Boise Real Estate Market 2026: Score Rising, But the Overvaluation Problem Remains

Boise, Idaho has had a complicated few years. The pandemic-era boom pushed prices well beyond what local incomes could support. The correction that followed knocked the PropertyIQ Score sharply lower.

The score is now climbing back.

PropertyIQ scores Boise a 57 out of 100 as of February 28, 2026 — up 11 points from the prior period. That is the largest gain among the markets in this batch. But a rising score does not erase the structural issue: Boise remains 65.7% overvalued, and buying at median prices still requires an income the median local household does not have.

Here is what the data shows.

The Overvaluation Gap Has Not Closed

The median listing price in Boise is $599,000 as of February 2026. The Zillow home value index puts median values at approximately $485,229 (January 2026). The estimated income needed to buy at current prices is approximately $159,212 per year.

The median household income in the Boise metro is $82,694 (2023 Census).

That is a $76,518 annual income gap between what it takes to buy and what the median household earns. The affordable home price for Boise's income base is approximately $311,118 — meaning current prices are nearly double what incomes can rationally support on a 30-year mortgage at current rates.

Supply Is Flooding the Market

New listings in Boise surged 20.96% year over year as of February 2026 — the highest new listing growth rate of any market in this batch. Total inventory is up 11.8% year over year. Sellers are bringing homes to market at a pace that exceeds current buyer absorption.

The supply score is 91.6 out of 100 as of February 2026, reflecting this abundance of available homes.

Transaction Velocity Is Unusual

Despite the supply surge, Boise's pending-to-active ratio is 0.935 as of February 2026 — meaning nearly as many homes are under contract as are actively listed. Homes are moving. Average days on market is 42, which is faster than most comparable markets.

This reflects a local dynamic: homes priced correctly are finding buyers, while the overall price level remains stretched for the income base.

Price Cuts Remain Modest

Only 11.1% of Boise listings have seen price reductions as of February 2026. Sellers are not panicking. The question is whether that discipline holds as the new listing surge continues to add supply.

The Rent Picture

Average rent in Boise is approximately $1,747 per month as of December 2025 (Zillow). With median home values near $485,000, the monthly rent-to-price ratio is approximately 0.36% — below what most cash flow investors require. Boise is not a rent-supported investment at current prices.

Why the Score Is Rising

The 11-point gain reflects improving momentum metrics rather than a valuation improvement. Transaction volume is up, days on market are down, and the market is clearing inventory. The score is responding to those demand signals. The overvaluation penalty keeps the score from returning to the high marks Boise posted before the correction.

The Bottom Line

Boise at a 57 is a market in recovery, not a market that has recovered. The score improvement is real. The overvaluation is also real. For buyers who need the income to qualify and can accept a modest return on rent, the fundamentals are stabilizing. For investors relying on yield, the numbers do not yet support the price.

PropertyIQ score as of February 28, 2026. Listing and inventory data as of February 1, 2026. Forecast data as of December 2025. All data for informational purposes only.