The Mountain West’s Real Estate Continues Its Peak

One of the things defining the real estate market right now is buyers’ desire for nature and spacious homes. After citywide lockdowns, many have reassessed their desire to live in densely populated, congested cities, and because of that, many non-traditional markets are surging.

One region that is capitalizing on this is the Mountain West. The Mountain West is a region typically comprised of states like Idaho, Nevada, Arizona, and several other Western non-coastal areas of the country. It is a region that isn’t densely populated, has incredible natural scenery, and mostly affordable real estate markets.

Throughout the past year, prices in many areas of the Mountain West have surged. Let’s look at some of the markets in the Mountain West that have had dramatic changes in the past year and some trends that have defined them.

Real estate in Idaho used to be incredibly affordable, but the past several years have changed that in many different locations. Throughout 2021, the cost of a home in the state surged in several different markets, leading to a much more competitive overall market. The reason for this is the growing demand coupled with the lack of supply. Boise has become a boom city, with many major tech companies opening offices, and the surrounding areas have been dramatically impacted.

In Boise itself, 2021 was an unprecedented year. According to Norada, the median sales price in Boise jumped to $510,000 in December of 2021, which tied a record from August as the highest price ever. It was a 21% increase year-over-year. The increase was the largest since the Boise Regional Realtors began tracking this data.

Cities near Boise also rapidly surged. According to Realtor.com, Meridian’s median home listing price was $599,000 in December of 2021, a 33.7% increase year-over-year. In Nampa, the median sales price hit all-time highs throughout 2021, and in December, the median sales price was $403,990, a 22.5% increase year-over-year, according to Redfin. A number that shows the astonishing growth in the region is that in December of 2016, a home in Nampa cost $166,000. Five years later, that price has almost tripled.

If you are looking for space, few places offer less densely populated areas than Montana and Wyoming, and the picturesque setting is unmatched. These frontier states have a rich history but have never been popular real estate markets until recently. In 2021, numerous areas within the state experienced incredible real estate surges.

In Montana, several different counties had huge spikes throughout the year. According to Rocket Homes, in Jefferson County, the median sales price went from $320,000 to $435,000, a dramatic and record-setting 36% increase. Gallatin County also saw home prices rise dramatically, from $462,600 to $606,200, a 31% increase.

Wyoming is the least populated state in the country, but real estate is surging even here. In a state known for its incredible national parks, buyer interest is high. According to Realtor.com, the median price of a home in Cheyenne climbed to $339,900 in 2021, a record for the region. This was an increase of 17% year over year. Inventory is down across the state, fueling the competition for a home.