January 2024 Market Update

Rejoice, Boise! The sun has broken through the gray haze of inversion season (what is an inversion anyway?), giving locals a much needed reprieve from the winter blues. This spring-like weather is serendipitous to what’s happening in real estate, symbolizing a bright start to Boise’s housing market in 2024.

Boise continues to defy negative media expectations with its resilience. Fears of an impending recession have dissipated as economic indicators remain steady, bolstering buyer confidence and fostering a robust housing market here in the Treasure Valley.

Lowest Interest Rates Since May 2023:

One of the pivotal factors fueling this dynamic market is the persistently low interest rates, incentivizing buyers to get off the fence and on the hunt for their next home. Mortgage interest rates are at the lowest we’ve seen since May of 2023, reports Housing Wire. With borrowing costs remaining favorable, many individuals find themselves drawn to the prospect of homeownership, encouraged by the stability of the economic climate.

Clear Deficit in Inventory Keeping Home Prices High:

This strong demand for housing is met with a persistent challenge: a striking shortage of inventory… nationwide. The scarcity of available homes continues to exert upward pressure on prices, creating an environment ripe for competitive bidding scenarios. For sellers, these conditions represent an opportune moment to list their properties, with the potential for swift sales and attractive returns. We likely won’t see competition at the magnitude of the pandemic market, but a healthy and stable amount breaking Boise’s real estate market out of a sluggish 2023. Supply levels need to increase significantly to match demand, and lower borrowing rates may nudge builders to start building once again.           

Our Crystal Ball Says:

Oh we wish we had one! There is no definitive way to predict the market. Many factors, including rates, economic conditions, and an upcoming presidential election can change the trajectory of our real estate market. Will it last? We’re not sure, but what we see now is a very active spring-like market as people are on the hunt for homes again. Sellers who are on the market now are going to be at an advantage versus waiting for the traditional spring market. The enthusiasm of this market is contagious, and we look forward to seeing strong sales in the first quarter of the year. 

If you’ve been considering selling, reach out to us by phone (208) 870-8292 or email info@lysibishop.com for a no-obligation market valuation of your home and discuss ideal timing for you. We’re already seeing an increase in available homes ahead of the typical spring market and we don’t want you to miss this exciting opportunity to make the most of your home sale.