Meridian Idaho, with its friendly community and small-town feel along with close proximity to Boise, has been a favorite alternative to the big city for decades now. Homebuyers looking to settle here, however, have recently noticed that home values in Meridian have increased more than the national average. The median home price in Meridian is 7.0 percent higher than the national average, and it's over 3.5 percent higher than the average Boise home price. There are several reasons for this, primarily because the majority of homes in Meridian are large, family homes and are middle to upper-middle class homes that are under 10 years old. There are also an increasing number of Luxury homes in Meridian, Idaho.
One of the issues that contribute to increases in home prices is a good job market. With Forbes proclaiming Boise as the hottest job market in the nation, fewer people are leaving, and many are moving into Southwest Idaho. Home buyers are flocking in from California, Oregon, Washington, and Nevada and many other states and settling in Meridian because of its low cost of living, low taxes, excellent schools, low crime rate and overall excellent family environment. One glaring statistic to show how Meridian Idaho is being affected by growth is that roughly 1 in 3 homes sold in Meridian in 2016 was a new home.
Limited Existing Home Inventory
Another influence contributing to rising home prices in Meridian is low inventory. The demand for homes has been incredible and hard for local builders to keep up with. And everyone knows what happens when there is high demand and low supply, prices go up. Though new construction is going on full-tilt, it's still difficult to keep up with the housing demand. With a need for more construction, comes competition for quality tradespeople. Just as with housing in general, when there is a limited supply of reputable, qualified contractors, the price for construction labor goes up, one of the factors affecting building costs in Meridian, Idaho.
Even though many new companies are coming to Meridian, it is still somewhat a bedroom community to Boise. That means building new homes in Meridian, Idaho will be going on for decades to come. Most of all though, people buy a home for its location and Meridian is the top choice for many so the local housing industry appears to be on solid footing for now.
Building Costs in Meridian, Idaho
Building costs in Meridian, Idaho, as well as nationally have been on the increase. The Wall Street Journal charted the rise of construction costs over the last 7 years, showing a steady and constant increase that has been caused by more than the number of available contractors. Everything from the availability of materials to developing them and transporting them influences how much they cost and consequently affects the overall final building cost in Meridian, Idaho.
The Emergence of New Premier Meridian, ID Communities
When an area like Meridian starts growing, much of the building focuses on upscale homes. Many of the new homes in Meridian, Idaho are in new premier Meridian, ID communities. These neighborhoods include the newest of the new homes in Meridian, Idaho, freshly constructed residences that have trending floor plans and loads of luxury amenities such as granite countertops, hardwood floors, master suites separate from the rest of the house, and much more. The median home price for a newly constructed home in Ada County is $297,450 so, even though Meridian home prices have gone up, houses in these new premier Meridian, ID communities are surprisingly affordable, especially considering the features they offer.
Whatever price range you're shopping in, finding new homes in Meridian, Idaho is easier with professional help. With experience in building and appraising homes, Jeff Stewart knows quality construction and is a pro at home valuation. Whether you have your eye on new premier Meridian, ID communities or are looking for property suitable for building new homes in Meridian, Idaho, Jeff and the team at Stewart Realty can help you find it.
The team at Stewart Realty knows homes and they know Southwest Idaho real estate. To find out more about real estate in the Boise Region give Jeff Stewart at Stewart Realty a call to set up your personal real estate search, a personal tour of the area and find some great homes that fit your needs and budget.
Jeff Stewart, Broker/Owner 208-602-1993 or email@example.com