February 2024 Market Update

February typically tends to be a slower pace season in real estate. However, you’d think it was the middle of a normal spring market looking at sales activity. It could be the mild temperatures or stabilized interest rates, but whatever it is, buyers are out and about looking at homes and swooping up available inventory. Some homes that were sitting on market in the winter months of 2023 are seeing a surge of interest and offers. New-to-market listings in certain segments are generating quite a bit of showings and offer activity. This healthy market pace is exciting for sellers as heightened demand and incredibly low inventory are keeping home prices from sliding. Home values for single-family homes in Ada County increased nearly 5% since this time last year! “Positive year-over-year trends in the median sales price show a shiny outlook on homeownership. Even as some aspects of the market fluctuate, the value of owning a home remains steadfast” said Elizabeth Hume, Boise Regional REALTORS® 2024 President. Low inventory levels coupled with lower rates and increased demand are building home prices again. Buyers may see a little more competition as we continue on this path of normal spring conditions. Currently there is about 1.7 months of available supply of homes in Ada County, leaning towards a sellers market. A balanced market is 4-6 months MSI (Month’s Supply of Inventory).      

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Exploring East Boise's Neighborhoods

Photo Credit: Lysi Bishop Real Estate Nestled within the scenic landscape of the Boise River and foothills, East Boise stands out as a vibrant tapestry of neighborhoods waiting to be explored. Each neighborhood tells its own unique story, from the historical streets of Warm Springs to community-focused Harris Ranch. Join us on a journey through the neighborhoods of East Boise, where tight-knit community, natural beauty, and timeless architecture come together to create a place unlike any other.   Northeast: East End Photo Credit: Lysi Bishop Real Estate With its priceless location right next to downtown, the East End is a prized neighborhood with a strong sense of history. Containing a mix of historic and newly built homes on streets lined with mature trees, there is something for every homeowner. Warm Springs Avenue, the crown jewel street of this neighborhood, features luxury living in stunning historic homes and is on the National Register of Historic Places. Most notably, the homes along Warm Springs are almost all on geothermal heat. NE Foothills Foothills East Photo Credit: Lysi Bishop Real Estate Elevated just above the East End flats lies a neighborhood of meandering streets lined with unique homes. Mature landscape and interesting ‘80s architecture define this area, where foothills living is poised with convenient access to downtown. Harris North Photo Credit: Lysi Bishop Real Estate Perched at the heights of east Boise, the newly established Harris North community features luxury modern residences with close access to Harris Ranch dining/services, the Boise River, foothills trails, Lucky Peak Reservoir, and the Boise Greenbelt.  Table Rock Photo Credit: Lysi Bishop Real Estate Table Rock neighborhood is located just northeast of downtown Boise, and features a stunning view of the foothills, Boise River, and downtown skyline and plenty of nearby hiking/biking trails. Fort Boise/Military Reserve sits at the base of these foothills alongside a nature reserve with extensive hiking and biking trails, an archery course, dog park, and bike park. Harris Ranch Photo Credit: Lysi Bishop Real Estate This master-planned community in Barber Valley offers a community-focused, relaxed lifestyle with neighborhood schools (including private Riverstone International School), city parks, hiking and biking trails, and proximity to the Greenbelt/Boise River/Barber Park, and Bown Crossing. Amenities include several pools, clubhouse, and fitness center. This community prides itself on its safety and walkability, with a neighborhood hub for dining, The Ranch Market convenience store/gas station, coffee shop, and local businesses. The Terraces of Boise, a senior living community, is located here offering options for independent and assisted living within the beautiful scenery of East Boise. Riverside Heights Photo Credit: Lysi Bishop Real Estate Nestled further east of Harris Ranch at the base of the foothills, Riverside Heights has newly built homes with stunning foothill vistas and immediate access to hiking and biking trails. This neighborhood is mere minutes from the Boise River and Greenbelt, the Greenbelt, Bown Crossing’s shops and restaurants, Idaho Shakespeare Theater, and Lucky Peak.  Community amenities include an events space, fitness center, outdoor pool, and playground, and the neighborhood is within minutes of nearby schools (including private Riverstone International School).    Southeast River Run/Spring Meadow Photo Credit: Lysi Bishop Real Estate Built on an 120-acre bend of protected wilderness along the Boise River, this premier neighborhood offers serene streets and abundant natural beauty with incredible riverfront sites. River Run features its own community pool, clubhouse, and tennis courts as well as walking paths and direct access to the Greenbelt (including the Bethine Church Trail). This neighborhood has remarkable tree cover and river access and is within walking distance of southeast Boise’s dining and social hub in Bown Crossing. Wood Duck Island/Wildernest Photo Credit: Lysi Bishop Real Estate Separated from the hustle and bustle of the city by the Boise River and Ridenbaugh Canal, this neighborhood brings tranquil living to southeast Boise. Set next to a 13-acre wildlife conservation area and minutes from the Greenbelt, Bown Crossing, and Barber Park, these stunning estates have a premier location.  Surprise Valley Photo Credit: Lysi Bishop Real Estate Nestled between basalt bluffs with extraordinary views of the mountains, Surprise Valley is the place to settle in and enjoy life at a slower pace. Homes are situated on larger lots and the community amenities, including pools, Oregon Trail access, and nearby Bowler park make this an insulated neighborhood full of things to do. This neighborhood has a strong sense of community and has endless wildlife sightings despite being minutes from downtown Boise. Lakewood Photo Credit: Lysi Bishop Real Estate Beautiful parks, winding walking paths, a dense tree canopy, and homes with character distinguish this neighborhood. Its prime location sits within walking distance from Timberline High School and White Pine Elementary School, and minutes from downtown Boise, Boise State University, and restaurants on Broadway Ave.  South Boise Village/BSU Photo Credit: Lysi Bishop Real Estate With great access to Boise State University and downtown, Southeast Village is in a prime location for investment. Many properties in this area are designed for multi-family use, yet there are plenty of charming single-family homes and large estates surrounding Manitou Park. Access to downtown is very easy via Broadway Avenue.        

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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.   

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