Recently, the U.S. Census Bureau released the latest data on metro-to-metro migration trends, and CommercialCafe conducted a study analyzing the largest metros in the U.S. Today. The study found that the biggest hotspots for population inflow are still mostly concentrated in the Sun Belt. However, while the largest metros in the U.S. see the largest absolute numbers of residents gained, some smaller metro areas like Boise (under 1 million residents) has also witnessed considerable growth thanks to a similar set of factors: They offer more affordability compared to local or regional population centers, while also showing great potential for job hunters, commuters and retirees alike.
Boise made it to #9 as one of the most popular metropolitan areas for in-migration, gaining an average of 9,572 net residents per year from exchanges with other metros. The three primary sources of population for Boise are Los Angeles; Portland, Ore.; and Riverside, Calif.
According to Boise Regional REALTORS® the median sales price for homes in Ada County was $533,950 this past October, a slight 0.2% decrease from the September median sales price of $534,950. Inventory was up 158.5% year-over-year, with 1,145 homes available for purchase at the end of October.
“We’re starting to see a shift in our market,” said Jeffrey Wills, 2021 President of Boise Regional REALTORS®. “While homes still sold for near record highs for the last few months, we haven’t seen the same month-over-month price jumps and properties aren’t flying off the market quite as fast as they were this spring and summer.”
The Boise metro area, also known as Treasure Valley is the state’s most populous with more than 760,000 residents. Boise features a unique economic background, combining both government employment and jobs, its affordability and the characteristic Pacific Northwest nature which is a draw for many.