Idaho Home Prices Have Dropped the Most in The Nation

Ah, the good ole days when Idaho's housing market was the envy of the nation. It's a challenge to describe the housing frenzy as thousands of Americans moved to Idaho, buying homes sight unseen. If you remember the days of the Oregon Trail, it was reminiscent of the gold rush.

However, as we all know, those days of madcap home buying and selling are over in Idaho and across the country. Whether it was Bidenomics or the rising interest rates, Idaho's real estate business has taken a hit. Although we know homes are staying on the market longer, have we taken the time to ask how bad it is?

According to one real estate analyst, Idaho's housing market was the first to take a big downturn. However, Nicholas Gerli from Reventure Consulting, a well-known expert who shares his insights on YouTube, says Idaho prices are still overvalued.

He says the average price of homes in our area is around $450,000 and points out that the average salary in our state is $75,000. Mr. Gerli continues saying prices in the state have dropped by 9% and 15% in the Boise Area.

Idaho's most expensive homes are not in our area. Coeur d'Alene and Sandpoint are the state's most expensive cities to buy a house. Have people stopped moving to Idaho? Will the state see a slowdown similar to the housing bubble in the early 2000s?

People are still moving to Idaho, but houses are staying on the market for longer periods. Real estate experts tell us that many agents have left the business due to a lack of sales. Mortgage experts have laid off people in a business that once printed money when rates were two or three percent.

Mr. Gerlie believes home prices in the Gem State will continue to decline. He says Idaho's home values are 34% overvalued, and it continues to lead the nation in having the most overvalued homes.

If interest rates begin to fall, could we see a return to the real estate blitz of a few years ago? Stay tuned, a true believer; we'll keep you informed.