Population growth has been a major factor driving home prices in Idaho. Idaho has been one of the top 5 fastest growing states in the nation for 7 years in a row now, based on percentage of population. However, the growth has slowed.

From July 2022 to July 2023 Idaho added (net) nearly 26,000 residents.  This is about a 1.3% increase according to the Census Bureau ranking fifth in the nation. The previous year Idaho ranked second with approx. 35,000 new residents, equivalent to 1.8% growth. From July 2020 to July 2021 Idaho was ranked first in the nation with 53,000 new residents and 2.9% population growth.

Idaho now has about 1.965 million residents by Census Bureau estimates.

Where are people moving to Idaho from?  During 2022, the top five states were California 26,887, Washington 14,387, Oregon 8,410, Utah 7,812 & Arizona 3,633.

Where in Idaho are they moving to?  In 2022, the fastest growing counties by population were Boundary 5.6%, Benewah 4.3%, Adams 4%, Jefferson 3.6% and Bonner 3.6%. Ada County grew by an estimated 1.99% in the last year and Canyon County grew by 1.76% in the last year.

The Treasure Valley (Ada & Canyon counties) contains about 40% of Idaho’s population now and surprisingly most of our recent population growth has come from other places in Idaho, not from out of state according to the Department of Labor.

Even though growth is slowing, many have come. Few of these newcomers bought a home last year, so I see pent-up demand for homes. Now that interest rates have come back down some, I expect stronger demand in 2024 from homebuyers.  With our low inventory, don’t expect Treasure Valley home prices or rents to come down much, except for seasonal variations.