Is the Idaho housing market finally cooling down?

IDAHO FALLS, Idaho (KIFI) – In short, yes. Around this time last year, the housing market in Eastern Idaho was hot in a seller's market, but that has since changed a little bit.

Juan Contreras, President of Greater Idaho Falls Association of Realtors, says, "A year ago, we had very little inventory and a lot of high demand for homes... Right now, it's a little bit different. About eight months ago or so, around May, maybe June the market started to switch. It went from a seller's market, absolutely a seller's market to about, it kind of leveled off, and now we are seeing more of a buyer's market."

But the average prices of homes still remains higher. As of Dec. 31, 2022, Contreras says the estimated price of homes average about $356,000, which is 20% higher than last year.

Now, homes are staying on the market for 21 to 28 days on average.

With the amount of growth Eastern Idaho has seen and continues to see Contreras says the prices make sense, they're not overly priced, but they're also not cheap.

Years ago, homes were priced in the $100,000 range in Eastern Idaho. Contreras doesn't see those prices ever coming back.

"I think those days might be gone. We have way too much demand for homes. For a move-in ready home priced that low, I don't think that will happen," he says.

But compared to the region, Contreras says we still have very fair prices with what the area has to offer. He says, "Idaho Falls, or Bonneville County, still has really good prices compared to Oregon, Washington and especially California."

So, although we might never see a great quality home on the market in the $100,000 price range again, it seems as though this market is the 'new normal' and is in a great spot for both buyers and sellers. But with spring approaching, it could change, making the market a lot more competitive between buyers.