It’s no secret that the real estate market in Ada and Canyon Counties in Idaho is a hot commodity and has been for quite some time. In the years leading up to the Great Recession, demand for homes in the Treasure Valley greatly exceeded supply. Many people were buying and flipping homes with just a signature. Like most places around the country at the bottom of the economic downturn in 2010, prices bottomed out and homes struggled to sell. Since then, prices have recovered and increased past pre-2008 levels.
Ada County (Boise, Meridian, Eagle, Kuna, and Star) has seen demand increase greatly in the past 10 years, resulting in a 3% increase in home values, which is above normal appreciation rates. home prices in 2020 are predicted to continue this trend of above-average appreciation.
Because of the hot job market, great quality of life, and lower cost of living, the Treasure Valley is popular for out-of-state buyers from urban centers like Seattle, Portland, Salt lake City, and much of California. Those number of people moving from other places to the area have increased demand for homes and increased home values. Even with the median price of a home being $330,000, Boise is very affordable compared to these urban centers. In 2019, local builders in both Ada County and Canyon County built nearly 6,400 homes but this was not enough to keep up with demand.
It is concerning to some that supply has not kept up with demand. However, the good news is that in 2020 we should see a lot more single family houses and multi-family housing units being built. There are a lot of proposed, preliminary approval, and final plat approved developments in the works. Click the link to see new homes for sale in Ada County and Canyon County.