Will The Boise Housing Market See More Sales Than Ever This Winter?
Boise continues to be one of the hottest markets in the nation as we near the end of 2021. According to Realtor.com®, Boise, Idaho ranks as the #2 housing market positioned for growth in 2022.
Will the Boise housing market remain hot while temperatures drop?
Experts Expect A Hot Winter Market
This winter, “Sellers can expect to see plenty of buyers," says Danielle Hale, chief economist of Realtor.com®.
If you're thinking about selling your house you don't need to wait until spring. Now is the perfect opportunity to take advantage of unprecedented demand.
Experts agree this winter will be anything but normal for the housing market. Lawrence Yun, the chief economist at the National Association of Realtors®, predicts “This winter, there will be more sales compared to pre-pandemic winters going back all the way to 2006.”
Historically, the market tends to slow down in the winter months. Yet, as we've seen in this post-pandemic world -- the new normal is much different from before.
Will the high demand for Boise homes continue through the winter?
With interest rates projected to rise in 2022, buyers are eager to lock in rates for new homes in the Boise area. While the 30-year fixed-rate mortgage averaged 3.1% last week, the NAR expects interests rates to increase to around 3.5% in the upcoming year.
An increase in interest rates may slow buyer demand, giving further reason for sellers to list their homes this winter to take advantage of the current high demand.
Buyer demand for markets like Boise does not seem ready to slow down anytime soon. “Winter is likely to be a better time to sell than winter typically is,” said Kelly Mangold, principal at RCLCO Real Estate Consulting. “Many sellers should not feel the need to wait until spring, especially in high-demand areas.”
In recent years, the Boise area saw a historic shift in demand for houses. Buyers from out-of-state flocked Idaho in record numbers. As a result, Boise median house prices reached record highs since 2020.
As home prices trend upward in the Boise area, listing during the winter could mean there are fewer listings for you to compete against, placing it in the spotlight among serious homebuyers.
Many buyers have experienced months of bidding wars and are looking to have their offer accepted before the new year. According to a recent report by USA Today, "buyers who are looking during the holiday season, nay are serious about making an offer and not just looking, particularly those who've been trying to purchase for months and have lost out in bidding wars."
Current Market Snapshot
For the month of November 2021, the median sales price in Ada County was $537,900 based on 891 home sales, a 25.1% price increase from last year. The average time on the market was 29 days and a current inventory of 796 houses (a 95.1% increase from last year).
The evidence suggests that Boise will continue to see high demand this winter, which is great news for any homeowners thinking about selling.
Now is a great time to list if you're thinking about selling your Boise home. You can expect to see plenty of buyers hit the market this winter.
In 2022, Boise should remain one of the hottest housing markets in the nation. It should come as no surprise if Boise sees more housing sales than ever before this winter.
For sellers in the Boise area, this holiday season might be the gift that keeps on giving.
Want to see what your home is worth? The team at McFerrin Real Estate will provide you with a highly personalized real estate experience tailored to your unique needs.
