California Exodus Continues Driving Idaho Home Prices
Houses in Boise are selling for an average of nearly $650,000. The figure comes from my counterparts at KIDO Radio. It comes from sales of existing homes last week. This isn’t a number applied to new construction. It’s an average for the sale of 81 homes over the course of a few days.
Just one month ago, I heard a figure of $350,000 for an average home in Ada County. The lower figure may be associated with all sales, including existing, new constriction and condominiums. It’s potentially lagging because there may be a few pockets of the county where prices are considerably lower. You likely wouldn’t want to live in those spots.
Coronavirus created the latest surge but it had been underway for several years.
Idaho isn’t alone. This is a link to a story in the Washington Post. It tells the tale of a couple who left a tiny home and bought something twice the size outside of Bozeman, Montana. They got a bit more than 2,300 square feet for $559,000. For comparison, I bought the same square footage on a golf course in Delaware for under $200,000 in 2013. It’s a sellers-market across the Northwest.
It appears it’s accelerating. The Washington Examiner explains the exodus from the San Francisco Bay area continues as people relocate as far away as Texas. Coronavirus created the latest surge but it had been underway for several years.
The musician, Fifty Cent, earlier this week alluded to what may become a new land rush in flyover country. He warned his followers the tax policies of Joe Biden could create tax rates in excess of 60 percent in places like California and New York.
Conservative critics have said the party’s national platform is an extension of California’s approach. You also realize a $600,000 home in Idaho is viewed by many living on the West Coast as a bargain. Last year I posted some details about a large house for sale near Kimberly. It carried a price tag in excess of $700,000 and a friend in California commented the same house would be worth a cool 3 million dollars in his neighborhood. The challenge for the local buyers is finding someone to take the old place off their hands. At some point the two markets will collide and the spike in our prices will begin slowing. Just not apparently soon.
LOOK: Famous Historic Homes in Every State