New Report: Majority of Prospective Homebuyers from Out of State

Posted by Mike Brown Group on Tuesday, March 10th, 2020 at 10:39am.

Realtor Q4 2019 Out of Market Reports
Image: Realtor.com

The Fourth Quarter 2019 Cross-Market Demand Report from Realtor.com shows that just over 62% of property views of homes for sale in Idaho came from outside of the Gem State. Of that percentage, nearly 38% of the searches were coming from California, with the Los Angeles area accounting for almost 13% of the demand. The Bay Area also accounted for nearly eight percent of the property views for the Boise area real estate market.

Interestingly, the Seattle and Salt Lake City metros showed significant interest in the Boise area as well, each contributing 6.5% of the market's property views. An additional desire for the area came from the New York-New Jersey-Pennsylvania area as well as Arizona.

Only one-third of the demand for property within the Boise market came from the local area.

The map shows interest from other areas including, Portland, Dallas, Denver, Atlanta, and Chicagoland.

Interest in Idaho real estate is going to continue increasing as mortgage interest rates are at record lows, and people keep relocating to the Treasure Valley.

Unfortunately, the demand for housing has put a significant strain on housing inventory, with about two weeks of resale supply available. If you're considering selling your home, now is a fantastic time to list to get top dollar. Builders are doing what they can to keep up by building new homes, but skilled labor shortages are also slowing their ability to keep pace with demand. And as you can imagine, the lack of supply has pushed home prices higher in the region.

Fear not, if you're working with one of the Mike Brown Group REALTORS®, they have an intimate understanding of Idaho and the Treasure Valley and can help you buy a new home, or sell an existing property. There are homes to be had if you know where to look, and with their assistance, they can help you find that diamond in the rough.

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