The price growth is trending lower, and 2023 can't be a year of double-digit increase. Before you begin, make sure you have a solid financial condition. Couple that with a high school graduation rate, and a large number of college graduates and you have an attractive workforce for many large companies. The counties covered by this report added more than 35,000 new jobs over the past year, which was also a growth rate of 2.6%. Currently, the average home value is $387,000. All you have to do is fill up thisform and schedule a consultation at your convenience. The countrys economic power directly affects the housing markets in the US. Do you sell your house and lose everything youve put into it? Home Buying Process Utah:Own the Home Meant for You! Increasing mortgage rates will surely have a major impact on home sales in 2023. Some experts expect prices to decline in 2023, depending on what happens with interest rates in 2023. To be included in this dataset, a Redfin.com user Inventory levels have skyrocketed, with the average number of homes on the market up a remarkable 248% from the same period in 2021. Prices will return to Q4 2019 levels by Q3 2021. Eviction for nonpayment of rent can get someone out in two to four weeks. The Utah housing market is amid a major shift. 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. This indicates that the rate of existing home sales has slowed to its lowest level in 10 years. All rights reserved. Is real estate housing market slowing down in UT? 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. Realtors provide access to the MLS, but you can skip this and list on MLS via the Flat Fee MLS listing service. Other counties saw more modest increases, such as Salt Lake County, which saw a 14.8% increase, and Summit County, which saw a 13% increase. READ REDFIN'S, Do not sell or share my personal information. Looking at the positive forecast, the annual appreciation rate is predicted to be between 10% to 12%. These renovations may inflate the homes value. This was down 45% compared to the same period the previous year and down 27.8% compared to the third quarter of 2022. Utah's employment landscape is also one of the most impressive in the country. 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. San Francisco was the most searched for destination among homebuyers looking to leave, followed by New York, Los Angeles, Washington and Chicago. The Utah housing market starts to slow when the properties supply exceeds the present demand. Also, theres no way that they buy land, get regulatory approval, and increase the supply quickly. The median days on the market was 69 days, up 46 year over year. Paul), Minneapolis is on track to becoming unaffordable by 2025 There are still insufficient homes. Couple that with a high school graduation rate, and a large number of college graduates and you have an attractive workforce for many large companies. Realtor.com's forecast and housing market predictions on key trends that will shape the year ahead. Now that the housing market Utah is threatened by a similar instance of rising mortgage rates and the possibility of a recession, buyers and homeowners are asking a familiar question: When will the housing market crash in Utah? Home values are expected to go down by 5% to 10% due to unaffordability. 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. This explains why Salt Lake City has some of the fastest-growing rents in the country. Updated January 2023: By searching, you agree to the Terms of Use, andPrivacy Policy. At the same time, housing inventory has increased by 78% in the past 12 months alone. Based on the data provided by Zillow, here is a forecast for the Utah housing market. 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. Theyre also willing to waive inspection fees and ignore the banks appraised value of the house. Now that you know where Salt Lake City is, you probably want to know why were recommending it to real estate investors. Officials say that the average price per square foot has gone up 22% from $208.33 to $254.62. Hence, we can say that the real estate market in Utah has seen mixed trends in 2022, with some counties experiencing increases in the median sale price and others seeing decreases. The Baltimore real estate market around the new industrial parks built to cater to Amazon will boom because we can expect as many jobs from Amazons suppliers in those areas as Amazon itself and those workers will want to live close to work. Lenders used to offer mortgages to anyone without doing any prior credit checks or down payments. Want to sell a distressed property? You must make the deal look more attractive to sell your house in a slow market. The largest percentage of the city's population falls in the 25 to 39-year-old age group. Areas of Utah State are also referred to as Northern Utah, SLC, Wasatch Range, and Park City. Fees and taxes can vary from one county to another. Of all the major U.S. metros, Miami was the most searched for destination among homebuyers looking to relocate between Dec '22 - Feb '23. Salt Lake City sits at the intersection of I-80 and I-15. As a result, no foreclosure crisis is on the horizon. Compared to the third quarter of 2022, average home prices fell in every area other than Summit County, where they rose .8%. There were only 31.8% of homes that had price drops, up from 10.0% of homes in January last year. And that only puts more pressure on the Salt Lake City housing market. A change in family dynamics can significantly impact your decision to sell your home. Here's the current overview of Utah's Listing prices by Counties (source: Realtor.com). 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. Foreclosure in Utah:Foreclosure in any aspect is a negative situation. Millcreek rent jumped 16.4%, making it second. Carbon County has the least expensive housing market in Utah with a median price of $184,000. Salt Lake City's appreciation rates in the last twelve months (2021 Q2 2022 Q2) continue to be some of the highest in the nation, at 15.48%. Want to get a net proceeds estimate? 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. All these home improvement changes dont have to happen in a year. How Much Does Home Staging Cost: Home sellers spend $755 $2,844 on home staging. , The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. Learn them here. Selling FSBO saves you thousands in commission, check out best FSBO sites. Several parameters affect the real estate housing market Utah prices. It is important to select how you want to sell your house. What Do You Need to Get Preapproved For a Mortgage, How to Buy a House With Bad Credit in Utah, How Does Buyer Agent Get Paid For Sale By Owner, Best Time of Year to Sell a House in Utah, 12 Best For Sale By Owner Websites in 2023, How To List On MLS For Sale By Owner In 2023, 13 Best Companies That Buy Houses For Cash (2023), Flat Fee MLS: Everything You Need to Know, Americas 10 Best Discount Real Estate Brokers and Companies (2023). I am not concerned by this and expect the market to moderate as it comes to terms with higher financing costs. Consult with one of the investment counselors who can help build you a custom portfolio of Salt Lake City turnkey properties. Before the 2008 housing market crash, the housing supply or inventory peaked at a 13-month supply. Here are the key takeaways from the data: Looking at the median home prices for Utah, we can see that there are some variations across the different counties. The other is supply. Realtor.com expects that Salt Lake City will lead the nation with a 23.7% combined growth in sales and prices in the next year. 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. The Salt Lake City area's economy is doing well, and it has one of the lowest unemployment rates in the U.S. Utahs employment outlook during the pandemic continued to outperform the rest of the country. Home listings will no longer go out of inventory at a faster pace. This puts constant pressure on the Salt Lake City real estate market. While many would like to own a home, affordability is an issue for the young would-be homeowner; the average Millennial earns $68,000 a year while the median home price is $400,000. Wood, who has been tracking housing in Utah since the 1970s, presents a market forecast each year. As it becomes easier for buyers to get a loan, the demand consistently increases. Buyers need to be prepared to go above and beyond to get the house of their dreams. The median days on market were 39, up from 36 days last month. In January 2023, 17.5% of homes in Utah sold below list price, down 27.8 points yearover year. It's now the 30th most populated state, with nearly 3.28 million people, according to U.S. Census Bureau data. Once your house sells, youll need to buy another one, so youll have to bid against other buyers in an overvalued market. Understanding current government policies can help you predict the demand and supply and identify potentially false Utah real estate market news. Utah market trends and housing statistics. In January 2023, home prices in Utah were down 2.8% compared to last year, selling for a median priceof $519,300. 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. Call (801) 948-9499 to Receive a FREE Attic Inspection. Other counties saw more modest increases, such as Salt Lake County, which saw a 14.8% increase, and Summit County, which saw a 13% increase. Finally, there are two sides to the pricing coin: present homeowners will profit from high price increases again, but future generations will be less likely to own a home, resulting in more inequality and lower wealth for these households. As per August 2022 data, only a 3.2-month supply is available in the inventory. During the last 12 months the real estate prices in Salt Lake, Salt Lake City increased, looking at the past 12 months. Unless you have plans to downsize, rent, or relocate to a more affordable area, youll only be selling and entering the bubble. It also makes the Salt Lake City housing market unusual in the demand for homes with multiple bedrooms suitable for large families. Tax credits, deductions, and subsidiaries are a few factors that can impact the demand for real estate. Buying a home might not build equity as quickly as expected. Get the list of best for sale by owner homes in your area. The average sold home was on the market for two weeks. The Utah housing market varies by the overall health of the economy. Discover why Utah is in a sellers housing market, what will happen to home prices in the next year, and how to navigate buying and selling a house in the current Utah housing market. 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. As a result, sellers have to lower the prices of their homes. Even if inventory is significantly higher than it has been in the previous two years, it still does not address what has been a problem in Utah for years. ul votes Vote Now . Yes, it's only six or so years away, but with the speed at which . Earlier in 2021, Utah was considered as one of the hottest markets in the country, second only to Idaho.