Is Idaho’s Hot Housing Market Back?

As spring arrives in Idaho, it heralds the start of the home-buying and selling season, a time of potential and opportunity. In the past, Idaho's housing market had no offseason, with the Boise area being the hottest real estate market in the country. This year, as we enter the busy season, there's a chance for both buyers and sellers to make their mark in this dynamic market. 

The entire housing industry continues to struggle due to excessive interest rates on home loans. Americans got used to recording low interest rates, but those days are over as the Fed struggles to fight inflation.

Realtors in the Boise area are reporting a successful month for both home buyers and sellers, with last month seeing the highest number of pending home sales since August 2022. This is a clear sign of the market's resilience and potential. As we approach the summer months, traditionally a peak period for home transactions, there is a palpable sense of optimism in the air, hinting at more success to come.

Occupied homes continue to be the most in-demand among homes for sale. New construction needs to catch up to homes already built in established neighborhoods, but resale realtors continue to overcome the appeal of new homes.

According to a release from the Boise Regional Realtors, existing homes were under contract eight days quicker than in the previous month. The average time a house stays on the market until sold is sixty days. A few years ago, homes sold without being on the market.

We'll continue to monitor this story as it develops.