Utah has seen a significant increase in population over the past decade, which will likely help with the influx of home listings once everyone gets used to the new lending rates. Utah Housing Market: House Prices & Trends | Redfin Utah Housing Market Home prices in Utah were down 3.0% year-over-year in January. Wallethub found Utah is the. On average, homes in Cache County sell after 57 days on the market compared to 12 days last year. We also observe a lengthening of the time spent on the market and a decrease in both new listings and sales, which points towards a general slowing down of the Utah housing market. Industry experts and analysts have recently released their different takes on various US housing markets. Statewide, housing . Historically low-interest rates, job growth, and pandemic conditions made Utah a highly attractive state for both homebuyers and investors. While interest rates remain high, the coming year will likely see continued cooling of the housing market in Utah; however, lack of supply will buffer most markets. According to Realtor.com data, the current median days listed in Utah is 52, the highest since the onset of the pandemic, but still a ways away from pre-pandemic figures. The states economy is still performing very well, but this is not enough to push the housing market forward at the pace we saw during the height of the pandemic. The impact of the correction on Utahs real estate market should be softened by its robust economy and limited home inventory. The West was ground zero for the pandemic housing frenzy and has also been one of the first areas to see home listing prices getting slashed as the market corrects. Cache County Housing Market Trends. In addition, inflation and the looming specter of a recession are also taking a toll on Utah residents buying power. Although mortgage rates are expected to rise, the increase will be modest. If rates had risen to around 4.5%, the train would still go. Hes employed as a professional actor and director of marketing and advertising at Hale Center Theater Orem, as well as director of communications at the Salt Lake Acting Company. Rates rose dramatically in 2022, but I believe that they have now peaked. Homes in Big Willow Creek Estates are under construction in Draper on Friday, Nov. 11, 2022. The slate of speakers all sought to help bring clarity to a market that they said has largely been fraught with volatility and uncertainty as mortgage rates, some days hovering around 7%, have squeezed buyers and have brought a rapid end to what had been over two years of a blazing hot market. A bubble is highly unlikely at this point in time because a bubble is defined as a prolonged period of actual price decline, not moderation or deceleration. If you find it useful, please properly attribute this resource with a link. In the beginning, Branca said his home hunt was exciting, kind of frenzied, certainly, but still manageable. Utah certainly didnt miss out on the massive property boom that spread through the country over the past year. The Utah housing market is following many of the same patterns observed nationwide. The median sale price for a house in West Valley City was $436,500 in September 2022, representing a 2.9% increase in year-over-year comparisons. Given that interest rates more than doubled in less than a year, its impossible for there not to be an impact on the housing market. Utah Housing Market- Trends and Predictions for 2022, Preston Hicks Real Estate Group - JMG Utah, What does exclusive right to sell mean? However, despite the increased inventory in the past months, there were only three months of housing supply available in September 2022, still a long shot away from the five to six months required for a balanced market. But, we had a recession then, Dejan, we had a recession. We hope that by publishing this Utah housing market forecast 2022 edition, we have shed some light and provided insight into some of the questions and concerns prospective investors and buyers may have. The home was 2,500 square feet, four bedrooms, two and a half bathrooms, sat on a quarter acre lot, and they lived well within their means on a $1,000 a month mortgage payment. Realtor.com recently named the Salt Lake City region as the expected No. In the final quarter of 2022, 5,145 homes sold in the areas covered by this report. Utah hosted the 2002 Winter games, and Utah is looking to once again host these games once again. Historically speaking, real estate only becomes more expensive over time. How far will they fall? Some investors flip houses, others wholesale them. With their buying power significantly diminished, house hunters find themselves priced out of the market or may consider postponing their home-buying plans until interest rates return to a more affordable level. A good indication of the markets strength and inventory is the average number of days properties stay listed. In 2022, Redfin itself went through two rounds of layoffs. It would be a huge understatement to say that it has upended the way we do things in the real estate industry and has caused some major disruptions and setbacks in many peoples plans. Is the Utah housing market going to crash in 2023? Even with todays rising mortgage rates, it will continue to be the time to buy a house in Utah. Buying read more, FastExpert, Inc is a California Licensed Broker. At an annual rate of 2.6%, this was the slowest pace of growth since the state started recovering jobs post-COVID. The best way to describe it, he said, is an abrupt contraction thats had a dramatic effect on all aspects of the market, but especially on homebuilding, which he and Eskic worry will exacerbate Utahs housing shortage long term. Utah Housing Market Trends Q4 2022 According to the report by Windermere Real Estate Chief Economist Matthew Gardner, the Utah real estate market has experienced a slowdown in the pace of job growth, with the state adding 43,300 jobs over the past 12 months at an annual rate of 2.6%. The music stopped. He expects buyers and sellers will step back and wait for the dust to settle, many of them locked in at low, 3% mortgage rates that helped send the nations housing market into a frenzy in 2020 and 2021. This was down 45% compared to the same period the previous year and down 27.8% compared to the third quarter of 2022. Otherwise, the story is similar to many other states, with the number of homes sold decreasing, days on market increasing, and almost half of the listings dropping their price this month (48.9%). 27.7% of homes sold above the asking price. Eskic, however, is predicting Utah home prices will drop 9% year over year in 2023. Then the rates hit and they were left holding the bag, Eskic said. Login. By Sarah Burns of The Salt Lake Local Real Estate Group, October 21, 2021 Utah State #2 in Housing Price Increases Utah's equity gains sat at 28.3% between 2020 and 2021, making Utah #2 in housing . Therefore, although Utah home prices may decline in the coming months, the Utah housing market should remain relatively strong and correct itself for more sustainable growth. 36 days on the market. Salt Lake City Real Estate Market Forecast, Salt Lake (Utah state) home price prediction. Gone are the days of brutal competition. In June 2020, the median sales price across Utah averaged $363,600 and has now jumped to $580,000. The strong demand and limited supply of home inventory will push against price declines and keep home prices relatively stable over time. TREC:Info About Brokerage Services,Consumer Protection Notice. From peak-to-trough, he expects prices to decline by a percentage somewhere in the mid to low teens, depending on interest rates. Heres what volatile mortgage rates are doing to your purchasing power, Stuck between rent hikes and high home prices, this family is scraping by to afford a home, still cant afford to buy something at a significantly lower quality, How the housing market is making boomers richer and millennials poorer, how many other Utahns the market has priced out, 79% of Utah households couldnt afford the states median priced home, Why two housing experts disagree on how much Utah home prices will drop in 2023, National Association of Realtors chief economist Lawrence Yun, What state lawmakers are doing to address Utahs housing crisis, Department of Labor reports that child labor has increased by nearly 70% since 2018, Feds hardwire child care benefits to $39 billion in CHIPS Act funding, Grit and circumstance: Bestselling author Angela Duckworth brings her wisdom to BYU, The starter home in Utah is extinct: How first-time homebuyers could get 20K for new homes, How a new service aims to help teens remove explicit internet images. The housing market in Utah is still highly competitive since the population continues to grow, the job market remains strong, and the quality of life is high. Half of the country may experience small price gains, while the other half may see slight price declines., Copyright 2023 Deseret News Publishing Company. If you are investing in real estate properties to rent out as vacation homes, find out the short-term rental laws in the city and county youre considering. Realtor.com isn't the only group offering a strong forecast for the Salt Lake City real estate scene in 2022. Privacy . Homes sold fastest in Salt Lake County and slowest in Summit County. . By comparison, interest rates 20 years ago averaged between 6%-7%, and 1981 experienced interest rates of 16%. Utah house prices are significantly higher than the national average, and local salaries are not keeping up with the price growth and inflation. Branca said hes grateful that hes employed, has a handsome income, and while hes sad that the market was so difficult to navigate for his situation, it felt much worse to realize just how many other Utahns the market has priced out. The median days on the market was 70 days, up 47 year over year. How much do homes in Saint George, UT cost? If youre looking to buy or sell real estate in Utah, you want to ensure youre working with a real estate agent who can help you navigate the rapidly changing conditions of the local housing markets. It boasts some of the best snow on planet earth! I dont think were going to get a recession now, in Utah., Eskic, smiling, said he and Wood should make a bet on stage. Therefore, the Utah housing market is to be expected to slow down. Listing activity fell 8.3% from the third quarter, but that wasnt surprising given seasonal factors. If the agent you hired through FastExpert does not perform up to your expectations, we will help resolve the problem. As the demand for housing decreases as buyers find themselves priced out of the market by the increasing cost of borrowing money or postpone their homebuying plans to preserve their buying power, we can expect Utah housing prices to stabilize or diminish. So (many have) stopped new construction and consequently weve seen new production just fall off, Wood said. The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. However, like we saw during the pandemic housing frenzy, that could all vary depending on the region. As of November, that figure was down to $569,000 14% lower than the May peak but still 4% higher than in November of 2021. When he first started looking in November 2021 and into early 2022, Salt Lake Countys median single-family home price had hit $580,000, up 24% from a year earlier, according to the Salt Lake Board of Realtors. For further information about the housing market in your area, please dont hesitate to contact your Windermere Real Estate agent. Mashvisors Utah housing market forecast 2022 and pretty much all other real estate forecasts for the year have identified Salt Lake City metro area as the countrys hottest housing market-beating other burgeoning areas like Boise ID and Spokane WA. One of the most common myths going around about the Utah housing market forecast for 2022 and its present market is that it is just a bubble waiting to burst. If inflation continues to fall, as I expect it will, rates will continue to drop. There were only 31.8% of homes that had price drops, up from 10.0% of homes in January last year. My current forecast is that mortgage rates will trend lower as we move through the year. There was a 98.0% sale-to-list price, down 2.7 points year over year. Powell, the Feds chairman, has indeed called it a pandemic frenzy housing bubble, but he and other experts all have consistently said its not like 2007 and 2008. Copyright: 2023 Redfin. In addition, while year-on-year figures still show growth, monthly data is beginning to tell a different story of dropping prices, a trend that is expected to continue through the rest of 2022 and into 2023. Joining Good Morning Utah to share what to expect for Utah's housing market for 2022 is Ryan Kirkham with Summit Sotheby's and Utah realestate.com. Other Regional Data. There was a 98.0% sale-to-list price, down 2.7 points year over year. Heres what volatile mortgage rates are doing to your purchasing power, Utah housing prices down from spring peak but theyre still higher than last year. We always have deceleration in the rate of increases as the cycle plays itself out. He noted in the early 1980s there were a few (quarterly) periods where prices actually declined before hitting a positive trajectory soon after. Please note that while we have included updated and accurate Airbnb data from Mashvisor, each city and county have different rules and regulations about short-term rentals. Sign In. Peak-to-trough, with the peak being May 2022 , he expects prices to decline by a percentage somewhere in the. While Utah is below the national average in many areas, home prices have managed to remain strong. The mortgage rates will likely continue to rise compared to what they are today. All Rights Reserved, Why two housing experts disagree on how much Utah home prices will drop in 2023, priced some two-thirds of Utahns out of affording the median priced home, Housing market is correcting but Utahs affordability crisis isnt going away. Its going to be tough for real estate agents. Site Map | FastExpert, inc. 2021. But now, those days of wild buyer demand and a frenzy of seller activity is over, and real estate agents outnumber active listings. In its December 2022 monthly report, Realtor.com said its monthly housing data showed a housing market thats continuing to cool, with the number of homes for sale up by 54.7% compared to the same time last year. The Utah housing market benefits from the states attractivity, which features a strong economy and job market. The Utah housing market forecast for 2022 anticipates that more and more people will be on the lookout for property to purchase. Median listing prices were 3.6% lower than in the third quarter, suggesting that higher financing costs may have created a price ceiling. However, prices are still significantly higher and homes are selling faster compared to 2019 pre-pandemic levels, noted Daniel Hale, Realtor.coms chief economist. Compared to the third quarter of 2022, average home prices fell in every area other than Summit County, where they rose .8%. Utah benefits from a strong economy, and, despite Utah housing prices being higher than the national average, there is still more demand for houses than available inventory. But high mortgage rates, some weeks hovering over 7%, did trigger a type of collapse in demand and sales. There were only 31.8% of homes that had price drops, up from 10.0% of homes in January last year. Mortgage rates are primarily based on the prices and yields of bonds, and while bonds take cues from several places, they are always impacted by inflation and the economy at large. , The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. Contact Us, Real Estate Blog The Utah housing market has experienced consistent growth in real estate throughout the past five years, but it started to take off in mid-2020. This would place . So Branca wasnt expecting to buy his dream home. How can I get a free valuation of a home in Utah? Renters have seen a steady, heady increase in rents over the past year, making their window for buying even more narrow. One will often find him drawing, doing toy photography, or dabbling in other geeky stuff when he's not helping investors make smarter decisions. The latest housing data shows the median priced home in Utah's most populated county increased to $550,000 in the third quarter of 2021. Doing read more, Click here to browse our Real Estate Agent Directory and contact top-rated agents in your area! It was a year in which a boiling hot housing market saw historic deterioration, as Fortune put it. READ REDFIN'S, Do not sell or share my personal information. Median List Price By Bedroom Count Median List Price Compared To Nearby Cities It was the year that put homeownership far out of reach. When we look at just how much weve peaked earlier this year, I think well start seeing negative year-over-year readings late winter, early spring, Eskic said. Once the market rebounds, buyers can be in an even more powerful position when the market shifts back to a more lopsided sellers market. The Utah housing market is poised for economic growth, continually making it a desirable place to live, bringing with it a demand for homes, straining supply, and causing prices to remain and increase in value. After the next seven months, the median price. Utah Housing Market at a Glance September 2022 Even this far into 2022 with the mortgage rate hikes, Utah remains one of the hottest markets. I dont think thats happened yet.. However, as the level of Utah housing prices outstripped the national average, the demand is bound to decline as salaries are not increasing nearly as fast as property prices. Both bearded men chuckled, along with laughs and applause from the audience. Peak-to-trough, with the peak being May 2022, he expects prices to decline by a percentage somewhere in the teens, depending on what happens with interest rates over coming months. The number of newly listed homes was 1,954 and up 1.4% year over year. We hope that this information may assist you with making better-informed real estate decisions. Others argue the apartments meet the growing demand for high-end housing in Salt Lake City, it's the latest development in what's been an expensive year to find and afford a home. Compass announced a third round of layoffs on Thursday, according to The Real Deal. The latest migration analysis is based on a sample of about two It has been one of if not the most competitive markets in the US in 2021. However, because of the stiff competition, Utahns who are looking to buy property should prepare themselves not just financially and physically but also mentally. The 2021 Utah housing market will be long remembered for its record-breaking price increases. Earlier in 2021, Utah was considered as one of the hottest markets in the country, second only to Idaho. Utah Housing Market Overview What is the housing market like right now? That's a new high and a 28% jump from the median price of $430,000 in the same time period from 2020. Wood and Eskic expect a staggering 40% to 50% drop in the number of new homes produced in Utah over the next two years. Right now, the continued rise in both mortgage rates and home price have kept many out of the housing market. Yun has said the margin of price declines will likely depend on the region. The discussion between Eskic and Wood was moderated by Clark Ivory, CEO of Ivory Homes, which is Utahs largest homebuilder. In addition, people are moving to Utah because of the family-friendly environment, high-ranking school systems, and endless outdoor activities available along with the National parks. shattering the 43-year-old record of 20.1% set in 1978," wrote James Wood in the 2022 Housing Forecast Executive Report. But its not the bubble we know, The Wests sharp housing market correction: Heres how fast home prices have fallen in 4 months, Housing market is correcting but Utahs affordability crisis isnt going away. Are there enough homes for sale to meet buyer demand? Here are some of the Utah real estate market trends 2022 will bring our way: Over the past several years, Americans have been treated to near spoiled, actually by very low-interest rates. While overvalued does not necessarily mean that a housing market will crash, these markets are at a higher risk of a sharper correction when economic conditions change. Based on Redfin calculations of home data from MLS and/or public records. 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. Utah will see minor year-over-year price declines in the first and second quarter of 2023, but prices will begin to stabilize by the third and fourth quarter, he said. Therefore, Wood is predicting a couple of quarters in 2023, with home prices likely the most vulnerable in the first and second quarter of the year. It seemed like the housing market was running away from buyers, who struggled to get offers accepted due to shockingly low inventory levels. In Utah, housing prices have begun to decline, down from their peak in May, when the median sales price of Salt Lake County homes was $565,600. Oakland Real Estate Market: To Invest or Not to Invest? Areas of Utah State are also referred to as Northern Utah, SLC, Wasatch Range, and Park City. If one were to understand what the Utah housing market forecast 2022 is implying here is that renters are facing bigger challenges of acquiring their own properties. This current environment allows experienced and knowledgeable agents to negotiate more seller concessions, which can help buy down the rate, giving the buyers a more affordable and competitive monthly payment. Its important to keep a tab on the housing market and current trends. Short-term correction followed by continued growth and price increases. However, in the wake of the Feds aggressive monetary policy, the price growth is not sustainable. This, combined with higher mortgage rates, likely impacted sales in the fourth quarter. In January 2023, there were 8,551 homes for sale in Utah, up 81.9% year over year. Here are the latest figures, The Wests housing crunch began over a decade ago. Search and compare real estate agents near you. When they were 30 in 1994, they purchased their second home for around $120,000 on a combined income of around $85,000, Branca said. Theycan also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. They also anticipate prices to grow 8.5% and sales to grow 15.2%. Search for a realtor or service professional, Already have a FastExpert account? To Eskic, 2022 was the year of the Fed. In his mind, it was a federal miscalculation to raise borrowing rates so high and so fast after two runaway years. However, it is also the third-most populous city in Utah, with a population of 116,961. Realtor.com recently named the Salt Lake City region as the expected No. With nearly 2,000 miles of shoreline, Lake Powell possesses endless outdoor adventures. Each year, the Sal. Keep in mind, however, that during the pandemic housing frenzy from early 2020 to late 2022, the nations median home price ballooned by over 41%, so even if the most pessimistic predictions pan out, they arent slated to erase the historic price gains seen over the last two years. -0.63% home value decrease month over month. Realtor.com anticipates Salt Lake City metro home-price growth will be at 8.5% and home-sales growth at 15.2% in 2022. When he thinks about what his parents life was like in the same window of time in their lives, he said it blows his mind. Should You Invest in the Phoenix Housing Market in 2020? South Carolina Housing Market 2023 Report, North Carolina Housing Market 2023 Report. With a $105,000 annual income, Branca said he was approved to buy a $550,000 home. You can find some of the most distinguished and reputable real estate agents using Mashvisors real estate agent directory. However, the spike in listing prices, mortgage rates, and rents will somehow be offset as income is also expected to rise. With the rise of interest rates, a significant economic shift is occurring and we will likely see Utah home sales temper buyer demand. Starting in March 2022, the Federal Reserve Bank initiated an aggressive interest rate hike policy as a means to fight back against inflation. Outdoor adventures much do homes in January 2023, there were 8,551 for... Games, and Park City the Salt Lake City metro home-price growth will be long remembered for its price. Rise compared to the real Deal then the rates hit and they were left holding the bag Eskic! Fourth quarter homes sold in the 2022 housing forecast Executive Report 47 year over year strong economy and limited inventory!, homes in January last year push against price declines will likely continue drop! Their window for buying even more narrow in Saint George, UT cost:. 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