Boise City is the capital of Idaho and its most populous city. It has been gaining interest over the past few years as people are discovering the exciting outdoor activities, the array of employment opportunities, and the low crime rates. With so much appeal and an influx of residents, the Boise real estate market is booming.
Real Estate Market Trends in Boise
Boise median home price: $525,000
The Boise housing market has seen an impressive surge in median home prices in the last few years. The median home prices in this market have increased by $300,000 since 2017. They are well above the national average of $413,000 and have increased by 20.7% year-over-year while continuing on an upward trend.
Rental Market in Boise
Boise median rent: $1,777
Boise rental vacancy: 3.4%*
The Boise rental market has a very low rental vacancy rate compared to the national average of 5.8%. There has been a 16.1% year-over-year increase in median rent prices. Even with this increase though, rental prices are still behind the national average rent price of $1,904. With less than a 1 month's supply of rentals, the demand is still high and rent prices are still increasing.
See Also: Real Estate Investing Guides and Resources
Current Real Estate Investments in Boise
There are currently 7 multifamily and residential income properties for sale in Boise listed on Loopnet.
The two most interesting multifamily properties for sale in Boise right now are:
1011 S Orchard St - This is a 42-unit apartment building expected to be completed in Fall 2022, consisting of 8 separate units with garages. These townhome-style apartments are located just minutes from downtown Boise and convenient to the airport. Commercial Broker Connect Real Estate has this listing for $3,000,000.
792 N 30th St - North River Apartments is a well-established 16-unit apartment building being offered for sale by Colliers. It is currently 100% occupied with 6 fully renovated units and a prime location just minutes from state landmarks and shopping.
Market data source: Housing Tides
*Data from guaranteedRate
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Photo by Click Sluice on Unsplash
