By looking at the continuous amounts of construction and suburbs appearing to spring out of nowhere, it is easy to tell that Idaho has been in the midst of a population boom.
In 2019, The United States Census Bureau ranked Boise as the 8th fastest-growing city in the US. According to the Census Bureau’s population estimates for July 1, 2020, Idaho grew by 259,331 people since 2010.
With a quarter of a million new people calling Idaho their home brings an increase in the demand for housing.
According to the Federal Housing Finance Agency’s House Price Index, housing prices have risen 7.8% across the United States for the previous 12 months as of the end of the third quarter (ending on September 30, 2020). Idaho leads the trend with a 14.4% year-to-year housing price increase for the same time-period.
As Boise continues to grow, as does the rest of the state. Developments, including the Northgate Development Project, construction of the LDS temple, and the FBI expansion in Pocatello have also played a contributing factor in Pocatello’s growth.
Local realtor Gloria Howell called the last three years in Southeast Idaho as “transformational.”
The Greater Pocatello Association of Realtors MLS statistics show Southeast Idaho (specifically Pocatello/Chubbuck, Inkom, McCammon, Lava, and American Falls) saw a 16.47% increase in home prices over the previous year at the end of the third quarter-- where 2019 saw a 9.89% increase over 2018. Based on this data, the greater Pocatello area has seen a 26.36% increase in the price of homes since 2018.
The current housing market in Southeast Idaho’s is the “perfect storm”, being advantageous for buyers and sellers both.
For buyers, while the price of housing has continued to increase, interest rates remain historically low-- as low as two percent. In Howell’s 45 years as a realtor, she remarks that these rates are some of the lowest she’s seen.
Sellers are in an excellent position due to the limited availability of housing in the area. The high demand increases the value of property.
“It is not uncommon in this fast competitive market for a home to be sold above asking price within days or hours from the time the home is listed on the market,” said Camile Thomsen, local realtor.
Looking ahead, Idaho only continues to expand. Howell speculates that the Idaho way-- being open, trusting, and down-to-earth-- is what draws new homeowners to the Gem State, inviting them to call Idaho their new home.
Last week, Gloria Howell and Camile Thomsen were featured on the premiere of season 3 of CEWT Talk-- Continuing Education/Workforce Training’s podcast.
Click here to listen to Howell and Thomsen discuss Southeast Idaho’s housing market with CEWT's Jason Batalden and Paul Dickey.
Thank you to The Gloria Howell Team for their contribution to this article.