Below is a current overview of the market and the trends we expect to see in real estate this year. Reach out for more in-depth information on your neighborhood.
WE ARE IN THE BEST STATE FOR BUSINESS
The perennial winner of Forbes' annual Best State for Business award, Utah remains competitively positioned to support continued real estate growth. With an abundance of technology, health care, and creative businesses planting roots in Utah, our state unemployment rate is among the lowest in the country at just 4%. Due to the state's unprecedented economic evolution, real estate sales are likely to remain robust in northern Utah.
JOB GROWTH MEANS HOUSING GROWTH
Utah’s job growth rate is 3 to 4 times higher than the domestic average due to the relocation and expansion of companies who favor a highly-educated work force and economic incentives. In real estate, this continues to produce a steady stream of qualified buyers enticed by Utah’s affordable home pricing and unparalleled lifestyle. With favorable business conditions, the trends of relocation and increased housing demand should continue.
PRICES AND DEMAND ARE GRADUALLY RISING
Since 2011, we've seen a 48% increase in median single family home prices. The market has completely recovered from the recession and shows no signs of slowing. While median and average prices continue to climb, courtesy of new development and property renovation, there are still market pockets ideal for entry-level buyers.
DEMAND IS AT AN ALL TIME HIGH
With most homes selling within two weeks in Salt Lake County, there's clear evidence of healthy homeowner demand. Historically low inventory has produced a market where buyers outnumber properties. Pre-qualified buyers, who can move quickly into the market, have an advantage. Those guided by Utah Properties experts are alerted to properties as soon as they hit the market.
Overall, the real estate sector looks bullish. Utah's strong economic performance and job growth coupled with moderately rising interest rates have created a climate of urgency. We will continue to track and monitor the market to keep our clients informed. To get a more detailed profile of your local market, reach out.