With the stunning Boise Foothills serving as a picturesque backdrop and the Boise River winding through the city, it's no wonder this area has captured the hearts of those seeking adventure and tranquility. The mountains are a haven for outdoor enthusiasts, providing year-round activities like hiking, biking, skiing, fishing, and even whitewater rafting. Boise embodies the spirit of the great outdoors, making it a paradise for nature lovers.
Boise also offers the amenities of a big city without the hefty price tag. The city balances urban sophistication and small-town charm, making it an attractive destination for those looking to enjoy a high quality of life. Whether you're drawn to the vibrant downtown area, its eclectic mix of shops, restaurants, and cultural attractions, or the peaceful suburban neighborhoods, Boise has something to offer everyone. As the city grows, so does its appeal, making it an ideal place to invest in real estate.
A snapshot of Boise's current housing market
As of July 2024, the Boise real estate market continues to capture attention with its growth potential. The median sold price in the city was $548,282, translating to approximately $302 per square foot. While this represents a slight dip of 1.7% compared to last year, it underscores a trend of stabilization following a period of rapid appreciation.
Idaho's median home price is $539,000, positioning Boise slightly above the state average. It indicates the city's strong market dynamics, driven by its desirable lifestyle and a steady influx of new residents. For investors, this means Boise continues to offer opportunities, particularly for those seeking to capitalize on a market that, while cooling slightly, still holds considerable long-term promise. Whether you're looking to buy, sell, or invest, Boise's real estate market remains one to watch closely.
Exploring the surrounding areas
The neighborhoods surrounding Boise offer diverse real estate opportunities, each with its distinct market trends. In Garden City, the median sold price reached $791,950 in July 2024, marking an increase of 13.2% year-over-year. The surge reflects the growing demand in this vibrant community, which is known for its proximity to Boise and mix of residential and commercial spaces. With 86 homes currently on the market — a 48% increase from the previous month — Garden City is a robust market.
Eagle saw its median sold price rise to $950,000 in July 2024, up 1.1% from last year. The modest yet steady increase signals continued confidence in Eagle's market, renowned for its upscale living and family-friendly environment. The number of homes for sale in Eagle has also risen, with 291 properties available, reflecting a 27.6% increase from the previous month.
Boise Hills, known for its stunning views and prestigious homes, reported a median sold price of $997,500 in July 2024. This is a slight decrease of 4.7% from the previous year, indicating a possible cooling in this high-end market segment. However, with 102 homes currently listed for sale — an increase of 39.7% from the previous month — there is still ample activity in the Boise Hills market, providing opportunities for buyers and investors looking for luxury real estate in the region.
Boise's expanding housing supply
The Boise housing market experienced a noticeable shift in its inventory during the summer of 2024, offering potential buyers a broader range of options. In June 2024, were 567 homes available for sale, but by July 2024, this number had surged to 869 homes, representing a significant increase in supply. The rise in inventory reflects a growing trend of homeowners deciding to list their properties, perhaps in response to the evolving market conditions and the onset of the summer selling season.
With more homes on the market, buyers have a wider selection to choose from, but this also means that sellers might face stiffer competition. A home's average time on the market increased slightly, from 47 days in June 2024 to 53 days in July 2024. The uptick suggests that while the market remains active, buyers are taking more time to decide, likely weighing the increased number of available properties. For sellers, pricing strategies and home presentation are more crucial than ever to attract the right buyers and achieve a successful sale. Understanding these trends will be key for anyone looking to buy or sell in Boise as the market adjusts.
Investment opportunities
Understanding the dynamics of the rental sector is essential for investors considering the Boise real estate market. In 2024, Boise presents a mix of opportunities for those looking to expand their portfolios. The average rent for a two-bedroom home in Boise is $1,620, a slight decrease of 3% from last year. The dip suggests that while the rental market remains strong, it is experiencing some stabilization, offering a more predictable income stream for landlords.
In Eagle, a nearby community known for its upscale living, the average rent for a two-bedroom home has risen to $2,256, marking a 3% increase from the previous year. The growth indicates continued demand in Eagle, making it attractive for investors seeking higher rental yields. In Garden City, the average rent for a two-bedroom home is $1,442, remaining flat compared to last year. The stability suggests a steady demand in the area, providing a reliable option for investors who prefer a more consistent rental income.
About 37.1% of homes in Boise are rentals, highlighting the city's potential as a strong market for property investors. With a diverse range of rental prices and steady demand across different neighborhoods, Boise offers a compelling opportunity for those looking to invest in real estate and capitalize on the growing population and the city's expanding economy.
Is now the right time to invest?
As 2024 progresses, the Boise real estate market presents promising opportunities. Mortgage rates have recently decreased by a full percentage point, with projections from Freddie Mac suggesting that rates may continue to trend down, potentially reaching the 6% range. The decline in borrowing costs makes financing real estate purchases more attractive, particularly for those looking to invest in rental properties or expand their portfolios. Lower mortgage rates reduce monthly payments and increase the overall return on investment, making this an opportune time to consider entering the market.
Much like national trends, home values in Boise continue to appreciate, reflecting a long-term growth pattern. Historically, home values in the U.S. have risen since 1965. While the market has seen fluctuations, the general trend has been upward, with significant appreciation in select years. This historical perspective for buyers and investors in Boise underscores the potential for future gains. The combination of lower mortgage rates and consistent home value appreciation creates a favorable environment for those looking to invest in Boise's real estate market, offering the possibility of substantial long-term returns.
Partnering with Fromley Real Estate
In any real estate market, having an experienced local real estate agent by your side can make all the difference, especially when navigating the dynamic conditions of Boise's housing market. The agents at Fromley excel at identifying and securing prime real estate opportunities, ensuring that their clients make strategic investments that maximize long-term value. Whether you're looking to buy, sell, or invest, Fromley's expertise and deep understanding of the Boise market can help you achieve the best possible outcomes.
