Idaho’s desirability seems to show no indication of slowing down. I mean, what’s not to love–especially in our wonderful Wood River Valley! In addition to the fantastic outdoor access and relatively low cost of living, Idaho also has an excellent employment rate and boasts a buoyant economy. Idaho Business Review recently provided a fascinating update on in-migration and how it is affecting Idaho’s real estate market. Anyone who has recently bought or sold a home will not be surprised by these numbers. Buyers have become all too familiar with being one of several offers and having to compete in a bidding war on their dream home. Sellers have enjoyed record high sales prices and listings selling in the blink of an eye. It is a blessing and a curse depending on which side of a transaction you are on, but overall paints a rosy picture for Idaho’s future!
- Idaho’s projected growth rate for 2020-2025 is 2.18% which is over 3x the national average of .66%.
- We are leading the nation in economic prosperity according to the Index of State Economic Momentum. This index ranks states based on their most recent performance on three key measures of economic vitality: personal income growth, employment growth, and population growth and is updated each quarter. In this update, Idaho remained in the top spot (Info courtesy of ffis.org)
- Barrons also ranked us number one for financial solvency.
- According to PEW, we also led the nation in year over year gains in personal income growth at 3.6%. This is the estimated change in each state’s aggregate, inflation-adjusted personal income in the first quarter of 2020 from a year earlier (subject to data revisions.)
- Idaho ranked #3 for best employment rate (US Bureau of Labor Stats)
- We had a net migration of 2,708 upper middle class families (classified as $100k-$200k) making us the 7th highest of all the states (Info courtesy of smartasset.com)
- Idaho led the nation in year over year appreciation with a 14.4% increase (info courtesy of Forbes.) Since 1991, the median Boise home has appreciated 391%, according to the FHFA, one of the biggest jumps in the country.
If you are considering taking advantage of the sizzling market and listing your home, reach out to one of our knowledgable advisors. We are here to help advise on strategies to receive the highest value for your home. If you could use some advice on how to make your home ownership dreams come true in a competitive market, we can help with that too!