Boise Luxury Real Estate On The Rise
Luxury high-end real estate is flourishing in Boise, ID. Escalating housing prices in Ada County has led to an explosion of luxury homes. The ascension of the Boise real estate market into one of the hottest in the nation has also transformed places like Boise, Eagle, and Meridian into areas where high-end multi-million dollar homes are flying off the shelves.
According to MLS data, a total of six homes were sold in Ada County for over $2 million in 2018. Fast forward to 2021 and you find a total of 67 homes sold for over $2 million -- a 1,167% gain in only three years. It’s clear that buyers are more eager than ever to spend on luxury homes in Boise, Eagle, and Meridian.
The COVID-19 pandemic proved to be a boon for the Boise real estate market. Impressive equity growth, wealth gains, and price increases have catapulted Boise's home values to record highs. Boise’s luxury real estate market has benefited directly from the increases in valuations.
Now more than ever, the Boise area is a desirable place for people to live. Buyers from all over the country are choosing to relocate to Boise for the cost of living, access to nature, and work-life balance. Many people relocate to Idaho from more expensive markets like California, Washington, and Oregon, which increases their buying power in Boise and the surrounding areas.
In April 2022, the median sales price in Ada County hit a record high of $595,000, a $25,000 increase from the month before. Although interest rates continue to rise, plenty of buyers are still eyeing the Boise market and multiple offer scenarios happen frequently. We have yet to see a slow down in the Boise real estate market and that includes luxury real estate.
The key to selling a luxury listing is all in the details. We place an emphasis on pricing luxury homes properly and presenting their best features. Every home has a story to tell and this is especially true in luxury real estate. Our team makes use of several elements to prepare a luxury listing for the market including design and staging, professional interior and drone photography, and customized marketing material. We also use video to highlight the property, which performs extremely well on social media channels like Instagram and TikTok. An elevated approach by a listing agent produces the best results and the most profit for homeowners.
We expect the trend of luxury homes to increase in the coming years. More builders are focused on delivering high-end construction to meet buyer demand. With Boise’s status as a desirable place to relocate, wealthy buyers will continue to drive prices and put Boise on the map of luxury real estate markets.
The McFerrin Real Estate team specializes in luxury listings. We have a large network of out-of-state buyers and relocation clients looking in the Boise, Eagle, and Meridian areas. If you’re looking to stay updated on exclusive luxury listings or would like to know how much your home is worth, contact our team at www.mcferrinrealestate.com or 208.921.0334.
