Boise Housing Market Forecast for 2024 | Living In Idaho

Boise Housing Market Forecast for 2024

As we look ahead to 2024, several factors will influence the Boise housing market:

1. Modest Price Appreciation

Boise is expected to see modest price appreciation in 2024. While the days of 20%+ annual price increases might be behind us, experts predict a steady rise in home values by 3-5%. This increase will be fueled by ongoing demand, driven by Boise's attractiveness to out-of-state buyers, especially from California and Washington.

2. Interest Rates Stabilizing

After the aggressive rate hikes of 2023, interest rates are anticipated to stabilize in 2024. This stabilization could reignite buyer interest, especially among those who were priced out of the market due to high borrowing costs. However, rates are expected to remain above the historically low levels seen during the pandemic, maintaining some pressure on affordability.

3. Sustained Population Growth

Boise's population is forecasted to continue its growth trajectory. The city’s appeal—combining urban amenities with outdoor lifestyle opportunities—will keep drawing new residents. This sustained influx of people will continue to support housing demand, particularly in suburban areas and new developments.

4. Increased New Construction

To meet the ongoing demand, new construction projects in and around Boise are likely to ramp up in 2024. This increase in supply will help balance the market, providing more options for buyers and potentially slowing the rate of price appreciation.

5. Shift Towards More Affordable Housing

With affordability becoming a key concern, there is an expected shift towards more affordable housing options in Boise. Builders are anticipated to focus on developing smaller, more cost-effective homes to cater to first-time buyers and those looking for more budget-friendly options.

What This Means for Buyers

For buyers, 2024 could present a more balanced market compared to the frenzy of the past few years. With price appreciation expected to be modest and interest rates stabilizing, buyers may find more opportunities to secure a home in Boise. However, affordability will remain a challenge, so exploring mortgage options and being prepared to act quickly on desirable properties will be crucial.

Tips for Buyers:

• Explore all neighborhoods: Boise’s surrounding areas may offer more affordable options with the same access to amenities.
• Consider new construction: With increased new builds, you might find better deals and lower competition in newly developed areas.
• Utilize financial tools: Use our mortgage calculator and affordability calculator to better understand your buying power.

What This Means for Sellers

Sellers in Boise can still expect a strong market, though it may not be as overheated as in previous years. Homes priced competitively will continue to sell quickly, but with more inventory available, buyers may have more negotiating power.

Tips for Sellers:

• Price your home correctly: Overpricing in a market with stabilizing price growth could lead to your home sitting on the market longer.
• Highlight unique features: Boise buyers are drawn to homes with character and outdoor space, so make sure to emphasize these in your listings.
• Prepare for negotiation: Be ready to negotiate, especially if your home isn’t in a high-demand neighborhood.

For a quick and easy valuation of your property, try our instant home valuation tool.

Final Thoughts

The Boise housing market in 2024 is shaping up to be one of steady growth and increased stability. While challenges such as affordability and higher interest rates remain, the market continues to offer opportunities for both buyers and sellers. Whether you’re looking to buy or sell in Boise, understanding the local market trends and preparing accordingly will be key to success.

Looking to dive into the market? Start exploring homes for sale in Boise today and find your perfect match in this thriving city!

FAQ

What is the expected home price growth in Boise for 2024?
Experts predict a modest price appreciation of 3-5% in 2024.

How will interest rates affect the Boise housing market in 2024?
Interest rates are expected to stabilize, which could reignite buyer interest but will still keep affordability in check.

Is Boise still a good place to buy a home?
Absolutely! With its growing population, strong job market, and outdoor lifestyle, Boise remains a desirable place to live.

Where can I find affordable housing in Boise?
Consider exploring suburban areas and new developments where more affordable housing options are becoming available.

How can I get an accurate valuation of my Boise home?
Use our instant home valuation tool for a quick estimate of your home's worth.