UTAH - If you're looking to buy a home in Utah, now is the time to do so. The housing market in the state is booming, and a strong economy is a reason for the optimism. The unemployment rate in Utah is just 2%, which is the lowest it's been since the Labor Department started keeping records.
Salt Lake City
The Salt Lake City real estate market continues to grow and has a strong demand for housing. The Urban Land Institute has ranked it as the third best market for commercial development. This is due to a strong native population and a growing business environment. However, the supply of housing cannot keep up with the demand.
This lack of affordable housing has pushed many Millennials into the rental market. As a result, the housing market in Salt Lake City can't keep up with demand. This is pushing many young would-be homeowners into the rental market. While the median income of a Millennial is $68,000, many of these newcomers are finding it difficult to afford a home.
West Valley City
Despite the current bearish market, there are still plenty of opportunities for buyers and sellers in the West Valley. For example, the second quarter market time was down eight days over the first quarter, but the market is still extremely competitive. Meanwhile, rising mortgage rates are not yet hurting home sales. These indicators help explain the overall health of the region's real estate market.
West Valley City, Utah, is an ideal market for flipping houses, with a high homeownership rate and a low cost of remodeling a home. This makes it one of the most lucrative markets in Utah for investors.
Copperton
The median age of Copperton, UT, residents in 2020 was 32.5 years old. This included native-born residents and foreign-born residents. While people are getting older in Utah, the city is not too young to start a family. In 2020, the most common birthplace for foreign-born residents in the state was Mexico. There were 96,761 residents of this nationality in the city. Other natal countries included India and Canada.
As of the most recent census, the median property value in Copperton, UT, was $211,300. This is an increase of 11.3% from the previous year's median property value of $189,800. The homeownership rate in Copperton, UT, is 68.2%, higher than the national average of 64.5%. In 2020, most residents commuted alone to work. Their average commute time was 30 minutes.
Ogden
Ogden, Utah, has a steady population growth. The city is also seeing a sharp rebound in the job market. However, the city has seen a decline in the price of homes. The declining prices will hurt renters in the city. Many of these renters can't afford mortgage payments. In the past six months, the average monthly mortgage payment has increased by more than $1,200.
Although the overall economy is growing in the state, the housing market will still be affected by the current housing shortage. Despite this, Utah leads the nation in new home construction. As a result, homebuilders are scrambling to catch up with the demand.
Sandy
Utah's economic health has improved over the past several years, and the state has seen an increase in housing construction. However, the state is limited in where new homes can be built, which limits the growth of home prices. Furthermore, the state has a shortage of skilled building tradespeople.
As a result, the housing market in Utah is a seller's market. The shortage of housing supplies has pushed prices higher, and the supply cannot keep up with demand. While the rapid appreciation may have slowed down in recent years due to rising financing costs, Utah's real estate market remains highly competitive. It is expected to remain so through the year 2023.
Draper
Draper offers a diverse selection of properties in the southeast corner of the Salt Lake Valley. It is bordered on the west by I-15. Draper's housing market is competitive, with homes selling for an average price of $785K last month. The average price per square foot is $239, which is $32 higher than last year. In August 2022, there were 55 homes sold in the Draper housing market, with an average selling price of $785K.
Several factors influence the housing market. First, a buyer's ability to afford a home depends on the economy's strength. Currently, the average mortgage rate is 3.0% in Utah, but a dramatic increase in rates has exacerbated this challenge. Second, sellers should make sure their properties are in tip-top shape. The availability of buyers will also influence the price of a home.
