Idaho Highest Property Price Rise in US
We already know that Idaho is the best place to live, and as we all know, me being a transplant myself, that others mostly from neighboring states are figuring out how great the gem state really is. Real Estate is one of the best ways to learn about a city and this is certainly saying something. The Federal Housing Finance Agency had a report recently come out that showed in one year (12 months, ended 9/30/2020) how much the home prices rose across each state and had a national US total. As a whole 7.8% was the increase in real estate for home prices which also leads ultimately to home value since homes are selling quickly and people are buying. It happens to be the fastest climb in a decade. As you can imagine, because it rocks, the West coast saw the biggest increases.
Our southern friends in Utah were 4th highest on a ranking with 10.7% increase in home prices/value out of the rest of the 50 states. Just behind Utah was Washington coming in at number 3 with a 10.8% rise. Followed by my home-state Arizona at number 2 with an 11.1% increase. Who was number one, well you know it by now from the title but the state of Idaho shot to the top of the list out of all 50 states with a 14.4% increase! That is NEARLY DOUBLE the US average. That's saying something. Here's a look into the past... According to KTVB, Boise's median homes have increased 391% since 1991. This is all research from the FHFA.
Will they keep rising like this? Some experts are saying not likely, it may pop or at least slowly deflate eventually.