With steadily increasing home prices, Boise, Idaho has been a hot spot for realtors, buyers, and sellers alike. The region has been riding this high since well over a decade. But quite recently, the coronavirus (COVID-19) outbreak has only settled the market’s status further.
According to a report by Zillow, the Boise real estate market ranks as the top growth spot among mid sized areas. Considering that the study analyzed 50 U.S. markets, this is no mean feat at all. But it is also not a shocking revelation for those who have been keeping tabs on the Boise housing market.
Boise Tops the List of Mid Sized Metropolitan Markets
The analysis conducted by Zillow looked into quite a few factors that relate to a real estate market’s strength. These include but are not limited to home value, forecasted growth, monthly sales, and sales above list price.
According to these factors, Boise ranked at the top of the list along with Hunstville, Alabama and Ogden, Utah. All three metropolitan areas performed quite well in all related aspects. But Boise surpassed expectations when it came to factors such as consistent increase and projected growth in value.
The Area Has Recorded Massive Improvements in Just a Month
When the report was published in September 2020, it highlighted Boise’s typical home value at $334,965. The Boise real estate market also posted an increase of 11.8 percent as compared to the previous year. That’s not all, since this improvement in home value was poised to rise 5.6 percent by next year.
But a month later into the report, the statistics have become even better. The typical home value has changed to $365,429. It is also set to rise by 8.5 percent in the next year. This shows that the market has all the potential of breaking out of the midsized bracket sooner than originally expected.
The Metro Area is Beneficial for Buyers and Sellers Alike
The listings in the Boise housing market also benefit from rapid buyer interest. According to statistics, listings can nab a contract in as little as five days of being put on the market. Some of them also close above list price.
When combined with competitive inventory, it makes clear that the City of Trees is beneficial for both sellers and buyers. Those who want to sell their home can look forward to quick closings with little back and forth. Whereas, those who want to buy a home can expect consistent increases in their investment.
People From Other Regions See the Area as an Ideal Place to Live
With its housing inventory, modern amenities, and employment opportunities, Boise is seen as an ideal place to live by many. This includes people from Idaho, and also those who live outside of the Gem State.
Whether you are looking for a place to retire or a home to start your family, Boise’s offerings wouldn’t disappoint. This especially holds true when you search the Boise real estate market with the help of a seasoned realtor. With the right showings and offers on hand, you can find your perfect home in no time.
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