Jose Aguilar with West End Ink is Hamblen County's best tattoo artist in People's Choice 2022. A large number of Californians are relocating to Utah, putting extra pressure on the supply side. Prices will fall, but not to the extent homeowners experienced during the Great Recession. Downtown Salt Lake City encompasses the areas of Temple Square, The Gateway, Main Street, the central business district, South Temple, and others. The median price of a home in the United States is currently $519,300. The top 10 most overvalued housing markets in Arizona are as follows: Heber-Overgaard, AZ 66.7%, Cave Creek, AZ 26.9%, Saddlebrooke, AZ 23.1%, Coolidge, AZ 18.3%, Marana, AZ 13.6%, Fortuna Foothills, AZ 12.3%, New River, AZ 11.2%, Fountain Hills, AZ 11.1%, Litchfield Park, AZ 9.9%, & Peoria, AZ 9.9%. Hence, there is an ongoing shortage of available homes for sale by 3.2 months supply in September 2022. Sorry, the comment form is closed at this time. Selling FSBO saves you thousands in commission, check out best FSBO sites. By researching and structuring completeSalt Lake City turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability. Yes, it's only six or so years away, but with the speed at which . Park City and the northern side of Oakley have properties that cost on average well over a million dollars. These areCash-Flow Rental Propertieslocated in some of the best neighborhoods of Salt Lake City. Now that you know where Salt Lake City is, you probably want to know why were recommending it to real estate investors. In general, we can see that the median home price increased from 2021 to 2022, with most counties experiencing a rise. Even while inventory is rising considerably compared to the previous two years, this does not solve a problem that has existed in Utah for years. Salt Lake City's population is also very young. Making a strong first impression extends to your homes exterior. Yes! Supply surges when builders continue to build, irrespective of the lowering demand for houses. The median price for Salt Lake County is $500,000 which is up 27.6% from 2021. Why are people moving to Utah? Buyers need to be prepared to go above and beyond to get the house of their dreams. There are still insufficient homes. Some counties had particularly significant increases, such as Piute County, which saw a 32.6% rise, Duchesne County, which saw a 44% increase, and Rich County, which saw a 36.7% increase. Utah. It is measured by reviewing mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac. With 19,202 homes sold in Salt Lake County, 2021 saw another record-breaking price rise, and it is expected to continue this year as well. They also think that people who are first-time homebuyers in Utah will be priced out of the market by people moving in from other states. Some experts expect prices to decline in 2023, depending on what happens with interest rates in 2023. Theycan also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. The average sale price in the fourth quarter of 2022 rose 0.6% from the fourth quarter of 2021 to $604,105. As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Realtors provide access to the MLS, but you can skip this and list on MLS via the Flat Fee MLS listing service. Its more likely that as mortgage rates continue to decline, the market will find a solid floor in the summer and prices will resume their upward trend as we move into the fall. However, the year-to-date (YTD) sales volume for 2022 only decreased by 20.6% compared to 2021, with 44,602 homes sold in 2022. As it becomes easier for buyers to get a loan, the demand consistently increases. Experts believe that home affordability will not change dramatically. Utahs nonfarm payroll employment for December 2021 increased an estimated 3.7% across the past 24 months, with the states economy adding a cumulative 59,200 jobs since December 2019. About Us Consult with one of the investment counselors who can help build you a custom portfolio of Salt Lake City turnkey properties. For further information about the housing market in your area, please dont hesitate to contact your Windermere Real Estate agent. Overall, the Utah housing market is expected to continue growing steadily in the coming years, with most areas experiencing positive price growth through 2024. The countrys economic power directly affects the housing markets in the US. Energy efficiency is about more than just using less energy, it involves making the most of what you do you use and avoiding waste. Still, you can manage to buy a house and get a better deal. The bull market that has been in place for quite some time appears to have lost its momentum. There was a 98.0% sale-to-list price, down 2.7 points year over year. UT Home Inspector:Check out the best home inspectors available in your area. The largest percentage of the city's population falls in the 25 to 39-year-old age group. People are moving there due to the lower cost of housing, good quality of life, and outdoor recreation. South Salt Lake rent had the largest monthly growth rate, up 5%. A strong job market and a robust economy have been contributing to the rising housing costs over the past several years. If inflation continues to fall, as I expect it will, rates will continue to drop. Areas of Utah State are also referred to as Northern Utah, SLC, Wasatch Range, and Park City. Economists believe the housing market will slow down but not crash soon. You should also try to clean and declutter your home so prospective buyers can see the living areas. According to the Salt Lake Board of Realtors, the median price of single-family houses sold in 2021 surpassed the half-million barrier, reaching $533,000, a remarkable 25% increase over the $425,000 median price in 2020. There is a high chance that the homes value may decrease before it starts to increase again. Sales decreased 23.8% from the prior year and 1.5% from August. Average time for a house to be on the market is 16 days, though most of the time it sells in the first 5 days. To get the highest and best offer on your property, it is necessary to invest in repairs and renovations. The market is still highly competitive. In the final quarter of 2022, 5,145 homes sold in the areas covered by this report. Lenders used to offer mortgages to anyone without doing any prior credit checks or down payments. These renovations may inflate the homes value. With mortgage rates at peak, buyers are already resisting entering the market. Buying a home solely for selling will only increase inventory. With less disposable income, more layoffs, and few income opportunities, homebuyers resist buying a house. Updated January 2023: By searching, you agree to the Terms of Use, andPrivacy Policy. Despite the economic downturn and rising mortgage rates, you must look for opportunities to boost your income. The Utah housing market is highly localized as market trends vary from region to region. While the city limits encompass 110 square miles, downtown runs nearly two miles from east to west and nearly two miles north to south. As the mortgage rate decreases, it gets more convenient for the homebuyer to afford a home. Last year (2020) was a big one for the nation's real estate market. Eskic doesnt see an end to the rising demand of houses in Utah though interest rates could cool that demand just a little bit. The HPI is a broad measure of the movement of single-family house prices. Just 2,778 Utah homes were for sale in February 2022 compared to the 9,000 houses during the same period in 2020. As a result, leaving no other option than low inventory. Here's your Official 2022 Utah housing Market Forecast in Salt Lake City. Sales have been declining by massive double-digits. And right now, Utah is down to about four weeks of supply of homes. If The Housing Market Crashes What Happens To Interest Rates? Thus, home prices rise. Marco Santarelli is an investor, author, Inc. 5000 entrepreneur, and the founder of Norada Real Estate Investments a nationwide provider of turnkey cash-flow investment property. The Utah housing market is amid a major shift. He predicts a balanced market in which neither buyer nor seller has a monopoly. The median price for a house in Utah in 2021 was $442,200, 24.6% higher than the previous year. In-migration to the Salt Lake metropolitan area is still at an all-time high. The number of newly listed homes was 1,952 and up 1.8% year over year. Theres a strong demand for homes across various demographics. The 2021 Utah housing market will be long remembered for its record-breaking price increases. NEED MORE CLARITY? Over the past 12 months, the state added 43,300 jobs. How Buyers and Sellers Can Navigate a Hot Utah Housing Market. St. George: Despite some minor fluctuations, St. George is expected to continue to experience positive price growth, with gains of up to 0.9% by January 2024. Are there enough homes for sale to meet buyer demand? According to the September Redfin data, the seasonally adjusted total figure for 2022 decreased from 6.49 million in January to 5.1 million in September. Utah market trends and housing statistics. of $519,300. Therefore, these forecasts should be taken as a general indication and not a guarantee. As more and more families consider sustainable options for cost efficiency and health, making your house more energy efficient will up your resale value and make your house more valuable in the buyers eyes. The median home price increased from $475,000 in 12-2021 to $476,824 in 12-2022, a 0.4% increase. A high or growing percentage of homes selling above list price indicates that the housing market is competitive and bidding wars are becoming more common. I expect the region will continue to see downward pressure on home prices, but a major correction is unlikely. Utah's home values increased by 15.39% in the 12-month period that ended Dec. 31, third-best among U.S. states, according to the Federal Housing Finance Agency. Twenty-four of Utahs 29 counties had double-digit gains. An added bonus of an energy efficient house is less noise pollution especially if you live in a big city. This will roughly average the 30-year and 15-year mortgage rates at 8.50 and 7.70, respectively. 30251 Golden Lantern, Suite E-261 Over the past month, the average rent for a studio apartment in Salt Lake City decreased by -7% to $1,125. The median number of days property listings spend on the market in a given geography during the specified month. Next came Phoenix, Las Vegas, Sacramento, and Tampa. tl. Housing Market Crash: What Happens to Homeowners if it Crashes? Statewide, housing prices increased by 27%, shattering the 43-year-old record of 20.1% set in 1978, according to the Salt Lake Board of Realtors. More houses were sold in 2020 than in any prior year, putting 2021 on pace to be the second-highest sales year ever. We only have enough for three months, roughly half of what we require. Homes sold fastest in Salt Lake County and slowest in Summit County. Mormons, the majority of the population in Salt Lake City and Utah as a whole, have an average of 3.4 children. In contrast, Salt Lake City is booming because it is business-friendly. Laguna Niguel, CA 92677, Copyright 2018 Norada Real Estate Investments, The Utah real estate market saw mixed trends in 2022, according to the. Mortgage rates are touching a record high of 7.08% and may rise even further as the Federal Reserve works to control inflation. Get to know about who pays the buyer agent in a for sale by owner transaction. The highest increases were seen in Piute County (where there was a 32.6% increase), Duchesne County (where there was a 44% increase), and Garfield County (where there was a 38% increase). If youve got a new job or decided to retire, relocate to a new state. Increasing mortgage rates will surely have a major impact on home sales in 2023. Know exactly whens the best month to buy a house. Mortgage interest rates are projected to climb, but only a little. The Salt Lake City real estate market has been one of Millennials' toughest real estate markets due to limited supply relative to demand. As more and more homebuyers enter the scene, Utah has become a very popular destination to settle down leading to more of a sellers market in Utah vs a buyers market. Connect with an Agent In the fourth quarter of 2022, the number of homes sold in the areas covered by the report fell by 45% compared to the same period the previous year and by 27.8% compared to the third quarter of 2022. Idaho ranked #1 in FHFA State House Price Indexes. There were only 31.8% of homes that had price drops, up from 10.0% of homes in January last year. Carbon County has the least expensive housing market in Utah with a median price of $184,000. Overall, the Utah housing market is expected to continue growing steadily in the coming years, with most areas experiencing positive price growth through 2024. And with a variety of affordable homes in high-quality neighborhoods, it is a market that is not yet closed to first-time home buyers. Current Housing Market Trend 2022: Mortgage applications were 41% lower than a year ago. Here are a few Utah housing market predictions for 2023 based on the experts forecast. As a result, the monthly mortgage payment will remain high, and homes may look less affordable. Thus, demand increases and prices rise as well. It is important to freshen up the curb appeal before potential buyers arrive. Current Housing Market Trend 2022: 21,869 U.S. properties started the foreclosure process in September 2022, down 9 percent from the previous month but up 113 percent from a year ago. https://www.zillow.com/salt-lake-city-ut/home-values/, https://www.zillow.com/salt-lake-city-metro-ut_r395053/home-values/, https://www.bankrate.com/mortgages/housing-heat-index/, https://www.fhfa.gov/DataTools/Tools/Pages/House-Price-Index-(HPI).aspx, https://www.fhfa.gov/DataTools/Tools/Pages/FHFA-HPI-Top-100-Metro-Area-Rankings.aspx, https://slrealtors.com/wp-content/uploads/2021/01/2021-Housing-Forecast-Report.pdf, https://www.realtor.com/realestateandhomes-search/Utah/overview, https://www.sltrib.com/news/2021/06/24/hyper-hyper-competitive/, https://www.zumper.com/rent-research/salt-lake-city-ut, https://www.realtytrac.com/statsandtrends/foreclosuretrends/ut/salt-lake-county/salt-lake-city/, https://www.ksl.com/?sid=46284050&nid=1426https://www.buildium.com/laws/utah-evictions-process/, https://en.wikipedia.org/wiki/Salt_Lake_City, https://www.deseret.com/utah/2021/9/16/22677951/utah-homes-sales-are-slowing-but-the-market-is-still-red-hot-salt-lake-county-city-housing-prices, http://www.cbre.us/people-and-offices/corporate-offices/salt-lake-city/salt-lake-city-media-center/cbre-releases-2018-salt-lake-city-real-estate-market-outlook, Housing Market News 2023: Today's Market Update, The Housing Market in 2023: Trends and Insights, Housing Market Predictions | Real Estate Market Forecast 2023, Is it a Good Time to Buy a House or Should I Wait Until 2024, Housing Market Forecast 2024 & 2025: Predictions for Next 5 Years. The DrainageProjects mainly include sanitation, flood from www.pinterest.com. 26% of home buyers were first-time home buyers with a median age of 26. And that only puts more pressure on the Salt Lake City housing market. This is a 15% increase compared to the previous year. This speedometer reflects the state of the regions real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors. And even with higher mortgage rates, the three-county region sill experienced a 17 percent increase in median sales price last month compared to January 2022, going from $329,000 to $385,000 . People are moving to Utah because of the low cost of living, low crime rate, great skiing, beautiful landscape, and amazing schools. Utahs population has grown by 18.4% over the last decade making it the fastest growing state in the United States. Utahs current employment level stands at 1,646,900. Below is the latest Utah housing market trends analysis. Salt Lake City's population is also very young. Also, theres no way that they buy land, get regulatory approval, and increase the supply quickly. This is the MOST ACCURATE UTAH Housing Market Forecast for 2022. In short, huge supply and minimum demand. The housing market has gone through some significant swings since the start of the pandemic in 2020. The bubble pops up when the equation is reversed. This would. Hes also the host of the top-ratedpodcastPassive Real Estate Investing. Compared to the third quarter of 2022, average home prices fell in every area other than Summit County, where they rose 0.8%. Houzeo.com helps you sell your home fast in a slow market by listing your house on MLS. Salt Lake City sits at the intersection of I-80 and I-15. Utah is facing a dire shortage of affordable homes for sale and for rent, which is likely to be among the dominant issues of the 2023 Utah Legislature. Taking possession of a mortgaged property when the mortgagor fails to make mortgage payments. The data is provided by UtahRealEstate.com, the leading provider of real estate technology in Utah and one of the largest Multiple Listing Services in the United States. Even before COVID swept across the world, the Utah housing market was already out of reach for 63% of renter households. Current Housing Market Trend 2022: The supply of homes remains historically low, according to Lawrence Yun, NAR Chief Economist and Senior Vice President of Research. Year over year, prices rose in four markets but pulled back in the other three. The pricing momentum will weaken, but another year of double-digit increases is possible; expect a 10% to 12% increase, resulting in an additional $50 million in commissions. Filed Under: Growth Markets, Housing Market, Real Estate Investing. So many California tech firms have relocated to Salt Lake City that the area is now nicknamed Silicon Slopes. Similarly,Cincinnati, OH is another great market to get started in real estate investing. Market time rose 22 days from the third quarter of 2022. Houses in the Sat Lake City area are selling $30,000- $100,000 above the asking price. Typical Closing Costs For Buyer in Utah: Find your Closing Costs Obligations. whether homes are becoming more or less affordable. We hope that this information may assist you with making better-informed real estate decisions. Either way, knowing your profit potential and purpose is the first thing to consider. How Much Does Home Staging Cost: Home sellers spend $755 $2,844 on home staging. It is equally impressive to see that the unemployment rate remained at a very low level even as the state added over 52,400 people to the workforce. can also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. Current Housing Market Trend 2022: The national average 30-year fixed mortgage rate is at 6.1% and up 3.2 points year over year. Related: real estate in Utah, Utah real estate for sale, UT housing market slow down, housing market cooling, house prices in Utah, Utah housing prices, cheapest homes in Utah, UT housing market, house market Utah, Utah market, cheapest real estate in Utah, Utah house prices, Utah hot pocket, redfin market data, home prices Utah, Utah real estate investment, condo prices in Utah, Utah housing, ut real estate market, real estate market in ut, Utah real estate market statistics, housing market forecast Utah, housing market Utah, Utah house market, Utah real estate news, real estate market in Utah, ut housing market forecast 2022, Related: real estate in Utah, Utah real estate for sale, housing market slow down, housing market cooling, house prices in Utah, Utah housing prices, cheapest homes in Utah, UT housing market, house market Utah, Utah market, cheapest real estate in Utah, Utah house prices, Utah hot pocket, redfin market data, home prices Utah, Utah real estate investment, condo prices in Utah, Utah housing. Understanding and dealing with sellers disclosure can be intimidating for home sellers. Salt Lake City is a moderately walkable city with a population of. Other Regional Data. Record price increases were not confined to Wasatch Front counties; nearly every county in the state saw record increases. As a result, there are chances that the housing supply will remain low. Home sales: 3,219 - 26.7% less than a year ago. For a borrower, multiple types of mortgages are available such as adjustable rate mortgages (ARM), conventional loans, fixed-rate mortgages, and government-sponsored. Millcreek rent jumped 16.4%, making it second. Foreclosure in Utah:Foreclosure in any aspect is a negative situation. Selling your house wont happen in a day, and in the current market youll be hard pressed to find another house in the time it takes to sell your house so be patient and take your time to make those home improvements the absolute best and go ahead and enjoy those improvements while youre at it. Ogden: The housing market in Ogden may experience some slight declines over the next year, with decreases of up to 0.5%, followed by a rebound with a 1% increase by January 2024. As a result, no foreclosure crisis is on the horizon. Forecast for 2022: High prices, projected interest rate rises, listing shortages, and slower employment growth will keep Salt Lake County sales at approximately 17,000 units in 2022, according to the Salt Lake Board of Realtors. The other is supply. The Future Of Homebuying: Three Predictions For 2025 More From Forbes Feb 11, 2023,11:26pm EST Jennifer Lopez Lists Sprawling Bel-Air Estate For $42.5 Million Feb 10, 2023,06:25pm EST More. On average, the number of homes sold was down 34.8% year over year and there were 1,765 homes sold in January this year, down 2,708 homes sold in January last year. Salt Lake City has a track record of being one of the best long-term real estate investments in the U.S. To summarise, these factors are broadly categorized into 4 key segments. I have moved the needle accordingly. The housing market refers to properties bought and sold directly to buyers or through real estate brokers. The rapid appreciation witnessed over the past two years may have begun to decelerate as a result of rising financing costs and deteriorating affordability. tw votes Vote Now 1. cw. Copyright: 2023 Redfin. Logan: Like Provo and Ogden, Logan may experience some slight declines over the next year, with decreases of up to 0.4%, but is expected to rebound with a more significant increase of up to 1.7% by January 2024. Homes are worth more than ever now, so Utah can expect more sellers to enter the Utah housing market in 2022 and while you think that could help you, think again- Utahs population is far outgrowing the housing supply and the Utah housing market will continue to be a sellers market until the supply of houses can keep up with the demand for houses. 51% of homeowners still believe that now is a good time to sell a home. The Baltimore real estate market is promising and shows a new increase of opportunities for both buyers and sellers. 60% of workers who switched jobs last year earned more money in their new positions, beating inflation.