Meridian Idaho Real Estate...
The Meridian Idaho Real estate market has followed roughly the same path as the Boise Idaho real estate market. Meridian Idaho real estate has seen an amazing amount of growth since 1987 when Micron opened it's doors in Boise Idaho. Between 1987 and 1995 the Meridian Idaho real estate market doubled, meaning a home that was worth $100,000 in the 1987 Meridian Idaho real estate market would be worth $200,000 in the 1995 Meridian Idaho 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 Meridian 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 Meridian Idaho real estate market heated up again in response to our relatively low prices as compared to the rest of the west, about 10% for that year. 2005 brought exponential growth and appreciation for the Meridian Idaho real estate market, 15-25% depending on who you talk to and what size and price range the home is in. All that said, the price of that $100,000 house in 1987 is worth around $300,000 today. As we find ourselves headed in to 2006 the demand for Meridian real estate seems exceptionally strong 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 Meridian Idaho real estate market.
Originally a small collection of shops and stores gathered to serve the areas farms. As time went by Meridian Idaho grew in fits and starts. Meridian has homes from about every decade in the last century but not a great number from any decade up until 1987. My guess is that 90 % of Meridian Idaho real estate has been built since 1987. The beginning of the Meridian real estate boom brought starter homes with were 3 bedroom 2 bath ranch style with 2 car garages with 1200 to 1500 square feet. The builder could build them for less in Meridian because in those days the dirt and development costs were less for Meridian Idaho real estate.
Things changed in the Meridian Idaho real estate market with in a couple of years. Prices of Meridian real estate rose and builders of Meridian Idaho real estate started building bigger homes. The Meridian real estate market was a frenzy until the spring of 1994. The market slowed for a couple of years. As the Meridian real estate market picked back up, Meridian new homes became larger and nicer. The costs of development and the higher demand for Meridian Idaho real estate, especially the dirt, pushed the starter homes out to Nampa, Caldwell and Kuna. The new subdivisions in Meridian, had larger lots, which cost more and pushed the price of Meridian Idaho new homes up. Builders built larger homes and nicer homes with beautiful masters and more upgrades such as granite counters. As Eagle continues to run out of dirt for subdivisions with quarter acre sized lots, the demand for Meridian Idaho real estate continues to climb. There is a proliferation of subdivisions in both north Meridian and south Meridian. So it goes, as the starter houses moved west to Nampa and Caldwell the middle has moved from Eagle Idaho to Meridian Idaho. The middle in our market is $275,000 on up to around about $500,000.
The appreciation was so great in 2005 that we saw builders using escalation clauses on the build jobs of Meridian Idaho real estate. The up coming year remains a little uncertain as to what will happen with the supply and demand forces for Meridian Idaho real estate. The appreciation in 2005 was about 20%, due mainly to the influx of relocating families and investors, from both California and other areas of the west that have seen the kind of appreciation that California has seen over the last few years. It is hard to find homes in Meridian Idaho for less than 125 a square foot and some Meridian homes have been going for around 140 a square foot. If you are interested in meridian horse property or a Meridian acreage look to spend more in the 175 plus per square foot range. For example, a 3000 square foot house on an acre in meridian would start at around $500,000 and go up depending on quality, location of the Meridian Idaho real estate in question. For a brief history about Meridian Idaho, see my Meridian Idaho age.
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