It’s official: Boise house-sale prices climb at U.S.’s fastest pace. Here’s how much
Everyone knows the Boise housing market has surged in recent years. Rents here are rising at the fastest pace in the nation. Now a new report says our house-sale prices are the fastest-rising in the country, too.
Realtor.com examined the 300 largest metropolitan areas to find out which cities had the largest growth in sale prices over the last four years. Boise topped the list. The city’s home sale prices rose by 71.9%.
The national average was 57%, itself unusually high, said Danielle Hale, chief economist at Realtor.com, a listing service for real-estate agents who belong to the National Association of Realtors.
In January and February 2017, Boise houses sold at a median price of $224,000, Realtor.com said. In January and February of 2021, the median was $385,000.
“If you are thinking about moving, you might have more equity than you realize,” Hale said.
Not only are homes selling for more, they’re selling in record time. In April, Boise houses sat on the market for a median of 23 days compared with 2017’s 32 days.
Hale reiterated something Boiseans already know: Many home-buyers are coming from more expensive western states. Places like Boise remind Californians of home without the price tag. According to Hale, Californians are leaving for western cities with mild climates and strong tech industries. Spokane, Washington and Ogden, Utah also saw significant jumps in home prices.
“I’m sure a lot of Boise readers have noticed that you’re attracting a lot of residents and home buyers from other parts of the country, Hale said. “That has helped push up home prices pretty noticeably.”
Like Spokane and Ogden, “Boise is relatively more affordable,” she said. “It’s got a similarly dry, sunny, arid climate. The developing tech industry and more people being able to work remotely have also drawn people in.”
The ranking is good news for homeowners looking to sell. But the price surge caused by new demand may scare away renters who saw Boise houses selling for more than $160,000 less just four years ago.
“If you’re not yet a homeowner, it does create a bigger hurdle to getting into the market,” Hale said. “It could, in fact, cause some people to choose to look elsewhere.”
Hale said these levels of price surging won’t last forever. Nationwide, the growth of home prices is beginning to slow. She thinks it’s possible for Boise to see “more normal” growth rates by this fall.
This story was originally published June 7, 2021 at 2:17 PM.
