Utah Real Estate Trends 2022
Salt Lake City Has a Strong Housing Market
Trends have changed rapidly over the last couple of years because of the unprecedented COVID-19 pandemic. Both prices and availability were subject to market changes and changes in the lifestyle of American workers. As many people learned how to work from home, they looked around and made decisions about where they really wanted to be and what they really wanted for themselves. Throughout it all, the Salt Lake City housing market has remained strong, and home prices have remained high.
Housing Trends
As of September 2022, housing prices were up 6.3% from the same time last year. That brings the median pride of a home up to $550,000. Another important factor is that houses don’t stay on the market for very long – they typically close within about 30 days after going on the market. Some homes get multiple offers, and some really well-liked homes may sell within two weeks of listing. Another important factor is that many houses even sell for above the asking price because multiple people are trying to buy the same property. About one out of every four homes sold for over the asking price, which indicates a very strong position for the seller.
Pandemic Effects
There were some impacts to the housing market because of the pandemic. During the pandemic, low-interest rates and low unemployment rates caused prices to rise rapidly. However, things are settling down as the federal government raises interest rates to control inflation and people return to more “normal” lives. With all that, Utah was still rated number one in the nation’s housing markets because of its incredibly strong economy, low taxes, low unemployment, low mortgage rates, and few mortgage foreclosures.
Salt Lake City as a Destination
More proof of how great Salt Lake City is as a housing market is how popular it is as a destination. Even those people already living in the city tend to buy homes in the same area. Instead of having a steady stream of people leaving the city, Salt Lake City has a small stream of people moving to the area. People even decided to move to Salt Lake City from other cities.Overall, almost 200 homes changed hands in Salt Lake City in the last year.
Why Live in Salt Lake City?
Salt Lake City has a lot to offer individuals and families who want to live here. There are plenty of jobs in tourism, healthcare, and manufacturing, and the area has also been taking advantage of a tech boom. For entertainment, you have all the best choices, including ballet, symphony, opera, a Broadway theater, and even the Sundance Film Festival. For anyone who loves being part of a community, there are almost unlimited opportunities to volunteer and many age-appropriate neighborhood activities. Salt Lake City boasts multiple sports teams, including college sports and major and minor league teams. However, one of the best reasons to move to this area is the high quality of life and exposure to the great outdoors.
Are you buying or selling a real estate property? Do you have a condo, a piece of land, or a single-family home? At We Buy Salt Lake City Houses, we will pay cash for your property. Stop worrying about spending all the time it would take to make repairs and clean up your place. We will accept your property as it is and pay you cash to take it off your hands. Forget about your foreclosure or whatever else is happening and let us help you move on so that you no longer need to worry about dealing with a stressful real estate negotiation. Just call us so we can meet and get a chance to look at your property. Once we make you an offer, you don’t have to make a decision right that minute. Let us know what works best for you. You can also reach us online.