Idaho ranks number one in the nation for increase in home prices
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IDAHO FALLS — Idaho ranks number one in the nation for the fastest year-over-year home price change, according to a new report by the online mortgage marketplace RefiGuide.
The study compared the median home prices published by Zillow Research Data from March 2018 to March 2019 and showed Idaho has risen 17.2 percent – 10 percent higher than the national average.
“Idaho leads the country with home prices increasing by 17.2 percent last year, driven by strong demand in the Boise market,” the study says.
RefiGuide reports that since the end of the recession in 2009, home prices have, on average, climbed over 50 percent from the lowest point.
“This is great news for homeowners whose homes may be worth more than their pre-recession values, but less great news for homebuyers who can afford less house for the dollar,” according to the report. “What’s more is that in some places, home prices have spiked much faster than average, while in other places, home prices have remained depressed.”
Zillow data shows the median home sale price in Idaho Falls has increased $37,000 from February 2018 to February 2019 – a whopping 21.09 percent.
“It’s an amazing sellers market right now. The value of properties in the area are high,” says Brock Olsen, a local realtor with Century 21 High Desert. “Sites like Zillow and Realtor.com plan on the median home value to keep increasing in the next year.”
Olsen says homes are selling quickly in Idaho Falls due to an increase in businesses, jobs and new developments coming to the area.
“Many homes only last a couple days on the market before they are sold,” Olsen says. “Buyers tend of have competition when it comes to finding a home in the market today and often need to be willing to act fast in order to purchase a home they love.”
The RefiGuide report says some of the most expensive and desirable cities, like Seattle and Oakland, have seen their prices decrease in the last year while many smaller cities have seen an increase in median home price. Alaska and Delaware are the only two states in the country to experience a fall in the median price of a home.
“In this stage of American economic expansion, the once affordable places are seeing their prices escalate,” according to the report.
The top 10 states to experience an increase in home price include:
- 1. Idaho 17.2%
- 2. Utah 14.0%
- 3. Nevada 10.9%
- 4. Indiana 10.8%
- 5. Georgia 10.5%
- 6. Mississippi 9.5%
- 7. Michigan 8.6%
- 8. Missouri 8.5%
- 9. North Carolina 8.5%
- 10. Montana 8.3%
CLICK HERE to see the entire report.