Median listing price: $564,945
Boise, like Jacksonville, was a popular destination for buyers during the pandemic. Its below-average prices and abundant active and outdoor lifestyle put it at the top of the list for shoppers who wanted someplace that has year-round quality of life, at a low cost. It was especially appealing to Californians seeking a more affordable lifestyle.
The influx of new residents led prices to soar—and builders to go on a local construction spree. The latter has helped to boost inventory at a time when there are fewer buyers in the market. The result is that more than half of all current listings have had their price reduced—more than any other city on this list.
"The combination of some inventory growth and some price reductions has caused buyers to pull back," says Andrea Pettitt, a real estate agent at The Boise Group at Silvercreek Realty.
It's worked out well for at least one of Pettitt's clients, who she says is emblematic of buyers right now.
"The seller listed it in May of this year at $699,000. My client just closed on it for $524,000," Pettitt says of a 20-something engineer who didn't think he could buy recently. "And this is after he was trying to buy a year ago and was making offers at $590,000 that were getting beat by $25,000 or $30,000."
Patience appeared to have paid off. Pettitt's client waited and was able to get a home in his price range—and he was able to pick from several on the market, instead of competing against other buyers.
Ratiu cautions that, while the market has taken a turn toward buyers, things could be getting even better for buyers in the coming months.
"A relative bargain in Boise might need an asterisk. There may be more room in those markets to have prices come down a bit," he says.
