|Closing Conducted by:||Escrow|
|Primary Foreclosure Method:||Non-Judicial|
|Process Period:||5 - 6 months|
|Notice of Sale:||Trustee|
|Income Tax:||1.6% - 7.4%|
|Median Property Tax:||0.69%|
|Property Taxes by County:||http://www.tax-rates.org/idaho/property-tax#Counties|
|Transfer Fee:||No Fees|
Median Home Value: $436,922
1-Year Appreciation Rate: +37.2%
Median Rent Price: $1,164 (+21.8% year over year)
Price-To-Rent Ratio: 31.28
Average Days On Market: 74
Unemployment Rate: 2.9% (latest estimate by the Bureau Of Labor Statistics)
Population: 1,787,065 (latest estimate by the U.S. Census Bureau)
Median Household Income: $55,785 (latest estimate by the U.S. Census Bureau)
Total Foreclosure Filings (Q3): 98 (+107.4% year over year)
Tax Lien or Deed: Tax Deed State
Interest Rate: N/A
Redemption Period: 3 Years (Then county takes property and sells it at auction.)
Boise, ID - July
Demand will continue to drive prices higher: The Idaho real estate market draws buyers from across the country. That said, there aren’t enough listings on the market, which creates an excessive amount of demand. The same demand that facilitates activity will continue to drive up prices until more inventory is brought to the market.
Secondary cities will increase in popularity: Primary cities like Boise are too expensive for many first-time buyers. As a result, it's safe to assume more people will turn to secondary cities like Nampa or Idaho Falls in search of more affordable living situations (especially with work-from-home trends remaining intact.
Idaho will do its best to alleviate the inventory crisis: Idaho has fallen victim to a distinct inventory shortage, which is predominantly to blame for historically high prices. However, the state has already started to address the issue. Construction activity is growing, and large-scale housing projects are in the works to increase housing inventory. That said, it will take some time until the projects are finished. As a result, prices will continue to rise until the assets are bought to market.