Utah Housing Market Overview and Statistics. Like any product or service, the price is determined by the relative demand and supply. 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. Utah market trends and housing statistics. Continued historically low mortgage rates and a solid recovery from the pandemic predict that the Utah real REDFIN IS COMMITTED TO AND ABIDES BY THE FAIR HOUSING ACT AND EQUAL OPPORTUNITY ACT. This results in defaults and foreclosures, ultimately increasing the market supply of homes. Recent sellers typically received 100% of the listing price, and 38% reported lowering the asking price at least once. The direction and pace at which home prices are changing are indicators of the strength of the housing market and. Idaho ranked #1 in FHFA State House Price Indexes. Connect with an Agent And that only puts more pressure on the Salt Lake City housing market. Buyers might consider a mortgage with short due dates and high payments. Downtown Salt Lake City encompasses the areas of Temple Square, The Gateway, Main Street, the central business district, South Temple, and others. In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics. It is likely that home buyers are waiting for asking prices to fall further and hoping that mortgage rates do the same. Prices will fall, but not to the extent homeowners experienced during the Great Recession. You can sell your house to cash buyers, IBuyer, or anyone else. The median price of a home in the United States is currently $519,300.. All in all, we believe that you should analyze your homes weak spots and invest in energy efficiency before you think about selling. That's a new high and a 28% jump from the median price of $430,000 in the same time period from 2020. See median list price, median house size, median $/Sqft and inventory. Year over year, prices rose in four markets but pulled back in the other three. There were only 31.8% of homes that had price drops, up from 10.0% of homes in January last year. , The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. The Utah housing market varies by the overall health of the economy. Nationwide, 25% of homebuyers searched to move to a different metro area between Dec '22 - Feb '23. The same can be said about the Salt Lake County real estate market. 16% of respondents said now is a good time to buy a house. Staging for home sale largely involves cleaning, rearranging, or renting furniture and other aesthetic tactics to make your home visually appealing. Although Utah will not see a recession, job gains are expected to slow down. The average time it took to sell a home in the counties covered by the report rose 27 days compared to the same period in 2021. Market time rose 22 days from the third quarter of 2022. People nowadays are putting down thousands in non-refundable deposits and offering $30,000-$100,000 above the asking price. The Utah housing market does not yet significantly favor home buyers but, given the data discussed in this report, it has certainly shifted away from sellers and into neutral territory. Like the rest of the state, Salt Lake City Downtown is benefiting from the regions healthy economy. Mortgage rates are touching a record high of 7.08% and may rise even further as the Federal Reserve works to control inflation. Additional links: Historical Utah Data Homes sold fastest in Salt Lake County and slowest in Summit County. Why are houses so expensive in Utah? The state of Utah's population grew 9 percent over the last five years, much of it concentrated in Salt Lake City, where the typical home price at the end of 2021 was $583,858 (ZHVI Dec 2021). We break down our data by county, but we cover major cities in this region including Salt Lake City, West Valley City, Provo, and West Jordan. . Record price increases were not confined to Wasatch Front counties; nearly every county in the state saw record increases. Listing activity fell 8.3% from the third quarter, but that wasnt surprising given seasonal factors. If you are using a screen reader, or having trouble reading this website, please call Redfin Customer Support for help at 1-844-759-7732. Interest rates and home prices share an inverse relationship. Prices in Utah have blown up so much that over half of Utah residents cannot afford the state's median prices homes. Before you begin, make sure you have a solid financial condition. This data does not reflect actual moves. These renovations may inflate the homes value. Salt Lake City's housing market is booming because of an ideal combination of business growth triggering in-migration and strong native population growth. A subtle issue hitting Utah is the relative shortage of skilled building trade talent despite the influx of people coming to work in business and tech. In August 2022, lenders repossessed 3,938 properties in the United States through completed foreclosures, also known as real estate owned, or REO. The largest percentage of the city's population falls in the 25 to 39-year-old age group. All rights reserved. Forbes listed Salt Lake City first on its list of next tech meccas. Overall, the Utah housing market is expected to continue growing steadily in the coming years, with most areas experiencing positive price growth through 2024. Cincinnati's real estate market is on the upswing and looking strong for the foreseeable future. This was marginally below the rate of the prior year but impressive all the same. Mortgage interest rates touched a record high, and theres a keen decline in the number of home sales at an all-time low of 22.5% Y-O-Y. Windermere Foundation According to ATTOM, Illinois had the highest foreclosure rate in August, with one foreclosure filing for every 1,926 housing units. During the last 12 months the real estate prices in Salt Lake, Salt Lake City increased, looking at the past 12 months. Last year (2020) was a big one for the nation's real estate market. Higher mortgages have already impacted buyer demand. Similarly,Cincinnati, OH is another great market to get started in real estate investing. Sales fell across the board compared to both the fourth quarter of 2021 and the third quarter of 2022. A real estate agent or broker was used by 86% of buyers to purchase their homes. The median number of days property listings spend on the market in a given geography during the specified month. According to Realtor.com sales will rise 15.2% and prices will increase by 8.5%. According to September 2022 data, some of the key market stats for the Utah housing market appear as follows: Median home price: $533,500 - a 5.6% Y.o.Y. Buying a home might not build equity as quickly as expected. READ REDFIN'S FAIR HOUSING POLICY. A few sellers are still in a dilemma considering the slow market, high inventory, decreasing home prices, and increasing mortgage rates. Housing Market Predictions 2023: Will Home Prices Drop in 2023? Salt Lake City's population is also very young. 1 housing market in the nation for 2022. The price growth is trending lower, and 2023 can't be a year of double-digit increase. In contrast, Salt Lake City is booming because it is business-friendly. However, the author does not make any representation or warranty, express or implied, as to the informations accuracy or completeness, nor does the author recommend that the attached information serve as the basis of any investment decision and it has been provided to you solely for informational purposes only and does not constitute an offer or solicitation of an offer, or any advice or recommendation. A balanced market has roughly a six-month supply of houses, which means that if we stopped listing new properties, we'd still have about six months before we ran out. Investors like flippers and wholesalers also show up and snag investment properties. They. Many sellers waiting for the market to turn around will likely give in and increase the inventory. Until housing inventory remains low. Inventory or Homes for sale refers to the number of unsold residential and commercial real estate units. They can be fixed, remaining constant over the loan term, or variable, fluctuating with a benchmark interest rate. Learn about it so that you are aware. The UT housing market has been red hot since the pandemic, but it is cooling fast. Once your house sells, youll need to buy another one, so youll have to bid against other buyers in an overvalued market. Carbon County has the least expensive housing market in Utah with a median price of $184,000. 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. za fx hq read . Is real estate housing market slowing down in UT? According to NeighborhoodScouts data, Salt Lake City real estate appreciated 161.55% over the last ten years, which is an average annual home appreciation rate of 10.09%, putting Salt Lake City in the top 10% nationally for real estate appreciation. If you are a homeowner that lives in an area where home prices have started to rise. The following analysis of select counties of the Utah real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. As a result, finding a dream house in this market is challenging for buyers, making it extremely competitive. The Utah housing market is amid a major shift. Meanwhile, renters may see some relief in 2023 as a wave of newly constructed apartments comes online. 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. See the Highland (Utah State, Utah County) property price forecasts, and buy/sell analysis based on the Housing Market and Property Investment report below. Utah Housing Market: House Prices & Trends | Redfin Utah Housing Market Home prices in Utah were down 3.0% year-over-year in January. While the city limits encompass 110 square miles, downtown runs nearly two miles from east to west and nearly two miles north to south. Everyone enjoys their own space, and a growing family often requires more space. 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. Not just limited to Salt Lake Cityor Utahbut you can also invest in some of thebest real estate marketsin the United States. 30-Year Fixed Mortgage Rate ranges from 6% to 7.1%. The Utah one bedroom median rent was $1,291 last month. List your property on MLS for the best results. This was down 45% compared to the same period the previous year and down 27.8% compared to the third quarter of 2022. In a slow market, inventory is usually high, and home prices keep decreasing due to lower demand. The Baltimore real estate market has been in decline for years, but several spots offer significant returns. This ongoing scarcity of inventory explains why many buyers are still forced to bid up prices. Lenders today place high standards on borrowers, and most who get mortgages have excellent credit. Utah is in a sellers market currently, which means its easier to sell a house than to buy one, and in order to buy a house, buyers are putting down non-refundable deposits and offering thousands above the asking price which results in some major bidding wars. Downtown is the oldest district in Salt Lake City, Utah. When looking at the current housing market, you see that Utah is among the top states in the West and nationwide experiencing record-breaking housing price increases. According to Walletinvestor's Salt Lake real estate market research, home values will decrease in the next 12 months. I am not concerned by this and expect the market to moderate as it comes to terms with higher financing costs. The latest migration analysis is based on a sample of about two 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. Sellers will need to have their homes looking better than ever before to attract the best of the best. There are still not enough houses. To get the top dollar value for your money, its beneficial to focus on the local housing market in Utah. Basset does say that Utah buyers should be ready for a brutal market when it comes to stepping into the Utah housing market, to know what exaclty youre getting into, and make sure you get an amazing agent. Is real estate housing market slowing down in UT? Year-to-date median home price increased by 15.1% from $443,036 in 2021 to $510,000 in 2022. The demand continues to rise as more buyers jump into the market. Tonya Basset, head of Homies buy side agent team doesnt believe that Utah is in a housing bubble, and hesitates to call it a bubble not wanting to give people bad flashbacks to the housing market crash of 2008. South Salt Lake rent had the largest monthly growth rate, up 5%. Rich Sarkis. 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. pd. A majority of people dont know whens the best time to buy a house. I'm no Nostradamus, but I'd like to take a stab at what the world of real estate transactions might look like in the year 2025. There is a niche in the Salt Lake City real estate market for large luxury homes, but it is notable for the sheer demand for 4 or more bedrooms in affordable neighborhoods. 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. Yes, it's only. A Premier Turnkey Investment Marketplace For Investors, Newly Listed Investment Properties For Sale In Affordable Growth Markets, Join our Real Estate Investment Group (FREE).