Expert: “Home Prices In Boise Could Fall Another 30%”

Idaho is enjoying one of the most pleasant summers of all time, as temperatures have been perfect. Usually, the middle of June in Idaho means triple-digit temperatures. However, few Idahoans will complain about the run of seventy to eighty-degree temperatures.

Summertime is ideal for folks to move from one part of the state to another. The kids are out of school, making a move much easier. The Boise Area home market dropped in value by over ten percent from its historic peaks a few years ago, and one expert says the drop in value has only begun.

Nick Geri, CEO of Reventure Consulting and host of a popular real estate Youtube Channel, says home prices in our area could fall another thirty percent.

Mr. Gerli points out that Boise is still one of the most overvalued home markets in the country. You'll recall for two or three years in a row that, Boise was the most overvalued home market in the country. The CEO points out that wages in Idaho do not match the value of home prices, and without a strong workforce, prices will fall drastically.

Like a few other cities, Boise benefitted from the creation of remote workers who fled California due to the Covid restrictions. Mr. Gerli states that tech workers are being laid off or recalled back to work, leaving an enormous housing bubble the locals can't support.

Boise was one of ten cities listed by Mr. Gerli as one of the ten cities where home prices will crash in 2023. Another factor in stunting the sale of many homes in our area and across the country is the rise in interest rates. Interest rates have risen drastically post-COVID from a record low of two percent to seven or eight percent.

Mr. Gerli believes that housing crashes happen over the years and not days. Home sales and prices have dropped in the Boise area, as we've reported here. You can watch his entire video on the topic below.