities like Mountain Home, Hayden, and Garden City are identified as highly competitive. These scores provide valuable insights for individuals looking to buy or sell in specific locales.
Idaho Housing Market Forecast 2023-2024
The current state of the Idaho housing market, as forecasted by Zillow, provides key insights into the trends and statistics shaping the real estate landscape. Let's delve into the data to gain a comprehensive understanding.
The average home value in Idaho stands at $442,087, experiencing a decrease of 4.8% over the past year. Homes in the region typically go pending within a relatively short span of 28 days, indicating a dynamic and active market.
Key Metrics Breakdown
For Sale Inventory: With 8,232 properties available for sale as of October 31, 2023, prospective buyers have a range of options to explore in the Idaho housing market.
New Listings: The market saw the addition of 2,197 new listings, contributing to the overall inventory and potentially offering diverse choices for homebuyers.
Median Sale to List Ratio: A crucial metric, the median sale to list ratio as of September 30, 2023, is 0.988, providing insights into the negotiation dynamics between sellers and buyers.
Median Sale Price: The median sale price, recorded at $441,742 as of September 30, 2023, reflects the mid-point of home prices in the market.
Median List Price: As of October 31, 2023, the median list price is $536,667, indicating the middle value of all listed property prices.
Percent of Sales Over List Price: Notably, 19.0% of sales in September 2023 were conducted above the listed price, underscoring the competitive nature of certain segments within the market.
Idaho MSA Housing Market Forecast for 2024
Let's delve into the forecast for key MSAs in Idaho for the year 2024.
1. Boise City, ID MSA:
The housing market in Boise City continues to exhibit resilience and growth, with a forecasted increase in property values. As of 31st October 2023, the region experienced a modest appreciation of 0.2%. Looking ahead to 30th November 2023, a further 0.1% increase is anticipated, setting the tone for a positive start to the year. The forecast for 31st January 2024 indicates a continued upward trend with a projected rise of 1.4%.
2. Coeur d'Alene, ID MSA:
Contrasting with Boise City, the Coeur d'Alene housing market faces a minor setback in the short term. As of 31st October 2023, the region saw a decrease of -0.3%. This trend is expected to persist through 30th November 2023 and 31st January 2024, with projected declines of -0.3% and a subsequent recovery with a significant rise of 2.5% by 31st October 2024.
3. Idaho Falls, ID MSA:
In the Idaho Falls metropolitan area, the housing market is exhibiting positive signs. As of 31st October 2023, there was a modest appreciation of 0.2%. Looking towards 30th November 2023, a stable market is predicted with no significant change. However, by the end of January 2024, the forecast points to a notable increase of 2.1%, indicating a favorable outlook for this MSA.
4. Twin Falls, ID MSA:
The Twin Falls housing market, similar to Idaho Falls, shows positive trends. As of 31st October 2023, there was a modest appreciation of 0.1%. The forecast for both 30th November 2023 and 31st January 2024 suggests a stable market with no significant changes, but a promising projection of a 2.5% increase is anticipated by 31st October 2024.
5. Pocatello, ID MSA:
The Pocatello housing market is characterized by steady growth. As of 31st October 2023, there was a moderate appreciation of 0.2%. Looking ahead to 30th November 2023, a slight increase of 0.4% is projected. The forecast for 31st January 2024 is even more optimistic, indicating a notable rise of 3.2%. These figures suggest a robust and resilient housing market in Pocatello.
6. Rexburg, ID MSA:
Contrary to the overall positive trends in Idaho, Rexburg faced a decline in housing values as of 31st October 2023, with a decrease of -0.3%. This trend continues through 30th November 2023 and 31st January 2024, with projected declines of -1.1%. However, there is a slight recovery anticipated by 31st October 2024, with a projected increase of 1.3%.
7. Lewiston, ID MSA:
Lewiston's housing market, though stable, experienced a minor decrease as of 31st October 2023, with a decline of 0%. Looking ahead to 30th November 2023, a slight decrease of -0.2% is projected. However, by 31st January 2024, there is a forecasted recovery with a 0.4% increase, indicating a resilient market in the medium term.
8. Blackfoot, ID MSA:
The housing market in Blackfoot demonstrates a positive trajectory. As of 31st October 2023, there was a modest appreciation of 0.1%. However, the forecast for 30th November 2023 and 31st January 2024 indicates a temporary decline with projections of -0.2% and a subsequent notable increase of 2.3% by 31st October 2024. Investors should closely monitor this market for potential opportunities in the medium term.
9. Sandpoint, ID MSA:
Sandpoint's housing market faces a short-term downturn. As of 31st October 2023, the region experienced no significant change. However, looking ahead to 30th November 2023 and 31st January 2024, there are projected declines of -0.6% and a subsequent recovery with a 2.4% increase by 31st October 2024. This indicates a potential buying opportunity for those considering Sandpoint real estate in the coming months.
10. Burley, ID MSA:
Burley's housing market exhibits positive trends, aligning with broader patterns in the state. As of 31st October 2023, there was a commendable appreciation of 0.3%. Looking ahead to 30th November 2023 and 31st January 2024, the market continues to show strength with projected increases of 0.5% and a notable 3% rise by 31st October 2024. This suggests a robust and resilient real estate landscape in Burley.
11. Moscow, ID MSA:
Moscow's housing market faces challenges as of 31st October 2023, with a modest decline of -0.1%. This trend is anticipated to continue through 30th November 2023 and 31st January 2024, with projected declines of -0.3%. However, there is a forecasted recovery by 31st October 2024 with a modest increase of 0.8%. Stakeholders should carefully assess the market dynamics before making investment decisions in Moscow.
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#
