Boise's meteoric rise to prominence as a "Zoomtown" during the pandemic was nothing short of remarkable as remote workers, untethered from traditional office spaces, flocked to the city, driving housing demand to unprecedented heights. The city's allure, fueled by its relative affordability compared to tech hubs like Seattle and San Francisco, saw local home prices skyrocket 63% from March 2020 to May 2022.
However, this euphoria was tempered by last year's rapid hike in mortgage rates, which pushed Boise's housing market into a correction. The aftermath was a 12.8% drop in Boise home prices between May 2022 and January 2023, according to Freddie Mac. That's a reminder that even the most vibrant markets can be vulnerable to house price declines.
