Boise Real Estate in Idaho...
With homes almost as old as the Oregon Trail to homes that will not be completed until tomorrow, the Boise Idaho real estate market has something for everyone. The Boise Idaho real estate market has seen an amazing amount of growth since 1987 when Micron opened it's doors. Between 1987 and 1995 the Boise real estate market doubled, meaning a home that was worth $100,000 in the 1987 Boise Idaho real estate market would be worth $200,000 in the 1995 Boise real estate market. The same factor that led to the doubling of prices also cooled the market down. Namely Micron announced a hiring freeze. Prices of Boise Idaho real estate froze for a couple of years at which time a healthy appreciation of around 5% a year kicked in.
In 2004 the market heated up again in response to our relatively low prices, about 10% for that year. 2005 brought exponential growth and appreciation for the Boise real estate market, 15-25% depending on whom you talk to and what size and price range the home is in. All that said, the price of that $100,000 house in the 1987 is worth around $300,000 today's Boise real estate market. As we find ourselves headed into 2006 the demand seems exceptionally strong for February and we anticipate another summer of high demand and low supply. I will try on the remainder of this page to summarize the history of growth in regards to the Boise Idaho real estate market.
The north end, with its turn of the century homes, is quaint and somewhat exclusive due to the market pressures of supply and demand. The newer homes in southwest Boise are more reasonably price and offer a greater selection in regards to floor plans, space, and garages. Here I will try to offer a synopsis into how the Boise real estate market grew over time, and what is happening in the Boise Idaho real estate market of today.
North Boise and east Boise are where you will find most of the homes in the Boise real estate market built between 1870 and 1920. Because there were not too many people here then the total number is small (low supply) and therefore they are the most expensive per square foot and offer few walk in closets, and small or no garages. The exception is the foothills on the north side of downtown, which have homes built from the 1970's to today. Being close in and some having views, these homes will be more than a comparable home in west Boise or Eagle.
Like any city, as you move out from the original town site the homes get newer, and Boise real estate is no exception. In the 1930's through the 1950's we see most of the Boise real estate construction taking place on the South side of the Boise river in the southeast Boise Area. At the end of World War II we see an explosion of 2 and 3 bedroom homes expand west into the area of Boise that is today called the bench (an ancient flood plain about 125 feet above downtown and the current river level) Today the southeast area extends from Boise State University out to Barber Park. As you get further from the school the homes get newer and larger. Again, because of the close proximity to downtown these will be slightly higher priced than a Boise Idaho real estate located in west Boise, Meridian or Eagle.
In the 1960's the Boise real estate market slowed. We saw some building and growth continuing in a westward direction across the bench and into the area that is today called west Boise.
The Boise Idaho real estate market picked up considerably in the 1970's with the arrival of Hewlett-Packard. The remaining areas of the bench were built out and major portions of west Boise (on the same ancient flood plain as the bench, but further west) and southwest Boise(that area south and west of the freeway) were built up. These homes were a combination of ranch style, two story homes, tri-levels and split-levels. They are characterized by slightly larger yards, but some of the building materials and floor plans feel a little antiquated today. These are about as new as you can go if you are trying to stay away from associations and neighborhood restrictions.
Boise real estate in Northwest Boise is similar to southeast Boise in that the homes are old, close to downtown, and newer toward the west. Northwest Boise is that area north of the river and west of downtown.
The 1980's with the exceedingly high interest rates meant very little new construction took place in the Boise Idaho real estate market until the rates came down in 1987. As outlined above that was the same time as our largest employer opened its doors. Growth took place in every area of town that had available land including, southeast, northwest, the bench, the foothills, west Boise, southwest Boise.
If you have additional questions about Boise Idaho real estate, or any other areas such as Meridian Idaho real estate, Eagle Idaho real estate, Star Idaho real estate, Nampa real estate, Caldwell real estate or Kuna real estate feel free to give us a call at (888) 722-6453.
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