Home Value Trends in Idaho

The housing bubble has burst! Home valueCentral Idaho for the mountains, beautiful
medians are plummeting, the real estate marketlandscapes and outdoor activities, and South
is in a horrible slump and the sky is falling! So sayCentral for national reserves and state parks.
many doom and gloom predictions of media andFinally, South Eastern Idaho is a treasure trove of
real estate industry leaders about the state ofNative American history, hot springs (warmed by
the market. If you're sick of hearing all that badvolcanoes) and all kinds of adventure.
news, here's some good news for a change: it'sWith so much to do in Idaho, it's a wonder
not that bad! When looking at the market on aanybody has time to work, but they sure do.
national level it's easy to make generalizations onIdaho's unemployment rate hit a record low of
how the market is doing, but realistically knowing2.8% in April of 2007. The median household
the median home value of the nation isn't going toincome in 2005 was about $43,959, which by
help you much when you're ready to buy or sell.2007 has most likely risen to $45,000 or more.
(But in case you're curious, the national medianThe median home value of Idaho is still relatively
home value in 2006 was $221,900.) In order tolow at about $131,854 in 2007.
get an idea of how a particular area is doing in realAs of now, the busiest area of Idaho, Boise, has
estate and home value averages, and where theya conflicted market. Properties listed with a home
may go in the future, you need to take intovalue over $400,000 are going slowly, usually
account more than just average home value andsitting on the market for a year or more. It's a
sales rates. You must look into the economy,good time for buyers, since there's so much
employment rates, attractions and the pastcompetition and homes on the market, and sellers
trends of that area in order to get a good graspare dropping prices to sell their home quicker.
on how the market is doing in said area.Anything with a home value under $400,000 is still
Idaho (capital is Boise), probably best known forin a very healthy market, with homes selling
being the potato state, has much more to offerusually within 90-120 days and within 1% of a
than just agriculture. With a population of nearlyseller's asking price.
1.5 million and plenty of land to spread out on (it'sIn northern Idaho, the Coeur d'Alene region, home
said that if you were to flatten Idaho's mountains,value averages are down a bit from last year
it would be the size of Texas), Idaho's economy(considering inflation), while listing are up about
does rely on it's cattle, potatoes, dairy, wheat,25% and sales down by almost the same
sugar beets and barley production, as well asamount. It does not look to be a very strong
industry production like lumber and wood, papermarket at this time for northern Idaho.
products, food processing, machinery, chemicalWestern Idaho and the Idaho Falls region has
products, silver and other mining and tourism.seen an increase in average home value and it
The more tourism a state receives, the higher it'slooks as those prices on existing homes and new
market and home value averages tend to go,construction will continue to rise, based on rising
simply because knowing a place is so popularcosts of materials and consumer demand. So far
tends to drive people to reside there. Broken intothe inventory of homes isn't so high that prices
7 distinct regions, Idaho has something to offerare dropping and homes are just sitting on the
everyone. In northern Idaho, you can visit lakesmarket.
and thicks forests, as well as the North West'sAll in all, Idaho's real estate market is still doing
largest theme park: Silverwood. Northern Centralpretty well, though mostly in the southern part of
Idaho is where Lewis and Clark searched for athe state. With the low unemployment rate and all
Northwest passage to the Pacific and so hasthe available land, Idaho as a whole shouldn't
plenty of hiking and historical opportunities. Thesuffer too badly from this supposed real estate
South Western region holds the capital city with"slump" and though home value averages aren't
it's bustling night life and only miles away, highrising as fast as they did 2 years ago, for the
deserts and rock canyons. Visit Eastern andmost part they're still moving on up.