With the largest year-over-year gain in the Real Estate Strength Index (RESi), Boise, Idaho was recently named the most improved real estate market in the nation by Corelogic, a leading property and analytics corporation. The RESi is a monthly index that ranks and compares quality, sustainability and health of metropolitan housing markets. Boise, Idaho leads the nation for many economic reasons, including significant improvements in their unemployment rate, job growth in construction, shrinking foreclosure inventory, and large gains in home prices over the past year. Here is the ranking chart from Corelogic: The silver lining in this study is that the all the cities mentioned had markets most severely effected by the housing crash. And while the list is not of the strongest housing markets, they are all the most improved. Market improvement means that the market has begun to reverse itself--and for places like Boise, recovery is happening much faster than economists predicted--helping more homeowners regain lost equity. For buyers who have purchase a property in Boise over the last couple of years, it means that your investment is not only holding value but showings signs that appreciation is finally on the horizon. So why and how is Boise leading the pack in real estate recovery? Well, much like the local football team, the Boise State Broncos, Boise is accustomed to being the underdog. And being the underdog, it doesn’t take much to get national attention when you achieve something great unexpectedly. Paralleling the national headlines made by the Boise State Broncos for the last 5-6 years, the city of Boise has also received numerous national media mentions about how great a place it is to live and work. Last month, for instance, Boise was named by Forbes as the 2nd Best City in America to raise a family, and Outside magazine put Boise at the top of their places to live and play (see here and here). This frequent media attention has helped spread the word about how great Boise is to live, work, and play, and people from all parts of the United States are starting to migrate here. Many bring their jobs with them, as a large percentage of families relocating to Boise move for lifestyle and work from home. Boise’s popularity, affordability, and family- and business-friendly environment compared to other regional cities has been a key component in helping the local real estate market bounce back faster than other markets. With all the positive trends Boise is experiencing right now, it will likely continue to remain on the nations most improved housing markets for years to come. By Mike Turner – Owner of Front Street Brokers – A Boise real estate company, and editor of the Boise Real Estate Newspaper
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Boise Real Estate News and Home Reviews from Mike Turner and his team of top Luxury Home Agents at Front Street Brokers in the Boise Idaho marketplace. We review and analyze the best homes on the market and give you our honest opinions of the properties, as well as offer the best market insights you will find in Idaho.