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Why are real estate prices so high in Idaho?

Gem County, Idaho Housing Market The median sales price docHubed $453,086 in June 2022, an increase of 31.9% compared to the same month last year. Insufficient inventory relative to buyer demand has been the primary factor driving up home prices; however, inventory levels have been increasing.

Is the housing market slowing down in Idaho?

The Boise Metro Area housing market is expected to see a home price growth of 12% from June 2022 to June 2023, according to Zillow. Boise is Americas second least affordable housing market.

How much is an acre in Idaho?

How much does land cost in Idaho? Buying an acre of land in Idaho costs $23,580 on average based on the asking price of 185,351 acres for sale.

Is Idaho real estate overvalued?

Idaho. Boise, Idaho is overvalued by an estimated 76.9%, according to the Fortune/Moodys analysis, and is at risk of home price declines of up to 20%. Coeur dAlene, another Idaho city that exploded as a pandemic housing hot spot, is also deep red on Fortunes map, overvalued by an estimated 62.6%.

How much does farmland cost per acre in Idaho?

USDAs National Agricultural Statistics Service estimates average cash rent expense for all cropland in Idaho at $194 an acre in 2022, up $14, or 8 percent, compared with 2021.

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