The Coronavirus pandemic has disrupted certain parts of the American economy. Real estate transactions nationally have slowed due to the outbreak, and as a result, housing prices have decreased. According to a recent article by Moneywise, that’s not the case in Idaho. The converse is true.
“How’s the market doing in Idaho? It’s hot, according to Zillow,” says Doug Whiteman, the Editor-In-Chief at Moneywise and the article’s author. Home values have been steadily rising in Idaho and have seen double-digit price increases from a year ago at this time. Values are expected to slow, given the pandemic. However, Idaho is still likely to be a top real estate market, considering how limited housing supplies are and how in-demand housing is.
Just last month, a report by Veros Real Estate Solutions, predicted the Boise area would see a modest 7.6% appreciation in prices. However, the report indicated that Boise was still going to be the housing market leader in terms of rising home values nationally.
The Moneywise article states that Zillow is forecasting home values nationally to increase roughly five percent over the next year, while in Idaho, we’re expected to see a 5.9% increase. While there’s some disagreement in terms of how much house prices are going to rise here in Idaho between the two reports, they do agree that they will increase and be more than the national average.
With Idaho starting its first stage of reopening post-COVID-19, the expectation is the housing market is going to start picking back up. While REALTORS® and their clients have adapted by using virtual tours and other types of technology, there’s been some hesitancy by home sellers to list their homes due to the pandemic. However, as we’ve seen, the market continues to be hot here in the Treasure Valley, and as long as demand outpaces supply, we’re going to keep seeing home prices escalate.