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Sheila Smith Real Estate Group

Sheila Smith Real Estate Group

Homes in Boise, Meridian, Eagle, Nampa, Caldwell, and greater Idaho areas.

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Boise’s Housing Market Boomed Early in the Pandemic. Now It Is Cooling Fast.

July 28, 2022

REad full article on WSJ

BOISE, Idaho—During the pandemic-fueled housing boom, Boise emerged as one of America’s hottest “Zoomtowns,” communities that experienced a spike in population from an influx of remote workers.

Now, the housing boom around Idaho’s capital city has ground to a halt. Buyers are balking at record prices and mortgage rates that last month hit a 13-year high. Sixty-one percent of listings in the Boise metro area had a price cut in June, the highest rate out of 97 metro areas surveyed, according to brokerage Redfin Corp. Home builders who couldn’t keep up with demand last year are cutting back on construction.

The factors that made the Boise area so alluring, such as its relative affordability and its fewer pandemic restrictions, are less appealing now that prices have climbed and companies are calling workers back to their offices.

Some of the people who moved to Boise in recent years are now moving back because they need to return to in-person work, want to be closer to family or didn’t like the outdoorsy lifestyle as much as they expected, said real-estate agent Sheila Smith. Some longtime residents who don’t like how much Boise has grown are moving to more-affordable locales. And investors are cashing out.

Boise’s regional population was growing before the pandemic.

After stagnating for years following the 2007-09 recession, home prices started to climb in 2016 as people in nearby states realized how much more cheaply they could live in Boise. That in-migration was turbocharged in the past two years by remote work and pandemic-related restrictions in other states.

Gabriel and Briana O’Reilly, who were eager to buy a Boise home only months ago, have put their search on hold. The couple, who live in Dayton, Ohio, made three unsuccessful bids for homes in Boise earlier this year. By early May, with prices still steep and borrowing rates rising fast, they decided to take a break. They plan to move to Boise in August so Mr. O’Reilly can start a new job, and they expect to start looking again six to 12 months after that.

“We think the market’s going to be dropping continuously for a while here,” said Mr. O’Reilly, who is 29 and works as a civil engineer.

Filed Under: Articles Tagged With: Boise Housing, Housing Boom, Housing Market

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1802 S Eagleson Rd $724,900

1802 S Eagleson Rd Boise, Idaho

3 Beds 3 Baths 2,146 SqFt 0.160 Acres

3932 S Duston Pl $549,900

3932 S Duston Pl Boise, Idaho

4 Beds 3 Baths 2,508 SqFt 0.140 Acres

2706 S Malibu Rd $479,400

2706 S Malibu Rd Boise, Idaho

4 Beds 3 Baths 2,730 SqFt 0.210 Acres

10465 W Arnold Rd $449,900

10465 W Arnold Rd Boise, Idaho

4 Beds 2 Baths 1,520 SqFt 0.181 Acres

1814 S Rand St $449,800

1814 S Rand St Boise, Idaho

3 Beds 2 Baths 1,912 SqFt 0.150 Acres

7203 N Parkcrest Ave $439,900

7203 N Parkcrest Ave Boise, Idaho

3 Beds 2 Baths 1,310 SqFt 0.190 Acres

5889 S Tulip Pl $399,000

5889 S Tulip Pl Boise, Idaho

3 Beds 2 Baths 1,213 SqFt 0.160 Acres

1816 W Roberts Ave $375,000

1816 W Roberts Ave Nampa, Idaho

3 Beds 2 Baths 1,635 SqFt 0.180 Acres

5650 N Willowlawn Way $355,000

5650 N Willowlawn Way Garden City, Idaho

2 Beds 2 Baths 1,142 SqFt 0.140 Acres

427 7th Ave N $299,000

427 7th Ave N Nampa, Idaho

3 Beds 2 Baths 1,482 SqFt 0.140 Acres

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1420 W Washington St.
Boise, ID 83702

(208) 254-2090

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