Rexburg real estate is growing in popularity. In fact, real estate in Madison county Idaho is attracting the eye of homebuyers from all over the west. That comes as no surprise to people living and working here. Rexburg is attracting farm and ranch buyers, rental property investors, and homeowners. Rexburg is a great place to live and work and the cost of living is low compared to the west coast states.
Residential property is a major part of the Rexburg real estate market. Demand is high for homes for sale in Rexburg and Madison county. The demand comes form several sectors, the largest being education. Brigham Young University employs thousands educators to support twenty thousand students. All these educators need a condominium or home. Many of these educators have large families and need a homes with plenty of space. These families have children that need teachers and schools in the community. Those people need homes too. Education is a driving force in neighborhood developments.
Other sectors also drive the residential property market. These sectors include Madison Memorial hospital and the medical businesses that support it. They also include agriculture, food processing, technology, and more.
Since 2008, demand has increased each year for new homes. Availability hasn't kept up with demand. This, in part, happened because home builders and investors have been cautious. In 2008 the market dropped, leaving many developers with losses. Some chose not to return while others pressed forward with caution. Home building is happening in Rexburg and Madison county, but it is moving with caution. This has caused prices on existing homes to increase at a steady rate.
Rexburg has a thriving rental property market. Demand is high for all types of rentals. More and more people are moving to southeast Idaho. Some come to enjoy the outdoor activities, some come for an education, and other enjoy a lower cost of living. A large part of the rental market in Rexburg is student housing. Rexburg houses more than 20,000 people associated with BYUI.
BYU Idaho has created in interesting market with their housing policies. Single students must live in BYUI approved housing. Married students can rent where they choose. Investors must understand and conform to University housing policies or risk loss.
Rexburg has many apartments to rent and condominiums to buy. If you're looking for a condominium or townhome, act fast. These properties, if priced right, do not stay on the market for long. If you are an investor, expect a cap rate of ten percent or lower.
The rental property market in Rexburg has created many jobs. These jobs provide employment for property managers and various trades involved in maintenance. These include electricians, plumbers, painters, snow removal, landscaping, housekeeping and others.
The history of Rexburg and Madison county has agriculture at it's roots. Farm and ranch properties are everywhere here. As Rexburg continues to grow, some of the farm and ranch land is being converted to residential. But the majority of real estate in Rexburg is still agricultural. One thing that makes this area perfect for farming and ranching is an abundant supply of water. Earlier settlers dug extensive networks of canals and rerouted river and stream water. Their efforts created a valuable asset to future farmers. Rexburg farms produce generous harvests of potatoes, wheat, barley, safflower, hay and alfalfa. Much of the farmland is heald by families and bought and sold by word of mouth. But there are a good number of farms and ranches that are also sold on the Snake River MLS.
Ranch properties in Madison county are also bought and sold. Most ranches in the area raise livestock or produce dairy products. Daloris Dairy is one popular dairy ranch in the area that sells raw, unpasteurized milk. Hop one county over and you can shop for A2 Dairy products at Paradise Grove, known for their A2 milk. It supposed to be easier to digest that regular milk.
There are also large cattle operations around Rexburg and the surrounding counties. If you are looking for a farm or ranch, there are plenty folks with similar interest and business to support you.
Regardless of the type of real estate you are looking for, East Idaho Property has someone to help. So whether you're looking for a farm, ranch, or a new home in town, we have the know how to get the job done for you. Talk to a real estate agent today.