Meridian, Idaho: A Comprehensive Look at its Thriving Housing Market in 2024-2025

Meridian, Idaho, continues to be a beacon of growth and opportunity in the Treasure Valley, experiencing significant expansion in its housing sector. As one of the fastest-growing cities in the nation, Meridian’s real estate market is dynamic, shaped by consistent population influx, evolving economic conditions, and a strong demand for new construction. This article delves into the current state of Meridian’s housing market, exploring key trends, statistics, and future projections for 2024 and 2025.

The Meridian Housing Market: A Snapshot

Meridian’s housing market in 2024 and 2025 is characterized by robust activity, with a median listing home price of approximately $599,000 as of June 2025, showing a 3.5% increase year-over-year. The median sold price for homes in Meridian hovers around $505,600, indicating a market that is both active and appreciating. The sale-to-list price ratio stands at 99.17%, suggesting that homes are selling very close to their asking prices. The market is described as balanced, with supply and demand being relatively equal. Homes typically spend around 36 days on the market, a slight increase from the previous year, allowing buyers a bit more time for due diligence.

In July 2025, the median home list price was reported at $580,000, marking a 9.5% increase from the previous year, with the median price per square foot at $277. This period also saw a significant increase in the number of homes for sale, with 815 listings in July 2025, a 54.6% rise compared to June 2025. This surge in inventory suggests a market that is becoming more accessible to buyers.

Key Market Indicators (as of mid-2025):

Median Listing Home Price: Approximately $599,000 (June 2025)
Median Sold Home Price: Approximately $505,600 (June 2025)
Sale-to-List Price Ratio: 99.17%
Median Days on Market: 36 days
Homes for Sale: 1,308 (June 2025)
Year-over-Year Price Change (Listing): +3.5% (June 2025)

Population Growth and its Impact on Housing Demand

Meridian’s status as one of the fastest-growing cities in the nation is a primary driver of its housing market. The city’s population has seen substantial growth, with over 42,000 new residents between 2010 and 2020, and this trend continues. This influx of people, often relocating from more expensive coastal states like California, Oregon, and Washington, fuels a consistent demand for housing.

Idaho’s population growth, in general, is expected to continue into 2025, with experts predicting the state could reach the 2 million population milestone by early 2025. This sustained population increase directly translates to higher demand for housing in Meridian, contributing to rising home prices and a competitive market environment. The growth also impacts the rental market, driving up demand and prices as more people seek housing options.

Factors Contributing to Meridian’s Growth:

In-migration: Relocation from high-cost states seeking a more affordable lifestyle, better quality of life, and job opportunities.
Economic Development: Meridian is becoming a tech hub, attracting businesses and professionals to the area.
Family-Friendly Environment: The city’s amenities, schools, and recreational spaces make it attractive to families.

New Construction and Development Trends

New construction is a significant component of Meridian’s housing market, with builders actively working to meet the rising demand. In the past year, 44.6% of all Meridian home sales were new construction, a figure higher than the overall Boise area’s 36.7%. This indicates a strong focus on developing new housing communities to accommodate the growing population.

Several large-scale developments are underway or planned, contributing to the city’s evolving landscape. Brighton Corp.’s Pinnacle community, an 800-acre master-planned development, is set to include a significant number of new homes, commercial spaces, and amenities. Other notable new communities include Graycliff, Gran Prado, Dakota Creek, and Pivot Pointe, offering a range of housing options and price points.

The city’s building department remains active, with a substantial number of permits issued for new single-family residential construction. For the fiscal year ending June 2025, the city reported 73 new single-family residential permits in that month alone, contributing to a year-to-date total of 843 permits. The total value of new single-family residential construction permits issued year-to-date was over $192 million.

Notable New Developments and Projects:

Pinnacle by Brighton Corp.: A large master-planned community in South Meridian, featuring residential, commercial, and recreational components.
The Gateway at Ten Mile: A multifamily complex approved to bring hundreds of residential units to the Ten Mile Interchange area.
Skyranch Subdivision: A proposed subdivision near Discovery Park, planning to add 284 single-family homes.
Centrepoint Apartments: Planned as affordable “workforce” housing, offering apartments for those earning 30% to 80% of the median income.

Housing Affordability and Challenges

Despite the robust growth and new construction, housing affordability remains a concern in Meridian. While the city has incentives to encourage affordable housing development, such as grants and potential impact fee waivers, the majority of new inventory is priced at or above market rates. This leaves limited options for residents seeking more affordable housing solutions.

The median household income in Meridian is over $100,000, but the rising home prices can still pose a challenge for first-time homebuyers and those with lower incomes. The city is exploring various strategies to address this, including encouraging mixed-use developments and considering accessory dwelling units (ADUs). However, the solutions are complex, with factors like building costs and developer profitability playing significant roles.

Affordability Concerns and City Initiatives:

Limited Affordable Housing Stock: Few options are available for residents with lower income brackets.
Rising Home Prices: Continued demand and population growth contribute to increasing housing costs.
City Incentives: Programs like the Community Development Block Grant and potential impact fee waivers aim to encourage affordable housing.
Accessory Dwelling Units (ADUs): Permitted by the city, but their application is not yet widespread.

Idaho Housing Market Outlook for 2025

The broader Idaho housing market is expected to see continued, albeit more moderate, growth in 2025. Analysts predict a 4-6% increase in home prices statewide, a slowdown from the double-digit surges of previous years. This moderation is attributed to factors like limited inventory and sustained demand, suggesting that a seller’s market may persist in many areas, including Meridian.

Mortgage rates are also a key factor, with forecasts suggesting a potential easing from around 7.5% in 2024 to the low 6% range in 2025. A decrease in mortgage rates could improve affordability and boost buying power for prospective homeowners. Housing inventory is also projected to increase by 8-10% in high-demand areas like the Treasure Valley, which could provide more options for buyers.

2025 Idaho Housing Market Projections:

Statewide Price Growth: Expected to be between 4-6%.
Mortgage Rates: Forecasted to decrease to the low 6% range.
Housing Inventory: Projected to increase by 8-10% in high-demand areas.
Competition: Expected to ease slightly, allowing buyers more time for research.

Conclusion

Meridian, Idaho, presents a dynamic and evolving housing market in 2024-2025. Driven by strong population growth, economic development, and a consistent demand for new homes, the city continues to attract residents and investment. While challenges related to housing affordability persist, the city is actively engaged in planning and implementing strategies to foster sustainable growth. With a healthy supply of new construction and a market that, while competitive, offers increasing inventory, Meridian remains a highly desirable location for those seeking a vibrant community and a quality lifestyle in the heart of Idaho.