Housing Market Trends: A Deep Dive into Idaho vs. Washington

Idaho and Washington are two of the most popular states in the Pacific Northwest, and for good reason. Both states offer stunning natural beauty, mild climates, and thriving economies. But when it comes to the housing market, there are some key differences between the two states.

Idaho

Idaho’s housing market is hot, with home prices rising at a rapid pace. The median home price in Idaho was $430,000 in February 2023, up 25% from February 2022. This is due to a number of factors, including low inventory, high demand, and rising interest rates.

Despite the high prices, Idaho’s housing market is still considered to be a good investment. The state has a strong economy, and job growth is projected to be above average in the coming years. This means that there is a strong demand for housing, and prices are likely to continue to rise.

Pros of Buying a Home in Idaho

• Strong economy and job growth
• Stunning natural beauty
• Mild climate
• Friendly people

Cons of Buying a Home in Idaho

• High housing prices
• Low inventory
• Rising interest rates
• Long commutes in some areas

Washington

Washington’s housing market is also hot, but not quite as hot as Idaho’s. The median home price in Washington was $540,000 in February 2023, up 15% from February 2022. This is still a significant increase, but it is not as dramatic as the increase in Idaho.

Washington’s housing market is also considered to be a good investment. The state has a strong economy, and job growth is projected to be above average in the coming years. This means that there is a strong demand for housing, and prices are likely to continue to rise.

Pros of Buying a Home in Washington

• Strong economy and job growth
• Stunning natural beauty
• Mild climate
• Friendly people

Cons of Buying a Home in Washington

• High housing prices
• Low inventory
• Rising interest rates
• Long commutes in some areas

Which State is Better for You?

Ultimately, the decision of which state is better for you depends on your individual circumstances. If you are looking for a state with a strong economy, mild climate, and stunning natural beauty, then either Idaho or Washington would be a good option. However, if you are concerned about housing prices, then you may want to consider Washington, as the prices are not as high as they are in Idaho.

Here is a table that summarizes the key differences between the housing markets in Idaho and Washington:

If you are still undecided, you may want to consider doing a more in-depth comparison of the two states. You can find more information on the housing markets in Idaho