Boise Real Estate
Boise real estate comes at a wide variety of price points, and amenities, making the community ideal for most any home buyer. If you’re looking to purchase your first home, or an investment property, there are many moderately priced houses or condos available in numerous areas of the city that would be perfect. Likewise, if you’re looking to purchase your dream luxury home, you can choose from large, new or historic homes in a variety of neighborhoods throughout the Boise real estate market.
Depending on your lifestyle preferences, real estate in Boise also offers a diverse choice of amenities. For example, many people who prefer more of the urban/active lifestyle may look for homes in Boise’s “North End“. Homes for sale in Boise’s North End offers quick access to Downtown, foothill trails for hiking/biking, and access to some of the most popular city parks. For those who desire more of a rural feel, yet want to remain relatively close to the city center, a neighborhood like Hidden Springs in NW Boise could be a great choice. Just 15-20 minutes to Downtown Boise, homes in this neighborhood are surrounded by the Boise foothills which provide many outdoor recreational opportunities.
Boise home pricing vary greatly depending on the part of town you’re in. In general, the closer you are to Downtown Boise, the more expensive the real estate will be. We have comprehensive information about homes in Boise and are experts in the greater metro area. Give us a call and tell us what you’re looking for and we can help suggest areas that have homes matching what you’re looking for.
Brief Boise Home Market History
Boise, Idaho home prices in the early 2000’s were mostly appreciating at a healthy level. However, like most of the country, Boise experienced rapid and unsustainable appreciation during 2005-2007 and there was a surge of building and homes for sale that led to an oversupply of inventory (nearly 6000 in Ada County).
By late 2007, the housing market began to flatten in Boise and after the financial crisis of 2008, prices began to go down. During 2009-2010, Boise homes prices were selling for about 30%-50% less than what they sold for at the peak of the market. During 2011, the market began bottoming out as the Boise foreclosure inventory was being absorbed and home prices began stabilizing. By early 2012, the Boise foreclosure inventory was a fraction of what it was in previous years, demand was increasing, and the overall amount of homes for sale was low. These elements began to fuel an increase in home prices and Boise began to again attract national attention.
In September 2012, the Boise real estate market was ranked the most improving housing market in the United States, and a few years later was one of the fastest growing communities in the United States. Virtually year after year, Boise home prices continued to appreciate and hit record setting appreciation in the years following COVID.
During COVID, Boise had a massive influx if people moving to the area. The homes for sale in Boise were absorbed, and builders could not keep up with demand. Seemingly, every home for sale in Boise received multiple offers, often going for Ten’s of thousands of dollars above list price. The number of homes for sale in Boise reached a low early in 2021 (as low as about 235 for sale in all of Ada County in January 2021*)
In May 2022 interest rates began to substantially shift, and with it, home prices finally began reversing their long appreciation trend. As demand subsided, the number of homes for sale grew through most of the summer, but again began to decline in the fall and winter. By the end of 2022, there was about 1400 homes for sale in Ada County.
Real Estate Advice
As they say, “all real estate is local”. And the Boise real estate market is no different. Even within Boise there’s “markets within markets.” Demand and home prices vary greatly depending on the specific geographic area as well as price range. Having grown up in Boise and been in real estate since 2006, I’d be happy to be of service to you and answer any questions you may have about the area, subdivisions, or specific homes for sale in Boise and the surrounding areas.
Boise Real Estate by Area
Let’s face it, searching for Boise real estate can be a daunting task. Especially if you’re not from the area! At Stolfo Real Estate, we’ve often found that narrowing down the prospective areas of town can be the best place to begin. Learn more about the areas around Boise here.
Boise Real Estate – Foreclosures & Short Sales
Finding a great deal in the Boise real estate market can often come in the form of purchasing a foreclosure property.
Technically, a “bank-foreclosure” property is a bank-owned home. However, I’ve found that when buyers say they are interested in “Boise foreclosures”, they generally mean they are interested in any type of distressed sale, which could also include pre-foreclosures.
Pre-foreclosures are homes that are still owned by the homeowner but haven’t yet been foreclosed on (i.e. become bank-owned). Most often, pre-foreclosures in Boise are sold as short sales. A short sale is when the home is being sold for less than what is owned on the property. The lender(s), as well any lien holders, must agree to this type of sale. Depending on the specifics of the property, a Boise short sale may take as little as a few weeks, but most often 3-6 months.
The Boise real estate housing market doesn’t have as many foreclosures (bank-owned or short sales) as it had several years ago, but these properties still do exist. You can search all the foreclosures properties in Boise using our advanced MLS search.
*Excluding “to-be-built” listings
