Meridian ID Housing Market

Hi there, friends! 👋🏼  It’s a beautiful wintery day here in the treasure valley, and I have had so many questions about the housing market in Meridian. So I figured for my FIRST blog post I'd share an article I found on the google the other day.


I was reading an article by the Idaho Press that was published last May that gave a lot of great information and facts that I wanted to share for those who have been curious. Here are some of the highlights:


“...For the past three years, Meridian has exceeded the number of new residential units approved in any other city in Ada or Canyon counties. In 2017, the number of residential units approved in Meridian more than doubled that of Boise — and almost doubled the total amount of residential units approved in all of Canyon County...


...The influx of new houses on the market is one factor bumping up Meridian's average home price by more than 10 percent, as new construction costs more than existing homes... 


...According to a report by the Boise Regional Realtors, Meridian was the third most expensive place to buy a house in Ada County from April 2017 to April 2018. Eagle was the most expensive, with the median sales price of a single-family home at $451,302, followed by Star at $310,674...


...The median cost of a single-family residence in Meridian during the same time period was $302,893 — a 12.9 percent increase from a year ago, according to the same report. The median cost of a house in Boise was $282,812...


...Meridian land value has increased 16 percent in the past year, Ada County Assessor Bob McQuade said. He agreed this was one of many culminating factors making it more expensive to buy a house in Meridian...


...According to Cassie Zimmerman, director of communications for the Boise Regional Realtors, the cost of new houses in Ada County is notably higher than existing houses...


...In 2017, the median price of existing houses in Ada County was $275,000, almost $100,000 below the new house median price of $371,476, she said. This price difference is one reason the median sale cost of a homes in Boise was lower than Meridian — the Meridian's real estate market is made up of mostly new homes... 


...In 2017, there were 2,277 residential units built in Meridian, making up 30.8 percent of residential growth in the Treasure Valley area, according to a report by the Community Planning Association of Southwest Idaho, or COMPASS... 


...In comparison, there were 1,076 units approved in Boise — making up 14.6 percent of residential growth — and 799 units approved in Nampa — making up 10.8 percent...


...Older, smaller houses are still popular too, and often purchased by young couples as their first home...


...Northwest and south Meridian are hot spots for housing development. A map developed by COMPASS shows that most of Meridian's building permits issued for single-family residential construction fell in these two areas in 2017...


...According to a report by the Intermountain Multiple Listing Service, for the first quarter of 2018, the median cost of a new house in southeast Meridian was $412,450 and an existing house was $330,000, making it arguably the most expensive area to buy a house in Meridian...


...The majority of homes in Meridian during the first quarter of 2018 were sold in northeast Meridian and northwest Meridian — 425 out of 577 sold, according to the Intermountain MLS...


...Meanwhile, the majority of permits for multifamily apartments were filed for areas along Overland Road in 2017. In 2017 the largest number of multifamily residential units were approved in Meridian over the last 15 years — which was 798 units, according to a report by COMPASS... 


...According to Miller with COMPASS, there is a need for multifamily housing in Meridian as the number of families in the area grows larger. Miller said the increase in multifamily permits is indicative of the demand for housing new urban amenities and highways...”


This article can be found at:
https://www.google.com/amp/s/www.idahopress.com/meridian/news/meridian-housing-market-rd-most-expensive-and-fastest-growing-in/article_bdf3867f-d73b-5f8a-809e-f1b8229ef009.amp.html
​
As always, I'm available any time to answer any questions or concerns you may have about finding your corner of the world that you make home!

Xo, Valerie 

---