Realtor.com listed Boise as the second hottest real estate market in 2022.
BOISE, Idaho — More people means more growth, which is something real estate broker and owner of Boise Premier Real Estate Brett Hughes has witnessed first-hand.
“I think we are going to be another hot market again next year,” Hughes said.
As a Boise native and someone in the industry for 20 years, he says our growing Idaho has been astounding.
“It still blows me away,” Hughes said. “You have people who really want to move here, badly.”
Which is why, just this week, Realtor.com listed Boise as the second hottest real estate market in 2022.
“We’re still bringing so many more people in, than simply moving out, and the people moving in have such a higher buying power than our locals, which is a negative, it’s not great but it’s the nature of what we’re dealing with so I think our growth next year will still be very good, I don’t know if it’ll be number two good,” Hughes said.
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One of the growing pains Idaho faces is a lack of inventory, which caused a bidding frenzy as recently as this summer, but Hughes told KTVB, we’re making some progress, but more still needs to be done.
“Inventory is up 150% which sounds like a lot but because inventory was so incredibly low last year, like last year we had at this time less than 2 weeks of supply and now we have one full month of supply, one month is so incredibly low,” Hughes said.
For perspective, a healthy housing market has four-to-six months of supply, and here’s another perspective.
“All of this year in 2021, in the Treasure Valley we’ve sold 716 million-dollar homes and half of those are in Eagle, so that’s 338 in Eagle, but to put that into perspective, we only sold 44 total if you count every single year from 2009 to 2013,” Hughes said. “It’s like 10 times amount of houses in one year than in five years, that’s the kind of money that’s flooding in here.”
Hughes told KTVB, he doesn’t anticipate our market getting better. So, if you are trying or wanting to buy a house, he recommends doing it now because there’s a slight lull right now.
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