This Huge Reason Is Why the Boise Area Housing Market Is Back

The housing market in Idaho has been at a stalemate thanks to the end of the pandemic and the rise of interest rates. The Boise area continues to attract thousands of people who want to be Idahoans living their American dream. The housing market was the modern-day version of the gold rush as buyers bought homes sites unseen and without home inspections. 

Every national media outlet, from the Wall Street Journal to NBC's Today Show, profiled the insane price increases. Boise area homes were selling on average every three days. However, today, homes are staying on the market not just for weeks but for months, a stark contrast to the previous trend. Buyers who thought their investments would continue to grow in value have grown disappointed as the market value has dropped significantly.

National experts reported that Boise was the most overvalued housing market in the country. Homes in Idaho continue to be expensive due to population growth and the lack of affordable housing. Other states East of the Great River have more homes than people due to a fast-migrating population.

However, one major factor that could bring back the good times of the Boise housing market will be happening soon. The rise of interest rates slowed down the national housing market. The Fed has indicated it will cut interest rates. They say the cut is warranted because inflation has dropped to a reasonable level.

The stock market is at an all-time high due to the Federal Reserve's announcement from their meeting in Jackson Hole, Wyoming. Whether it's a large cut, which we doubt, or a small one, the perception of interest going down will drive folks to either refinance to a lower mortgage rate or buy a home.

Any mortgage rate reduction will spark a revival of the Boise Housing Market. Are you ready? Buckle Up!