When Nicole and Ryan Huff listed their Athol home and 22 acres for sale in August, they thought it might move fairly quickly. 

It didn’t. 

“We didn't get much traction,” Nicole Huff said. 

Price reductions didn’t help, so they let the listing expire. She believes the uncertainty of an election year and hopes that mortgage interest rates might fall paused prospective buyers. 

Times may be changing.

The Huffs relisted their home Monday and already received three requests for showings.

Nicole Huff said the difference could be that buyers are seeing that interest rates aren’t dropping and may not any time soon. She believes those looking to buy are willing to give up on low interest rates if it means finding a home that best suits their family today. 

“They need to be OK where the market is at right now,” Nicole Huff said.

Local real estate agents said this year’s housing market is shaping up to be similar to 2024 but has the potential to be even busier as buyers come to the same realization that mortgage interest rates could remain higher than hoped, reductions soon are unlikely, but they still want to own a home.

If rates do drop, even better. 

“If interest rates decline, we can expect a noticeable surge in market activity,” said Jennifer Smock, co-owner and managing broker with Windermere Real Estate in Post Falls. “Ultimately, life goes on. Sellers will still need to sell and buyers will still need to buy.” 

The Kootenai County housing market ended 2024 with single-family home sales totaling 2,449, an increase of 13.2% from 2023. 

The median Kootenai County single-family home price at the end of 2024 was $526,500, up slightly from December 2023.  

In Shoshone County, the median price of single-family homes was $280,000 at the end of 2024, down 6.7% from the previous year, while 165 homes sold in 2024, up 3.8% from 2023. 

Smock used one word to describe the local housing market in 2024: Steady. 

“The real estate market in 2024 demonstrated consistent performance,” she said. “While sales saw a modest increase, average and median sales values remained largely unchanged compared to the previous year. The year offered no major surprises, aside from the continued disappointment of stagnant interest rates." 

Lindsay Allen with Locate Real Estate also said interest rates had a big impact on the housing market last year. 

“People were incredibly optimistic at the beginning of the year that rates would come down and spur activity,” she said. 

But it didn’t happen. 

According to bankrate.com, the current average 30-year fixed mortgage interest rate is 7.03%. The national average 30-year refinance interest rate is 7.03%, while the current average 15-year fixed refinance interest rate is 6.33%.

"For now, the consensus is that mortgage rates will ease down in 2024," according to bankrate.com.

Allen said many people put off moving, selling and buying homes as they waited for rates to move downward. But she expects that to change. More potential buyers are deciding that if what they can get is in the 6.5% range, they have to bite the bullet and buy.

New construction did exceptionally well last year. Normally it accounts for about 18% of sales, but nationally it was closer to 25% as builders offered incentives and worked with lenders to create options. 

Allen sees increased activity in the housing market due to pent-up demand. 

She also expects to continue seeing a migration of people from California and western Washington heading to Idaho. Many are concerned more about quality of life and less about politics. 

 
“We should see more closing, more sales,” Allen said. “People have to accept the fact this is the market we are in."

Chad Oakland of Northwest Realty Group said if rates do drop, that could nudge housing prices up. 

“It’s a catch 22,” Oakland said.

With natural disasters around the country, Oakland expects more people will be looking for new places to live, and North Idaho will be on their list for its natural beauty and lower cost of living.

“We’re definitely in demand," he said. 

According to viatravelers.com, Idaho is the third-best state to live in, trailing Utah and Washington, based on cost of living, quality of life, state tax policies, job opportunities, education and crime rates. 

“If you need to visit the doctor, you’re in luck. Idaho scores high amidst the other states and their various healthcare policies, so you can feel reasonably confident in having your medical needs addressed,” according to the report. “This state also falls within a firm middle ground when it comes to education. Still, it earns itself a spot in the top ten states in the nation when it comes to low crime rates.” 

Smock agreed people still want to move to Kootenai County.

"However, many are visiting only to realize they may be priced out of the market until interest rates decrease," she said.

High rents in the area may also lead more to try and buy.

According to apartments.com, the average rent for a 750-square-foot apartment in Coeur d'Alene was more than $1,400 a month. Another local survey found the average rent topped $1,600 a month. 

“A starter home at today’s interest rates is better than renting," Oakland said.

Smock said home ownership is still within reach for young families and blue-collar workers.

“Smart, consistent effort and disciplined saving are key for those prioritizing homeownership. Many builders are offering attractive buyer incentives, including assistance with down payments and interest rate buy-downs,” she wrote. “While achieving homeownership is not impossible, it is admittedly more challenging than it was before the pandemic.”