![]() 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. Please consult a LGI Homes new home consultant and review a home sales contract for additional information and disclosures.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. Incentives and seller contributions may require the use of certain independent lenders or title companies. Nothing on our website should be construed as legal, accounting or tax advice. Homes pictured may not be available at the lowest advertised price and may display upgraded landscaping, decorative items, suspended lighting, furniture and enhanced interior paint which are not available for purchase even upon additional payment. The website is for general information only. Square footages are approximate and may vary in construction. Renderings, pictures, square footages, floor plans, features, and colors are approximate for illustration purposes only. B.1002074. LGI Homes - Oregon, LLC. LGI Homes – Maryland, LLC. CAL DRE #02064225, LGI Realty - California, Inc. Prices, rates, terms, features, amenities, floor plans, elevations, designs, materials, square footages, fees and descriptions are subject to change at any time without notice. ![]() Other fees such as taxes, insurance and HOA are not included and will increase the sample monthly payment amount. Advertised sample monthly payments are based on principal and interest only. ![]()
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