Boise (670 KBOI News) – Just how hot is the Greater Boise real estate market? So hot that inventory is way down, and home prices are way up.

According to Boise Regional Realtors President Gary Salisbury, the inventory of available homes, especially under $250,000, is down nearly 19% this year over last March, and the media price for a home was up nearly 17%…at $297,000.

That can make buying a home very challenging for first-time home buyers, he says.

“They need to do their financial homework,” said Salisbury.  “They need to be in touch with a quality lender, and have all their financial ducks in a row, so that when they see something that’s available, they’re able to pull the trigger, and do it effectively.”

He says often times, depending on where you want to live in the Boise area, home buyers may only have three homes to choose from. He says renters are in the same boat…inventory of rental homes are so low, there often is only a 3% vacancy rate.