• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Sheila Smith Real Estate Group

Sheila Smith Real Estate Group

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

  • Treasure Valley
    • Boise
    • Meridian
    • Eagle
    • Nampa
    • Caldwell
  • Buy
    • Search Listings
    • Our Listings
    • My Account
    • Mortgage Calculator
    • Business Directory
  • Sell
    • Contact Us
    • Business Directory
  • Staging
    • Show Your Home’s Potential
    • Before and After
    • Behind the Scenes
    • Finished Stages
  • News
    • Open Houses
    • New Listings
    • Articles
    • Homeowner Tips
  • About
    • Reviews
    • Awards
    • Team
  • Contact
    • (208) 254-2090
    • Email Us
    • Facebook
    • Instagram
    • Linked In

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

Primary Sidebar

  • Email
  • Facebook
  • Instagram
  • LinkedIn
  • Phone
  • 1420 W Washington St
    Boise, ID 83702
  • (208) 254-2090
  • Email Us

Find A Home

5605 S Zaivcla Ave $789,900

5605 S Zaivcla Ave Meridian, Idaho

4 Beds 4 Baths 3,802 SqFt 0.150 Acres

6536 S Rohanna Way $620,000

6536 S Rohanna Way Boise, Idaho

3 Beds 3 Baths 2,501 SqFt 0.200 Acres

10871 Highway 55 $599,900

10871 Highway 55 Cascade, Idaho

3 Beds 2 Baths 1,563 SqFt 7.830 Acres

517 Boise St $592,000

517 Boise St Middleton, Idaho

3 Beds 2 Baths 1,620 SqFt 1.640 Acres

4457 N Waterfront Way $575,000

4457 N Waterfront Way Boise, Idaho

4 Beds 3 Baths 1,955 SqFt 0.200 Acres

1814 S Rand St $474,000

1814 S Rand St Boise, Idaho

3 Beds 2 Baths 1,912 SqFt 0.150 Acres

3220 N Bryson Way $399,900

3220 N Bryson Way Boise, Idaho

3 Beds 3 Baths 2,183 SqFt 0.290 Acres

124 Saddlenotch Dr $349,000

124 Saddlenotch Dr Horseshoe Bend, Idaho

3 Beds 2 Baths 1,322 SqFt 0.106 Acres

14199 Tara St $324,000

14199 Tara St Caldwell, Idaho

3 Beds 2 Baths 1,284 SqFt 0.140 Acres

517 Boise St $592,000

517 Boise St Middleton, Idaho

1.640 Acres

Recent Posts

  • February Market Stats
  • November Market Report
  • October Market Stats
  • A Look at the Fall Housing Market
  • ‘Signs of normalizing’: Data shows lower home prices in Boise in June…
  • Reduce Your Heating & Cooling!
  • ‘Signs of Normalizing’: Data shows lower home prices in Boise in June
  • Window of opportunity – don’t miss it. It’s going to disappear quickly
  • Boise’s Housing Market Boomed Early in the Pandemic. Now It Is Cooling Fast.
  • 10 Places Where the Housing Market’s Tide Has Turned

Footer

  • Boise
  • Meridian
  • Eagle
  • Nampa
  • Caldwell

Sheila Smith Real Estate Group
1420 W Washington St.
Boise, ID 83702

(208) 254-2090

Copyright © 2023
Website by Dog & Casper

Privacy Policy • Terms of Service • Contact