The home value of Eagle County in Idaho is always a hot and popular topic within the market. The main reason behind such is the fantastic high-end houses with crazy prices and the changing pattern.
Despite touching the bottom in 2011, Eagle real estate market is on the rise at present. The active residential listing is getting bigger every week; more and more people are buying properties in Eagle.
Living in Eagle allows experiencing a suburban feel with a countable number of parks. This family-friendly town is located just minutes away from Boise, where residents of Eagle can enjoy the facilities and offerings of a large city.
Where is Eagle, ID
Eagle is a city in Ada County, Idaho, United States. The population was 21,907 at the 2010 census. Eagle is located about 10 miles west of downtown Boise along Interstate 84 and State Highway 55.
The city of Eagle was incorporated in 1993. The area was first settled by farmers in 1864 who were attracted to the Eagle Valley by the availability of water for irrigation from the Boise River. The early settlers named their community “Eagle Rock.
Why Is Eagle, ID Real Estate Market Trending?
The Eagle, ID real estate market has been on the rise in recent years and there are a number of reasons why:
The contemporary popularity of Eagle properties is very much based on a variety of factors. First of all, low competition enables buyers to select their dream location by having many options.
Though the COVID-related financial constraints have shaken the overall economy, people still like to pay top dollar for high-end homes in Eagle. Surprisingly, between 2021 and 2022, 383 units have been sold, which is nearly five times more than 2020’s score of 78. Following this, construction activities have skyrocketed, allowing this town to offer more luxury to mid-level homes.
The fast-paced increasing number of properties enables more options to select from, allowing buyers to face less competition.
Interest Rate at National Average
The second reason for the high demand for properties in Eagle is the 5.5% interest rate. While rising interest rates are a major concern for buyers, the mentioned rate is still the same as the national average.
Moreover, potential buyers are equipped with the chance to negotiate with brokers, agents, and sellers to downgrade the rate to 4%. Also, in this situational context, the seller’s concession is crucially dependent on the lender’s willingness to allow it.
Simply, buyers can save tons of money throughout the loan by paying interest at 4%. However, the market analysis indicates that the interest rate is not that impactful in the case of purchasing luxury or resort market buyers i.e. corporate buyers. They know that investing in a lucrative real estate market is more beneficial than keeping money idle in the bank.
Affordable Home Prices
The rise in the Eagle real estate market is not only based on the lower interest rate and the available number of options; efforts from the seller’s end are also acting as prominent factors. Sellers and agents are avoiding shooting for the moon on pricing.
They are aware that high pricing can obstruct a quick sale, leading to higher costs in the long run. In addition, the sellers’ strategic approach of setting prices nearly equal for similar properties on the same street is the most crucial one. It is successful to import a win-win business endeavor to entice more purchasers.
However, critical analysis shows that sellers are limiting the price to 10% higher than the previous deal for a particular house.
Furthermore, Eagle is a home for various businesses such as restaurants, boutiques, healthcare facilities, academic institutes, and so on.
The thriving economy with more job and business opportunities is home to the highest median incomes in the valley. Eagle’s median household income is far higher than the national average, scoring at $91,414.
Also, Eagle’s unemployment rate (3.6%) is promising in comparison to the national average of 6%. The nearby tech city of Boise is crucial in this regard. Boise is a prominent hub for new start-ups, offering numerous opportunities in the real estate, tech, healthcare, and tourism industries.
People working in Boise used to find homes in Eagle to have more peaceful, quiet, and spacious places to live.
Apart from the financial and business matters, a gorgeous natural setting is another reason for such an increment in the Eagle real estate market. Eagle is a cool spot where people do not live on top of each other.
With many pocket parks and trees along the street, Eagle offers breathtaking mountain views. This upscale and growing community has easy green belt access to the mountains, the Boise River, many riding parks, a state park, a golfing area, etc.
Easy accessibility to the nearby big towns is another important phenomenon for the increment in real estate market demand. Eagle residents can work, shop, and conduct business-related activities by driving a few minutes to the nearby big towns. So it is very true that this small suburb is well connected with major cities in the US.
Considering all these factors, Eagle is now very much on the map as the best place to live in Idaho.