Boise Real Estate Market Shift: Correct or Crash?

Buckle up, guys... the real estate market is shifting! But before you start worrying, let's put everything you've heard into perspective. I'm fairly certain 1,476 people, most of who have nothing to do with real estate, have sent me an article declaring Boise as the "Most Overvalued" market in the country. From my decade-plus in the newsroom, I can tell you... if it bleeds it leads and sexy stories sell.

The Boise real estate market has been a topic of conversation nationwide since 2012 when we crawled out of the Great Recession. We were one of the last real estate markets to fall and one of the first to rise. Why? Because the greater majority of the people relocating here aren't doing it for financial gains only. They're moving for lifestyle, politics, more freedom, safety, strong public schools, and a better quality of life.

From 2012 to 2019, the Boise real estate market increased somewhere between 10 to 22% year after year. The desire to live in Boise came long before the pandemic. Enter, COVID19. Starting in July of 2020 there was a seemingly endless tidal wave of buyers from across the country. 2020 and 2021 brought a 30% plus an increase in home prices both years.... a substantial gain from the previous years.

So... Is the Boise market "juiced?" I'm going to say, yes with the caveat that the market will regain its footing as soon as the fear settles. I believe the padding or "juice" from the bidding wars, which dramatically increased values at an unsustainable pace, will come off the prices and we'll move forward with a more balanced market.

For now, we'll wait and see but before you believe the hype, check out Kerri's latest video on why one of the nation's top economists believes this is the start of a correction, not a crash!

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