If you build it, they will come [to Boise].
That is proving to be the current reality in Boise Valley and elsewhere in Idaho, too. New neighborhoods are emerging virtually overnight. Small infill projects are taking shape in areas that were previously overlooked. And out-of-state buyers are finding Boise is a great place to call home. To accommodate the influx, developers and builders are creating more housing options than in years past. In fact, Idaho leads the nation in single family permits, posting a 101.6 percent increase from January 2017 to January 2018, as reported by recent U.S. Census Bureau Data referenced in an IdahoRealtors.com post. New home prices are on the rise, too. Ada County Association of Realtors (ACAR) reports the 2017 median price for a new construction home in Ada County at $339,241. Their February report reflects that median price increased to $362,587 in only two months.
To read the IdahoRealtors.com post: click here
ACAR Housing Stats for Year End 2017
Another great year for Boise Valley real estate! Here’s a look at key stats:
- 2017 Total Single-Family Homes Sold: 10,818 (compared to 10,550 in 2016, 9,284 in 2015, and 7,784 in 2014)
- 2017 Median Price: $265,914 (compared to $244,900 in 2016, $229,000 in 2015, and $210,000 in 2014)
- 2017 Average Number of Days on Market: 37
A closer look at the existing home and new construction market reveals:
Total Single-Family Homes Sold:
- 2017 Existing Homes: 8,260 (compared to 8,218 in 2016, 7,594 in 2015, and 6,313 in 2014)
- 2017 New Construction Homes: 2,558 (compared to 2,332 in 2016, 1,690 in 2015, and 1,471 in 2014)
Median Price:
- 2017 Existing Homes: $247,500 (compared to $227,500 in 2016, $213,000 in 2015, and $193,500 in 2014)
- 2017 New Construction Homes: $339,241 (compared to $313,530 in 2016, $313,722 in 2015 and $299,900 in 2014)