BOISE, Idaho — The housing market in the Boise metro area more than tripled in value since 2011, the biggest increase of any of the top 100 largest metro areas during that span, according to a new report by Zillow.
The analysis found that the value of homes in Idaho increased 149% since 2011. The Gem State was one of just six states in which the total value of housing stock more than doubled during that time frame.
Nevada (146.3%), Utah (126.2%), Arizona (116.5%), Colorado (111.6%) and Washington (108%) also saw their total housing market value more than double over the past decade.
Zillow notes that most of Idaho's growth came from the Boise metro area, which encompasses the state's three most populous cities: Boise, Meridian and Nampa.
The median sales price for a home in Ada County hit a record $425,000 in November 2020, according to a report from Boise Regional Realtors. The surging home prices are attributed to insufficient supply and persistently strong demand, along with historically low mortgage rates.
As a whole, the U.S. housing market gained more value in 2020 - $2.5 trillion - than in any year since 2005, the Zillow report shows. The total value of all homes nationwide is now estimated at $36.2 trillion.
Describing 2020 as a "remarkable year for the housing market," the report attributed the gains to strong demand and intense competition, which caused homes to fly off the market at the fastest pace the company has recorded. That, in turn, pushed prices higher.
Zillow notes that the housing demand was already strong going into 2020 due to Millenials aging into the prime first-time home-buying age and mortgage rates hovering near record lows.
The widespread shift to remote work during the COVID-19 pandemic also prompted many to reevaluate their housing options and supercharged demand.
That trend is expected to continue in 2021, which is expected to be even stronger than last year.
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