In the same report, the National Association of REALTORS (NAR) commented that surrounding states like Idaho had outperformed California in the housing market. On February 21, 2022, Fox29 reported that people are leaving California, New York, and other cities with pricey housing markets to move somewhere more affordable. A Quick Analysis of the Idaho Housing Market Forecast 2022 The downward trend on the Idaho days to market and the double-digit increase in median home value and average rent work together to provide a positive Idaho housing market forecast 2022. Property tax average range (the largest share of households): $800 – $1,499.Renter-occupied housing percentage: 28%.Average rent: $1,429/month, an increase of 21.72% YOY.Roofstock’s top 20 states for real estate in 2022 include Idaho, which logged the following performance in 2021. Across Idaho, the average number of days to market dropped by nine days compared to last year but climbed by 11 days from Q3 2021 average.Įxperts have reason to believe that the Idaho Housing Market Forecast 2022 will mirror the U.S.Blaine and Payette counties saw a drop in days to market but jumped in other Southern Idaho counties covered in the report. The southern part of Idaho registered an average of 42 days to market.On average, Northern Idaho homes sold within 82 days from listing, with all covered counties experiencing a drop from last year and an increase from Q3 2021.This trend in price growth is expected to taper off in 2022 because of higher mortgage rates. Although the property price appreciation looks impressive, continuing at this rate might be counterproductive because housing will become less affordable.Northern Idaho counties saw an aggregate price increase of 29.1%, while their southern counterparts experienced a 20.1% increment.The average property price reached $593,868, recording a 19.6% increase YOY but slightly dropping by 1.5% compared to the third quarter.Property listings increased by 41% from 2020 but dropped significantly by 25.5% from Q3.However, the dip may also be due to seasonality. Pending sales went down by 14% from Q3, hinting at a dwindling market.During Q4 2021, Idaho sold 6,887 homes, which was 6.4% lower than Q3 2020.The data is based on Q4 and Q3 2021 data. Let’s look at Idaho’s housing market in more detail. Further, Zillow predicts the demand to increase, albeit at a lower level, which means the prices may go down a bit, but not enough to turn the situation into a buyer’s market. Despite these sustained market conditions, experts believe that the situation will be less intense than in 2021. housing market will continue the trends that have governed the industry for the past two years: high demand, elevated property prices, and low inventory. Real estate experts believe that the 2022 U.S. This section shares the predictions for 2022 and brief analysis of a couple of figures from these predictions. Its picturesque scenery and abundance of opportunities for outdoor fun welcome more than 20 million tourists to Idaho yearly. Idaho’s major industries are agriculture, manufacturing, and tourism. The city’s complexion is a mix of sophisticated and small-town. Based on the 2010 Census, Idaho houses close to 1,570,000 people in its 83,557 square miles of land. It is also known as the Gem State because it churns out 72 types of precious and semi-precious stones. It is famous worldwide for its potatoes, but there is more to Idaho than just flavorsome spuds. Idaho is the 13th largest state in the United States. What would it be like this year?Īside from looking into the current state of the housing market in Idaho, we will also identify the best cities in Idaho for making money in real estate, and share with you a couple of tips on how to make your real estate investment strategy work for you. However, the real estate market make-up varied from state to state. real estate market went wild in 2021 as property prices skyrocketed, the demand for property rose to unexpected proportions, and housing inventory dipped to an all-time low. What do experts say about the Idaho Housing Market Forecast 2022? Read on as we give you a sketch of the Idaho real estate market and its drivers.
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