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. In this blog post, we provide an overview of the current state of the housing market in Idaho, using data from Redfin. We cover key metrics such as median sale price, housing supply, demand, and migration trends.
Median Sale Price
The median sale price of a home in Idaho in March 2023 was $433,300, down 11.3% compared to last year. This is an indicator of a cooling market, which may be more affordable for buyers. However, prices remain high compared to other states in the US. The graph below shows the median sale price of all home types in Idaho over the past three years.
Top 10 Metros in Idaho with the Fastest Growing Sales Price
Some cities in Idaho have seen an increase in sale prices over the past year, indicating a more competitive market in those areas. The top 10 metros in Idaho with the fastest growing sales price are:
- Star, ID: 21.7%
- Eagle, ID: 4.7%
- Lewiston, ID: -0.8%
- Twin Falls, ID: -4.7%
- Boise, ID: -8.3%
- Mountain Home, ID: -9.1%
- Caldwell, ID: -12.1%
- Kuna, ID: -14.1%
- Hayden, ID: -15.5%
- Post Falls, ID: -15.8%
Housing Supply
Housing supply is an important metric to consider when analyzing the state of the housing market. In March 2023, there were 6,384 homes for sale in Idaho, down 5.1% year over year. The number of newly listed homes was 2,053, down 42.1% year over year. The average months of supply is 2 months, up 0 year over year. The graph below shows the number of homes for sale (all home types) in Idaho over the past three years.
Idaho Housing Demand
Housing demand is a key metric to consider when analyzing the competitiveness of the housing market. In March 2023, 12.3% of homes in Idaho sold below list price, down 17.6 points year over year. There were only 32.6% of homes that had price drops, up from 15.0% of homes in March last year. There was a 98.3% sale-to-list price, down 1.9 points year over year. The graph below shows the percentage of homes sold above list price (all home types) in Idaho over the past three years.
Idaho Housing Market Forecast 2023-2024
The average Idaho home value is $435,374, down 5.1% over the past year and goes to pending in around 33 days. According to Zillow data, the Idaho housing market is projected to experience a rebound in 2023-2024, particularly at the Metropolitan Statistical Area (MSA) level. The MSA-level forecast for several cities in Idaho shows promising growth in the real estate market.
For instance, the Boise City MSA, which is the largest metropolitan area in Idaho, is expected to experience a minor decline of 0.2% in home values by April 2023 but is expected to recover by June 2023 and show growth of 2.2% by March 2024. Meanwhile, Lewiston is expected to see steady growth, with a projected increase of 0.3% by June 2023 and 2.6% by March 2024.
Similarly, Pocatello is expected to experience significant growth in the housing market, with a projected increase of 0.5% by March 2023 and 0.8% by June 2023, followed by an impressive 4.5% by March 2024. Other MSAs that are expected to experience positive growth include Moscow, Twin Falls, Burley, Hailey, and Mountain Home, among others.
Overall, the forecast for the Idaho housing market looks promising, with several MSAs showing positive growth rates over the next year. However, it is essential to keep in mind that these forecasts are based on current trends and could be impacted by various economic factors, including inflation, interest rates, and employment rates.
All-Transactions FHFA House Price Index for Idaho (Quarterly)
The FHFA HPI is the nation's only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s. In the Idaho housing market, FHFA HPI is 772.40 as of the second quarter of 2022, an increase of 24.7% from last year.
- Q4 2022: 742.37
- Q3 2022: 771.42
- Q2 2022: 771.04
- Q1 2022: 717.73
- Q4 2021: 692.97
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#
