Overview of the Commercial and Residential
Real Estate Market in Idaho
There are currently 1,027 National Register listings in Idaho. More locations qualify for the distinction, but are not yet designated as such because the formal paperwork is not complete. More than 60 percent of Idaho is public land and managed by the federal government. Despite that restriction, 1,612,136 people call Idaho home, according to the U.S. Census. The median household income is $47,015 and the median home value is $167,100. Most residents live in single-family homes, with only 15 percent of the state living in multi-unit structures. With 214,237 people, Boise is the only city in the state with a population above 100,000. The median home value there is $188,200 and the median household income for the city is $49,182. Meridian has a population of 83,596 and median home value of $194,800.
The recently completed Village at Meridian absorbed much of Treasure Valley's retail market for the third quarter of 2014. The most significant increase in retail vacancy was in Northwest Boise, which rose to almost 10 percent. In 2013, Forbes listed Boise as one of America's fastest growing cities. Demand for office space remains high in the city. Asking rates for Boise were the highest in Treasure Valley. The average for the area was $13.35 per square foot. The world-renowned skiing of America's first ski resort, Sun Valley, brings hundreds of thousands of visitors each year. Construction is planned for a 155,000-square-foot, five star hotel known as the Auberge Resort: Sun Valley, which is a $53 million project.
How to Become a Realtor in Idaho
Idaho is frequently in the top ten states with the most real estate agents per capita. There are currently 7,544 active agents across the state. That is about one for every 157 people over the age of 18 living in Idaho. The Idaho Real Estate Commission is located in Boise and regulates all aspect of the real estate industry and real estate professionals in the state. They require applicants be at least 18 years old and have a high school diploma or GED. The commission requires 90 hours of pre-license classroom education. The coursework is divided into two sections or modules of 45 hours each. Currently, no pre-license courses are available online. The 90 hours must be completed within the three years prior to applying to take the state exam. Real estate agents who are licensed in another state are not required to take Idaho's pre-license courses when applying for the same type of real estate license they currently hold in the other state.