Exactly How Much Has The Boise Housing Market Grown?
The all American dream... Home ownership. While many dream of buying their forever home, that dream has become more and more difficult to realize over the last decade in the Treasure Valley. I'm the perfect case study to exemplify what has been happening in the local housing market. The home I occupied in 2011 when I moved away to Arizona sold for less than $350k. Nine years later when I moved back that same home was now worth over $500k. You might be thinking $500k, who has half a million dollars to buy a home? Apparently a lot of people do. A year and a half ago when I got back I looked at 13 homes in two days and put in 5 above listing offers. I was outbid on all of them. Luckily I found a home that was being built and not yet on the market and was able to make a deal on it without it ever hitting the market.
We've all heard that the housing market is on fire but the question is exactly how much has the Boise market grown? According to Zillow " The total, combined value of all homes nationwide rose by almost $2.5 trillion in 2020 — the most in a single year since 2005 — to a whopping $36.2 trillion."
The study goes on to say that "Over the past decade, the total value of the housing stock has more than doubled in six states." and the key to all our woes is in the next sentence, "Idaho leads the way, gaining 149% since 2011." states the Zillow report.
Let's hope that the market corrects itself a bit in 2021, otherwise the American dream for young families may be just that... a dream.