It is a trend seen across the country and is hardly surprising- considering the parallel pattern of rising mortgage interest rates. The last year has seen a steep increase in median days on the market in the Idaho real estate market. Comparatively, the numbers are quite promising. Overall, total sales numbers are down, but the decline is not nearly as dramatic as in many other states. March saw a 15.8% decrease year-over-year- a slight improvement from February (17% decrease). The previous year has been the least successful for a long time- with overall sales down for nearly every month. Numbers have been quite consistent- hovering between 30 at the peak and between 16 in the lowest month. Over the past five years, Idaho has had a fairly predictable cycle of home sales- with May/June/July as the best months and January as the worst. The most recent figures reported (March 2023) had the average home price in Idaho at $433,300- an 11.3% drop year-over-year, but still $25,000 more than two years before. May 2022 saw prices peak at over $507,000 at the high point of the post-pandemic buying flurry, and they have been in decline since. Idaho home prices have been steadily rising since the beginning of COVID-19- and have gone from first-time buyer friendly to above the national average. Must-Know Idaho Housing Market Trends Median Home Prices Trends suggest rental properties will surpass the average- after climbing by more than 21% in the last year. Idaho rental prices are almost bang on the national average- at $1100 for a two-bedroom.Average one-year appreciation rates in Idaho are +37.2%.The sale-to-list price in Idaho is currently 98.3%- below the national average by more than a point. ![]() Property price growth has been immense in Idaho since the beginning of the COVID-19 pandemic.Only 12.3% of Idaho homes sold above the list price in the last reported month.Idaho is widely considered one of the best states for property investors.A Few Quick Idaho Real Estate Market Statistics To find out if this is a concern to take seriously, we have pulled together key statistics, trends, and forecasts to provide a clearer picture of what is really happening- and what the experts predict for the coming year. Quickly climbing house prices can sound alarm bells, and people are questioning whether or not an Idaho real estate market crash could be around the corner. Of course, nobody becomes an overnight sensation and doesn't cash in on it- and home values in the area have soared. In a time where remoteness and personal space are hot commodities, Idaho's wide-open landscapes, and relatively small populations had buyers flocking to the state.Īs well as being remote-friendly, Idaho has a low cost of living and- until recently- relatively affordable housing. “It's going to get better slowly,” she said, noting the process from permitting to a finished home takes 12-15 months.Of all the real estate markets in the country, Idaho has been one of the most stable and reliable in recent years- and has seen a massive influx of interest since the pandemic. She thinks mortgage rates will be lower, maybe around 5%, by next year.Īnd she expects home prices to resume rising next year, though at a healthier, more sustainable 3-5%.Įvangelou said home construction hasn’t kept pace for more than a decade, but she’s hopeful we’ll see improvements there, too. She said they’re expecting the housing market to rebound next year with about 15% more home sales. They’re expecting under 5 million home sales this year.Įvangelou said they’re expecting the market to stabilize, or normalize, in 2024 and beyond. ![]() But such rates were around 4% back in May 2019.Įvangelou said they saw about 5.3 million home sales in 2019. The average 30-year fixed-rate mortgage is now 6.7%, shy of the recent high that topped 7%. The number of homes available for sale has increased by more than 5 percentage points compared to a year ago, surpassing 1 million units, according to NAR.īut the latest report shows active listings are still down around 50% compared to May 2019. ![]() The latest median list price was $441,000, down from June 2022's record high of $449,000.Īnd the annual growth rate slowed to 0.9% in May.īut that’s still 38% higher than in May 2019.
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