North Idaho Home Buyers Looking at Increased Housing Inventory

If you’re considering buying a home in North Idaho, now could be an ideal time. With more homes available on the market than in recent years, the dynamics in this region are shifting in favor of buyers. Let's dive into what this means for North Idaho, where unique factors like scenic beauty, small-town charm, and a growing population make the real estate market especially interesting. Here are two key reasons why this could be a game-changer for potential buyers in this area.

1. More Housing Options to Choose From in North Idaho

The inventory of homes for sale in the U.S. has been growing, and North Idaho is no exception. According to recent data from Realtor.com, the number of homes on the market increased significantly in 2023, with 29.2% more active listings on a typical day in October compared to the same time last year. This marks the highest count since December 2019 and signals a shift toward a more balanced market.

In North Idaho, where the housing market has been exceptionally tight due to a mix of high demand and limited supply, this increase in inventory means that buyers have a wider selection of homes to choose from. This is especially beneficial in popular areas like Coeur d'Alene, Post Falls, and Sandpoint, which have seen significant demand from both local and out-of-state buyers in recent years.

While the number of homes on the market still hasn’t fully returned to pre-pandemic levels, the growth in inventory is a positive sign. It offers buyers in North Idaho more flexibility, as there’s a greater chance of finding a property that meets their needs, whether it's a lakefront property, a mountain-view cabin, or a family home in town. Hannah Jones, Senior Economic Research Analyst at Realtor.com, highlights this shift: “Though still lower than pre-pandemic, burgeoning home supply means buyers have more options…” For North Idaho, which has been characterized by competitive bidding wars and limited inventory, this growing supply provides much-needed relief.

In practical terms, this means buyers might feel less pressure to rush into a decision, knowing that more homes are likely to come onto the market in the coming months. And with fewer bidding wars, buyers are more likely to secure a home that fits their needs, lifestyle, and budget without as much stress. North Idaho’s diverse options—from rural retreats to bustling community neighborhoods—make it a unique region where more options mean a better chance of finding a home that aligns with your ideal lifestyle.

2. Home Price Growth Is Slowing

Another important trend that could benefit North Idaho homebuyers is the slowdown in home price growth. In the past few years, limited inventory drove home prices up as buyers competed for the few homes available. However, as inventory grows, this competition is easing, and home prices are starting to stabilize in many areas.

In some markets, prices are beginning to reflect pre-pandemic trends, which could soon be the case in North Idaho. Lance Lambert, Co-Founder of ResiClub, points out: “Generally speaking, housing markets where active inventory has returned to pre-pandemic 2019 levels have seen home price growth soften or even decline outright from their 2022 peak.” North Idaho may be on the verge of a similar shift, particularly as the region’s inventory rises and more options come onto the market. For areas like Coeur d'Alene, known for its natural beauty and appeal to retirees and remote workers, this could mean more affordable price points for buyers.

According to Dr. Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA), the slowdown in price growth has been consistent for three months in a row, suggesting a national trend toward stabilized prices. “Relatively flat house prices may improve housing affordability,” Dr. Vajja explains. In North Idaho, where affordability has been a growing concern, this trend could open doors for more potential buyers, allowing them to find homes that fit their budget in desirable locations.

Navigating North Idaho’s Real Estate Market with a Local Agent

Because real estate trends vary by region, a knowledgeable North Idaho real estate agent can make a significant difference. Each community within North Idaho has its own nuances: Coeur d’Alene is popular for lakefront properties, Post Falls offers suburban appeal, and Sandpoint is celebrated for its proximity to Schweitzer Mountain Resort. A local agent can provide insight into these micro-markets, helping you understand the unique advantages and challenges in each area.

Moreover, as seasonal demand fluctuates, North Idaho’s market can have particular rhythms influenced by tourism, vacation home sales, and year-round outdoor activities. Agents familiar with these patterns can guide you on the best times to buy and help you make informed decisions about the neighborhoods that align best with your lifestyle goals, whether you’re looking for outdoor adventures, quiet living, or investment potential.

Exciting Possibilities for North Idaho Homebuyers

In North Idaho, more housing options and a slower pace of price growth are opening up exciting possibilities for homebuyers. If you’re ready to explore the opportunities this market shift brings, reach out to one of our local real estate agents and we can help you navigate these changes and find a property that fits both your budget and lifestyle. With the scenic landscapes, friendly communities, and now a more favorable housing market, North Idaho could be the ideal place to make your next home purchase a reality.