It may feel like months have passed since Idaho Governor Brad Little issued a March 25 statewide “stay at home” order to slow the spread of the coronavirus, or COVID-19, in our state. While we safely weather out the pandemic in relative seclusion, many potential buyers and sellers are wondering: what impact will this have on the Boise real estate market?

The short answer is: it’s too soon to tell, but we can look at history to get an idea of how stable the market will perform in the coming months and years. The important thing to keep in mind is that homes are still being listed, they’re still pending, and most importantly, they’re still selling – even in this new era of video-chat home tours and social distancing.

What the Treasure Valley

The Treasure Valley fulfilled national expectations of being the hottest real estate market in the country – in March, at least.

Both Ada and Canyon counties boasted record-high sales prices last month, just as coronavirus concerns began to impact local housing markets.

In Ada County, the median single-family home sold for a record-setting of $365,645 in March. Compare it to a median price of $336,110 during the same period in 2019 and you’ll see an 8% growth in prices. Not surprising given the healthy market forecasts for the Treasure Valley.

New record-setting prices were helped by a few factors: mortgage interest rates fell to all-time lows in February, which helped buyers funds go further. Yet there were fewer homes than ever on the

Boise home price increases lead the nation; mortgage costs plummet.

It's official. When compared to the top 100 U.S. metro areas, Boise was the fastest appreciating city in the nation in the fourth quarter of 2019. According to the same report from the Federal Housing Finance Agency, Idaho was also the fastest appreciating state in the county. What's more, both Boise and the state have held these titles for three consecutive quarters now.

It's no surprise that we're seeing housing records shattered throughout the Treasure Valley. In February, Canyon County home prices hit a new record, as did prices in Nampa, Eagle and Boise.

The median price of a house sold in Canyon County in February was $264,990, which is up 16.74 percent or close to

If January is any indicator, 2020 will not be the year of the Treasure Valley home buyer.

With five new price records, 2019 marked the eighth consecutive year home prices have risen in the Boise Metro area. The first month of 2020 is showing a continuation of that trend with upward appreciation entering its ninth year.

The median single-family home price finished the month of January at $354,900 in Boise, up 20.31 percent from the year prior.

Over the last 12 months, house prices in Ada County rose 15.33 percent to a record $363,000. In 2011, the median home price was just $145,000.

For Treasure Valley home shoppers, there is little to choose from. The total supply of homes for sale in Boise dropped to an anemic 0.73 months. At 1.17 and

Miss the bidding wars of 2018? Based on current trends we may be headed for the hottest Boise real estate market in two years.

The Boise median single-family home price jumped $42,600 to $335,000 in the month of December, finishing out the year of 2019 with a 14.57 percent increase.

In Ada County and Canyon County, the cost for the typical home rose 8.02 percent and 13.08 percent, respectively.

While every city in the Treasure Valley is seeing higher prices, the lowest priced markets continue to appreciate the fastest. “Luxury” markets are seeing the smallest year-over-year price gains with Eagle up a relatively paltry 3.73 percent.

Compared to last year, total homes sales rose 18.76 percent in Ada County and 26.11 percent in Canyon

As I write this, home prices are hitting new record highs as the Boise real estate market leads the nation in appreciation.

In the past year, Boise home prices have risen 11 percent while the supply of homes for sale has declined by 10 percent.

What will the new year bring?

By definition, a forecast is an opinion about future events. Even so, I’ve made a point to focus on the facts and current trends that are already in effect, avoiding any wild speculation. Read on for an insider take on the Treasure Valley housing market in the months to come.

Boise Home Prices Will Continue Rising

Today, one in six listings are seeing multiple offers. By spring, we expect that number to jump to one in three.

Driven by low interest rates and a

Looking for an affordable neighborhood in Boise? You are not alone.

It’s no secret that Boise is a great place to live. The City of Trees routinely tops national “best of” lists for its low cost of living, quality of life, inner-city gems like the Boise River and Greenbelt, and its close proximity to outdoor adventuring.

While Boise is ranked as “more affordable” than the average city on a number of factors, such as healthcare costs and transportation, housing costs are now higher than the national average. Housing prices are also among the fastest-rising in the U.S., which can make finding your dream home at an affordable price challenging.

Fortunately for home buyers, there are still relatively affordable neighborhoods in Boise – you just

The fastest appreciating city in the fastest appreciating state continues to show strength as home price growth in Boise tops 12 percent.

If you have been following the local real estate market, even casually, it should come as no surprise that the Boise area is still very much in a seller's market.

In August, the Federal Housing Finance Agency released a report showing home prices in Boise, and across Idaho, rose faster than anywhere else in the US during the second quarter of 2019.

That same month, prices across the Treasure Valley hit new record highs, the fourth time that has happened since January.

While we tend to see a dip in local home prices this time of year, and this September was no different, the decline has been pretty minor,

What kind of house can $400,000 get you?

According to the Census Bureau, the median home price in the Western US is $410,600. If you are moving to Idaho, or from The Gem State, the data shows your relocation will most likely include California, Washington, and Oregon.

It probably doesn't come as much of a surprise that $400,000 doesn't buy much in major metros like San Diego (median home price $665,000), and even less in San Francisco ($1,762,500). But what about cities typically considered more affordable like Denver, Seattle, and San Bernardino?

While the days of the $200,000 house with the white picket fence and room for a family of four are no more, a quick look at the choices reveals Boise home prices are still relatively cheap.

Take

You have heard it before, "buying a home is a great investment." But just how good has owning real estate in the Boise market actually been?

As it turns out, probably better than you think.

The median home value in Boise has risen for eight years in a row. If you bought a house in that timeframe, you have most likely done very well.

While some fortunate buyers may have purchased at the market bottom, about half have purchased in the last five years, making that a better frame of reference.

Between the first half of 2014 and the first half of 2019, median home values in Boise jumped a staggering 68.4%.

So what happened if you bought a house in Boise five years ago?

If you bought in 2014, you paid the then median price of $193,000 and like the