From Real Estate News * Apr 7, 2015
By:
Cue the confetti. Unfurl the streamers. The nation’s best affordable home hails fromBoise, ID.
Interest in the two-story, 2,460-square-foot home in the suburb of Nampa propelled it through our brackets and on to a thrilling championship win over a charming ranch homein Detroit.
What made Boise the big winner?
Well, a price of $95 per square foot isn’t a bad place to start. Listed for $234,000, the four-bedroom home also offers a bonus room and large backyard.
In addition, Boise’s one of the hottest markets in the country right now. Inventory is tight, median prices are rising, and the median days on market for a listing in the metro area have dropped precipitously.
And despite the local economy chugging along, affordability remains strong. Job growth and rising incomes are commonplace, and an abundant supply of affordable homes helps to keep the market healthy.
It also has one of the lowest (and fastest dropping) unemployment rates in the country—3.5% in January 2015, about half of what it was in January 2013. In addition, over half of active inventory (55%) is within reach of the median household, which earns about $49,000 per year.
The winning home
Boise’s big winner has been on the market for only a couple of weeks, yet it’s amassed a huge influx of page views over that period. In fact, it’s racked up over eight times as many views as the average listing in Boise and over 10 times the national average.
Recapping the action
Nashville came in as the favorite, but nothing prepared it for Boise’s magical day. Sorry, Music City.
Detroit motored through the first few rounds, leaving competitors in the dust. Richmond proved a much stronger contender, but Detroit’s firepower proved too much in the end.
The finals
Boise vs. Detroit
Detroit came out strong, but it was a performance and tournament for the ages for Boise, an unlikely but well-deserved champion.
