Between 2018 and 2023, Idaho’s housing market became a tale of two landscapes. Urban hubs like Boise and Meridian saw soaring prices and rapid development, while rural gems such as McCall and Sandpoint attracted buyers looking for more space and natural beauty. Pandemic-era demand pushed both markets into overdrive, but for very different reasons—urban convenience clashed with rural escape, and the result was a housing map rewritten by lifestyle shifts and population pressures.

Idaho’s Urban Boom: Cities Lead the Way

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Population and Demand Explosion

Population and demand exploded in Idaho’s cities over this period. Boise and its suburbs (especially Meridian) were among the fastest-growing areas in the nation. Between 2018 and 2019 alone, Meridian added nearly 7,700 residents – more than any other city in Idaho – while Nampa grew by over 3,000. Overall, Idaho’s incorporated cities grew about 2.3% that year, outpacing the state’s general population growth.

Meridian’s population grew a stunning 52% from 2010 to 2019, and Boise also saw tens of thousands of new residents. Such rapid growth meant intense demand for housing in Idaho’s metro areas.

The Out-of-State Migration Wave

One major factor was in-migration from other states. During the COVID-19 pandemic, Boise became one of America’s top destinations for people relocating from pricier regions. A Redfin analysis found that in January 2021, Boise had more than double the number of out-of-town homebuyers looking to move in compared to a year earlier.

People from California, Washington, Oregon, and other states – many newly able to work remotely – flocked to Boise for its relative affordability and quality of life. This influx of buyers supercharged competition for homes. By 2021, the typical Boise homebuyer’s income had jumped to $98,000 (up 24% since 2019), reflecting how many high-earning newcomers entered the market.

Soaring Urban Home Prices

Home prices in urban Idaho climbed at a breakneck pace. In Boise, the median home price surged by roughly 50–60% in just the two-year span from late 2019 to late 2021. One index of Ada County (Boise area) home values showed an increase from about 262 in 2020 to 376 in 2022 – essentially a 43% jump in values in only two years.

Over the full 2018–2023 period, Boise-area prices roughly doubled before leveling off. This rapid run-up made Boise one of the least affordable housing markets in the country by mid-2021. At that time, only about 21% of homes for sale in Boise were affordable to a household earning the local median income.

Market Cooling and Rebalancing

By 2022 and 2023, urban markets began to cool from their peak frenzy. Higher mortgage interest rates (near 6–7% in 2022, up from ~3% in 2021) put a damper on buyer budgets. Boise’s home prices finally saw a slight correction: the median price in Ada County fell about 8–9% year-over-year by mid-2023 after having soared in the prior years.

For example, Boise home values dropped roughly 10–15% from their all-time high in 2022 before stabilizing. Even with that dip, prices remained far above pre-2018 levels – Boise is still costlier in 2023 than it ever was before the pandemic boom. Meanwhile, sales activity in late 2022 plummeted as many buyers paused; Idaho’s home sales in November 2022 were down over 40% compared to the year before.

Heading into 2023, Boise’s market showed signs of rebalancing. Demand was cooler than in the peak frenzy, but supply was even more constrained – meaning competition persisted. By summer 2023, Ada County’s for-sale inventory was down more than 40% from the year prior as many homeowners decided not to list their homes.

In short, Idaho’s urban housing boom moderated after 2021, but cities like Boise remained seller’s markets due to chronic under-supply. Houses in desirable Boise neighborhoods still often received multiple offers, just fewer than during the height of the pandemic influx.

Other Urban Centers

Other Idaho cities mirrored these trends on a smaller scale. Meridian and Nampa, as Boise suburbs, saw rapid construction of new subdivisions to house the growing population. Twin Falls, a regional city in southern Idaho, reached a milestone of 50,000 people by 2019 and kept growing, fueling demand for homes.

In Coeur d’Alene (Kootenai County) up north, a popular small city near lakes and mountains, prices also skyrocketed. By mid-2024, Kootenai County’s median single-family home price was about $530,000 – roughly 1% higher than the prior year and roughly double what it might have been a decade earlier.

Unlike Boise, the Coeur d’Alene area is both urban and a resort destination, so it attracted out-of-state buyers seeking vacation homes as well. Even midsize cities like Idaho Falls and Pocatello in eastern Idaho saw strong price growth. In Idaho Falls, the median listing price roughly doubled from around $250,000 in 2018 to $450,000+ in 2023.

Rural Resurgence: Housing Trends Beyond the Cities

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Pre-Pandemic Rural Conditions

Idaho’s rural areas had a very different starting point. Many small towns and farming communities were stagnant or losing population in the 2010s. As of 2019, dozens of Idaho’s tiniest towns were barely growing or even shrinking. Traditionally, young people often left rural areas for opportunities in Boise or out of state, leaving some remote communities with aging populations.

From 2018 to 2019, the state’s 177 smallest cities (under 10,000 people) grew only 1.7% on average, much slower than the boom in places like Meridian. In fact, about 31 Idaho towns (mostly rural) lost residents that year. So as we entered 2018, not all rural places were sharing in Idaho’s growth – it was mostly the cities thriving.

The Pandemic Rural Revival

However, 2020 marked a turning point for many of Idaho’s rural and resort areas. The pandemic drove a new interest in “getting away” to less crowded places. Remote workers and retirees looked for breathing room, and Idaho’s beautiful scenery became a magnet.

Resort towns and outdoor recreation hubs saw the most dramatic impact. For example, McCall – a small mountain town by Payette Lake – experienced an unprecedented real estate surge. By 2021, McCall’s median home price had shot up to around $780,000, a stunning 77% increase from just the year before. (In 2018, the median was only around $385k, so within a few years McCall home values roughly doubled.)

This was driven by affluent out-of-state buyers snapping up lakefront cabins and second homes, as well as limited housing supply in that area. Even though the market cooled slightly after 2021, by 2023 McCall’s median remained roughly $880,000 – only a small dip from its peak. In short, McCall transformed from a quiet vacation town into a red-hot housing market.

The Sandpoint Story

Far north in Sandpoint, a similar story played out. Sandpoint is a picturesque small town on Lake Pend Oreille, popular for skiing and summer retreats. The pandemic homebuying wave sent Sandpoint’s prices soaring into big-city territory. As of early 2025, the median listing price in Sandpoint was nearly $800,000 – indicating how high the market had climbed.

Local analyses noted that even after a “correction” from the 2021 frenzy, Sandpoint’s late-2022 home prices were still more than 20% higher than pre-pandemic 2020 levels. In-town home sales volume actually declined each year after 2018, but not due to lack of interest – it was because there just weren’t enough homes to sell and prices kept rising.

Properties outside Sandpoint city (with acreage, views, etc.) commanded even higher prices, highlighting how rural “out-of-town” homes became coveted for space and privacy.

Broader Rural Trends

Beyond these well-known resort spots, many rural counties saw renewed housing demand. The Sun Valley area (Ketchum and Hailey) in south-central Idaho, famous for skiing, also saw an influx of wealthy remote workers and vacation-home buyers.

Smaller towns within commutable distance to Boise, such as Emmett or Mountain Home, grew as some families opted for more land and a quieter lifestyle while still being able to drive into the city. In fact, Zillow projected that Mountain Home (population ~15,000) would lead Idaho in price gains into 2024, suggesting the trend of people seeking affordable alternatives outside Boise.

Not all rural areas boomed – truly remote farming communities without recreational appeal still faced challenges attracting buyers. But overall, 2020–2023 saw a clear “rural resurgence” in Idaho’s housing market, with scenic and accessible small towns benefiting the most.

Rural Supply Constraints

It’s important to note that rural housing supply was even tighter in many cases. Building a new home in a small town can be slow or limited by terrain, so when a wave of buyers arrived, prices had nowhere to go but up.

By late 2022, some popular rural counties started to see more listings and a slight cooldown from the peak. For instance, active listings in Kootenai County (North Idaho) were up about 8% year-over-year by mid-2024 as the market began to normalize. In very rural Shoshone County, inventory spiked in 2024 and prices fell a bit, indicating that the most frenzied period had passed.

Still, the new normal for rural Idaho was a higher baseline of home values. Locals in places like Sandpoint found it much harder to afford a home than it was pre-2018, since outside wealth had driven up costs. By 2023, Idaho was actually ranked among the most unaffordable states relative to incomes, with only pricey Montana outranking it. This was a startling change for a state that had long been seen as a refuge from high housing costs.

What Types of Homes Were People Buying?

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Upsizing vs. Downsizing Trends

Amid these trends, homebuyers’ preferences in Idaho shifted in response to market forces and life circumstances. One key pattern was upsizing versus downsizing. During 2018–2023, many young families and remote workers upsized their homes. With historically low interest rates available in 2020–21, homeowners found they could move into larger houses without a huge jump in monthly payment.

The work-from-home era made an office or extra space a priority, so buyers actively sought homes with enough room for new purposes. Real estate agents reported a high number of “move-up buyers” in Boise during 2020–2021 – people who sold their smaller house (often at a big profit) and bought a larger one, leveraging their equity and low 3% mortgage rates to do so.

On the other hand, some Idahoans – especially Baby Boomers – looked to downsize. Empty-nesters who had large family homes saw an opportunity to cash out when prices spiked. Many sold their big suburban house for top dollar and then tried to find a smaller, single-level home or condo better suited for retirement.

However, downsizing in Idaho’s tight market often proved tricky. Because smaller homes and condos had also shot up in value, selling didn’t always mean saving. In fact, quite a few seniors decided to stay put instead of downsizing, realizing that a condo or smaller house might cost as much as or more than the profit from their sale.

Additionally, those who refinanced into ultra-low interest rates had a financial incentive to remain in their current homes (why trade a 3% mortgage for a new 7% loan on a downsized property?). This “golden handcuffs” effect led to many existing homeowners staying put, further constraining the supply of homes for sale in 2022–2023.

Vacation Homes and Investment Properties

Another trend was the rise of vacation home and investment property purchases. Idaho’s attractiveness brought not just primary residents but also those looking for a second home or a rental investment. Vacation-home buyers made a big splash in 2020–21.

With travel restricted and remote work possible, well-off buyers from out of state scooped up cabins in the mountains, lakefront retreats, and ski condos. Idaho’s scenic hotspots like McCall, Sandpoint, and the Sun Valley area saw a spike in out-of-state license plates on new property deeds. These second-home buyers were often all-cash or high-budget shoppers, which pushed prices up even more for everyone.

Real estate investors also targeted Idaho during the boom. Enticed by rapidly rising rents and home values, investors ranging from small mom-and-pop landlords to larger firms started “snapping up” houses, especially in the Boise and Coeur d’Alene areas.

Many sought out entry-level single-family homes which they could turn into rentals, since rent prices were climbing as many newcomers moved in. This competition sometimes made it tough for a local Idaho family making a modest income to win a bid, as they might be up against an investor paying cash.

By late 2022, as the market cooled, investor activity eased somewhat – but the impact of those purchases was already baked into Idaho’s higher prices and lower inventory of starter homes.

Housing Types and Alternatives

Throughout 2018–2023, the vast majority of buyers sought traditional single-family houses, whether new builds in subdivisions or existing homes in established neighborhoods. That said, the extreme run-up in prices did spur interest in alternative options.

In Boise, for example, there was a notable increase in townhouses, duplexes, and condos being built and sold as more affordable choices. The city and developers began adding “missing middle” housing – not just standalone houses, but also smaller attached units – especially after 2018 to accommodate growth.

By 2023, roughly three out of four new homes built in the City of Boise were multi-unit or attached homes (townhomes, apartments, etc.), a huge change from just a few years prior. Many first-time buyers who got priced out of the detached house market opted for these townhomes or condos as a foot in the door.

In rural areas, manufactured homes and mobile homes remained an important part of what people bought as well, since they were often the most affordable option for lower-income buyers, even though options were limited.

Comparison: 2018–2023 vs. 2008–2017

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The Aftermath of the Great Recession

To put the recent trends in perspective, it’s helpful to contrast 2018–2023 with the previous decade (2008–2017). The differences are striking. The earlier period included the aftermath of the 2008 housing crash, which hit Idaho hard.

During the Great Recession, home sales and construction in Idaho plummeted. For instance, in eastern Idaho, annual home sales fell by nearly 50% from their mid-2000s peak to the post-crash trough. Between 2008 and 2011, prices stagnated or fell in many Idaho markets, and foreclosures were common. Boise’s housing market in 2011 was a far cry from today – back then, homes were relatively cheap and the main concern was recovery.

The Recovery Period

From about 2012 to 2017, Idaho’s housing market was in recovery and steady growth mode. Prices were rising again, but generally at a moderate pace each year (on the order of 5-10% annually in many areas, rather than the 20%+ annual jumps seen during 2020–21).

The buyer pool in 2008–2017 was also more locally driven. Fewer people were moving in from out of state compared to the late 2010s. The prior decade did see increasing interest from Californians and others as Idaho’s economy grew, but nothing like the flood of remote-work relocators seen around 2020.

In 2010, a typical homebuyer in Idaho was likely already a resident of the state, often a first-timer taking advantage of low prices post-recession. By 2021, a typical buyer was more likely someone arriving with significantly more cash or income than the local median. This marks a dramatic shift in the demographic of buyers.

Urban vs. Rural Differences Between Decades

In urban vs rural terms, 2008–2017 saw urban Idaho pulling ahead while many rural areas lagged. Boise and Coeur d’Alene led the recovery with new jobs and population growth, whereas a lot of small farming towns continued to lose young people to the cities.

As mentioned, by the end of that decade some rural towns had still not regained population or price momentum. In contrast, 2018–2023 lifted many boats in both urban and rural Idaho, albeit unevenly. Boise’s boom was certainly bigger, but even rural counties saw unprecedented demand in the recent period.

The pandemic served as a great accelerator of trends that were only mild before – namely, the migration of people into Idaho for its lifestyle and affordability (which, somewhat paradoxically, eroded affordability).

Housing Construction and Supply

Another difference is housing construction. After the 2008 crash, home building in Idaho slowed to a crawl and only gradually picked up in the mid-2010s. By the late 2010s, builders were more active, but the state still entered 2020 with a housing supply shortfall due to the years of underbuilding.

From 2018 to 2023, construction tried to race to catch up with demand – you could see new subdivisions popping up around Boise, and new apartment complexes being built – but it never quite met the surge of need. In the earlier 2008–2017 era, oversupply was more the concern in the beginning (lots of vacant homes in 2008–2011), turning to balanced or mildly undersupplied conditions by 2015.

By 2020, Idaho’s owner-occupied housing vacancy was under 1%, one of the lowest in the nation, indicating almost no slack in the market.

The Affordability Crisis

Lastly, price levels between the two periods are dramatically different. To illustrate: Ada County’s official House Price Index (which tracks home values) was around 188 in 2017 (with year 2000=100). By 2022, that index hit 376 – literally double the 2017 level. Most of that growth occurred after 2017.

During 2008–2017, Idaho’s prices went from the bottom of the recession back up to roughly their mid-2000s highs. During 2018–2023, prices blew past all previous records. Even when adjusted for inflation, 2023 prices in both urban and rural Idaho were far higher than those in 2013 or 2008.

This created a new challenge: affordability. In the earlier decade, Idaho was consistently one of the most affordable housing markets (for example, in 2015 a huge majority of homes in Boise or Idaho Falls were affordable to median-income families). By 2021–2022, Idaho became one of the least affordable states for housing, as home prices outpaced incomes dramatically.

Median household income in Idaho rose about 18% from 2015 to 2020, but home values rose ~75% in that same span – a gap that only widened with the pandemic spike.

Conclusion

In summary, the 2008–2017 period was one of recovery, local demand, and moderate growth, whereas 2018–2023 was a whirlwind of rapid expansion, outside investment, and extreme market tightness.

Urban-rural differences became more about degree than direction – most places saw growth after 2018, whereas a decade prior many places were still catching up from a bust. Idaho’s housing narrative truly shifted gears in the late 2010s, setting the stage for the unprecedented boom (and subsequent challenges) of the early 2020s.

References

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