Idaho has been getting a lot of attention lately. As a place to live, it boasts amazing views and fantastic green spaces. There are smaller rural communities and larger cities like Boise to consider.
Idaho property for sale has been hot lately, but is that trend predicted to continue as we get further into the new year? Let’s examine that question in detail right now.
Market Fluctuation
First, it’s important to note that housing market predictions are always a little tricky to get right. You can analyze the market, but there’s never any knowing when some unexpected element like a recession is going to cause pandemonium.
That being said, there are some reliable factors that seem to indicate what the Idaho housing market is going to look like over the next few months.
Housing Prices Have Been Going Up
Looking at most of the major Idaho housing markets in 2023, such as Boise, Twin Falls, Preston, and Moscow, you will see that the prices went up slightly compared to the previous year. There is no reason to think that won’t continue in 2024.
The reason for this is simple enough. The inventory is low when compared to the people looking to buy. This is true in many parts of the country, especially with it still being legal for entities like private equity firms to purchase houses instead of families.
As long as housing availability remains low and consumer desire to purchase stays high, prices should continue rising.
The Steady Job Numbers
Since job numbers are also tied to the housing market, it makes sense to look at that as well. The rate of unemployment in the US at the moment is very low. This is another factor that could cause Idaho’s housing market to stay hot in this new year.
Unemployment rising is usually an indicator that there will be fewer potential buyers looking for homes in Idaho and elsewhere, so housing prices might drop. Unless the job market tanks for some unexpected reason, though, low joblessness should keep the home prices in Idaho high.
What Should You Do if You’re Looking to Buy in Idaho in 2024?
Let’s say you’re targeting Idaho as a place to live in 2024. There are certain ways you can make securing your dream home more likely, even in the face of prices remaining high.
One way is to avoid living directly within the limits of one of the state’s larger cities, like Boise. Instead, you can look for houses within a half-hour to a one-hour drive away.
If you get a job in one of the larger cities, maybe you can work remotely or use a hybrid work model. Doing so means you won’t have to make the commute very often.
You might also waive a home inspection. That can be a bit of a gamble, but it makes your offer more attractive.
Indications are that the Idaho housing market will stay hot this year, but there are always ways to counteract that.
