Have you been wanting to buy a home in Idaho, but decided to wait until prices started to normalize? The sizzling hot seller’s market of the past two years is finally cooling down. Over the past six months, the median listing price for a home or condominium in Rigby dropped by 32%. In March 2022, the median listing price for a home or condo was $780,000. In August 2022, the median listing price was $529,000. That’s quite a dramatic adjustment! This could very well be the window you’ve been waiting for.
Value Compared to Neighboring Cities
The nearby towns of Ririe, Lewisville and Menan currently have much higher median listing prices than Rigby. The median listing price in Menan in August 2022 is $825,000. The median listing price in Lewisville is $992,750. In Ririe, the median listing price is a whopping 3.7 million dollars. Compared to Rigby, several neighboring towns are seeing lower median listing prices than Rigby. For example, Idaho Falls is at $450,000, Rexburg is at $407,000 and Iona is at $467,000. This seems to suggest that it would be smart to look for homes for sale in Rigby, Idaho.
Inventory has been low, but that is gradually changing. The average number of days on the market has increased, as have the number of new listings. This has translated into an increase in inventory. There are currently just over 200 active listings in Rigby.
Cost to Rent vs Cost to Own
The average rent being charged for a three bedroom home is $1380 per month. That is money that could be going towards building equity in your own home. The average mortgage payment on a median priced home currently listed is $2,512 for principal and interest on the purchase of a $529,000 home when putting down 20% on a 30 year loan at 5.9% interest on a 30 year conventional loan. Even though that sounds much higher than renting, remember, you are gaining equity versus gaining nothing.
Many buyers buy a home with the intent to rent out the basement or an extra bedroom to bring in extra cash to help cover their mortgage payments. Perhaps this strategy would work for you!
Fun Things To Do In Rigby
Jefferson County Lake
A favorite summertime gathering place for locals is Jefferson County Lake! There’s no better place to spend some family time camping along the lakeshore. There are playgrounds, docks on the water and places to rent kayaks and paddle boats.
Squealers Fun Park
If you have an active crew, then Squealers is the place for you. Your biggest problem will be deciding what to do next! Go-kart riding or batting cages? Ice skating or movies? There are no wrong choices here!
Yellowstone Bear World
At Bear World, you can see lots of bears and other forms of wildlife all from the safety of your car. This is a drive-through park. Admission is charged by the carload. Located in nearby Rexburg, Bear World hosts white-tailed deer, Rocky Mountain goats, grizzly bears, American black bears and gray wolves. There is also a petting zoo with deer, pigs, ducks, and geese. Amusement rides for the small fry include a circus train, a coaster, and a bouncer.
Granite Creek Guest Ranch
Located in nearby Antelope Flats, Idaho, Granite Creek Guest Ranch offers an opportunity to experience life on a one hundred year old working cattle ranch. The setting is breathtaking. Set along a beautiful, wooden lakeshore, fully furnished cabins provide horseback riding, hiking and fishing and canoeing on 4,000 acres of land. You can also rent large vacation homes if you want to accommodate a large group.