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. There were only 31.8% of homes that had price drops, up from 10.0% of homes in January last year. After the next seven months, the median price. This is the MOST ACCURATE UTAH Housing Market Forecast for 2022. For this reason, despite the high median property price, investors in rental properties are most likely to enjoy very good returns. With rates hitting record lows of 2%, things are about to change in 2022 as recent trends on 30-year fixed mortgages have already come very close to 3%. Listing activity fell 8.3% from the third quarter, but that wasnt surprising given seasonal factors. The Ha read more, Click here to browse our Real Estate Agent Directory and contact top-rated agents in your area! The median sale price for a house in Salt Lake City has reached $550,000, increasing by 6.3% compared to the previous year, and the median number of days on the market was 32, compared to 17 in September 2021. Book an appointment today. Oakland Real Estate Market: To Invest or Not to Invest? By comparison, interest rates 20 years ago averaged between 6%-7%, and 1981 experienced interest rates of 16%. Connect with an Agent Historically speaking, real estate only becomes more expensive over time. If you are using a screen reader, or having trouble reading this website, please call Redfin Customer Support for help at 1-844-759-7732. It took an average of 55 days to sell a home during the fourth quarter. (Now) its resetting, its balancing, its coming down.. Will it pop or deflate?, A U.S. housing bubble is brewing. Even a two-year period will historically yield an increase in equity in the Utah housing market. increase. 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. 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. By April, mortgage rates had begun shooting up. While Utah is below the national average in many areas, home prices have managed to remain strong. Property values will likely decline over the next 6 to 12 months and then flatten in the Utah housing market. These numbers are nothing to worry about, as they indicate a return to a more balanced housing market in Utah. 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. If they hadnt been so aggressive in 2020 and 2021, wed be talking about unemployment now rather than inflation. He also noted it was really Congress that juiced the economy with so much one-time stimulus money, not the Fed. 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. So youll find the deals with the homebuilders, but youre not going to find the deals on (existing) homes, Eskic said. Such a decline is extremely unlikely in Utah in 2023 and 2024, Wood wrote. FastExpert partner and Utah real estate agent, Preston Hicks, shares his professional perspective on the Utah housing market. CA License #01950016. Eskic has a more bearish outlook. No, you shouldnt wait to buy a home. Heres why, The Wests sharp housing market correction: Heres how fast home prices have fallen in 4 months, Home sales are crashing down to reality in the West, 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. Thats a good thing, because they were overpriced anyway, right? Perry said. Areas of Utah State are also referred to as Northern Utah, SLC, Wasatch Range, and Park City. Boating in Utah can be an unmatched experience. One of the many reasons, and perhaps one of the most important reasons folks are moving to Utah, is because this great state boasts one of the strongest economies and job markets in the Nation. Realtor.com isn't the only group offering a strong forecast for the Salt Lake City real estate scene in 2022. , Homes that sold above list price likely received multiple offers. As a result, average days on market have increased, and sellers are becoming more open to negotiation. Buying read more, FastExpert, Inc is a California Licensed Broker. When you look around at those who are not in as comfortable of a position, well, what options do they have at all?. The average sale price in the fourth quarter rose a modest .6% from the fourth quarter of 2021 to $604,105. The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. They. Compass announced a third round of layoffs on Thursday, according to The Real Deal. There are currently 8,551 residential homes for sale in the United States. Although demand has softened compared to last year, pushing home price growth into single-digit territory for the first time in 12 months, moderation in home price growth may encourage more buyers to return to the market in the months ahead, and may also be welcome news for sellers aiming to sell and buy at the same time., Copyright 2023 Deseret News Publishing Company. A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive. increase. In his report for Utah, Wood wrote its very unlikely that the recent price run-up represents a housing bubble, though he added, We dont know if a bubble exists until after it bursts. He cited Alan Greenspan, an economist and past chairman of the Federal Reserve, who defined a housing bubble as a prolonged period of housing price declines. So far, Utah home prices are still up year over year, but theyve so far fallen over 9% from their peak in May, according to Eskic. Salt Lake Housing Market Forecast with Real Estate Prices for 2032: August 2032: Open: 666286: Min: 635950: 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. The average months of supply is 3 months, up 3 year over year. Nationwide, housing pandemic hot spots in the West have been among the first to see sale prices slashed. Homes that sold above list price likely received multiple offers. The market was suddenly plunged into ice cold water when the Federal Reserves war with record levels of inflation sent mortgage rates skyward, and the mask that helped drive home prices so high suddenly lifted. 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. 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. Utahs housing market is starting to feel the rising interest rates, resulting in plateaued price growth. In addition, Utahs median listing price is 36% more than homes across the United States. Weve been spoiled with historically low mortgage rates over the past decade. Salt Lake City is the capital and most populous city of Utah, with a population of 200,133, Salt Lake City housing market is somewhat competitive, with listed properties receiving three offers per listing and 24.5% of them selling above the asking price. High-cost areas like San Francisco, he said, will see a 15% price decline. Salt Lake City Real Estate Market Forecast, Salt Lake (Utah state) home price prediction. However, in the wake of the Feds aggressive monetary policy, the price growth is not sustainable. Each year, the Sal. The rental market is not affordable and is experiencing high rental prices. The discussion between Eskic and Wood was moderated by Clark Ivory, CEO of Ivory Homes, which is Utahs largest homebuilder. There are currently 8,551 residential homes for sale in the United States. The Utah housing market benefits from the states attractivity, which features a strong economy and job market. Thats where it gets tough. 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. In January 2023, 17.5% of homes in Utah sold below list price, down 27.8 points yearover year. It will test their mettle and resolve as it will be an exercise in decision-making and patience. Historically low-interest rates, job growth, and pandemic conditions made Utah a highly attractive state for both homebuyers and investors. Hed hoped for a modest single family home, a starter home to share with his partner, to at least get their foot in the door of home ownership and out of the one bedroom, one bathroom apartment theyre currently renting in Salt Lake City. If you divided your housing price by your annual income, it was 2.6. The median price of a home in the United States is currently $518,200. With uncertainty in the economy, predictions for Utahs housing market vary greatly. Just to give you an idea, Utah Association of Realtors president Dave Robison said that in-migration is hugely impacting Utah real estate. The Typical U.S. Home Changes Hands Every 12 Years, Down From 2020 Peak, Market Recovery Hampered by High Housing Costs, Low Supply in January, Housing Market Update: Sale Prices Flatten, Demand for Mortgages Falls as Rates Climb, Housing Market Predictions 2023: A Post-Pandemic Sales Slump Will Push Home Prices Down For the First Time in a Decade, Redfin Predicts a More Balanced Housing Market in 2022, Housing-Market Mayhem: U.S. Home Sales Likely to Hit Record High of $2.5 Trillion In 2021, REDFIN IS COMMITTED TO AND ABIDES BY THE FAIR HOUSING ACT AND EQUAL OPPORTUNITY ACT. Utah Housing Market Overview What is the housing market like right now? What is the housing market like in Cache County today? Lake Powell can drop your jaw around every bend of the gorgeous reservoir with 200-foot cliffs. of $518,200. Even this far into 2022 with the mortgage rate hikes, Utah remains one of the hottest markets. Utah rallied relatively quickly back to a strong economy compared to the other 49 states. The beautiful Rocky Mountains are our backyard, giving us an unlimited opportunity for outdoor experiences of any kind! Already have a FastExpert account? 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. Joseph Branca, left, makes a drink while his partner Scotty Fletcher makes dinner at their apartment they rent in Salt Lake City on Thursday, Dec. 29, 2022. While they both agree the market is in the midst of a price correction after two years of runaway demand amid the pandemic housing frenzy, they have differing outlooks for just how deep that price correction will run next year. Some investors flip houses, others wholesale them. Focus on the unbelievable increase you have gained over the past 10, 5, or even 2 years! With nearly 2,000 miles of shoreline, Lake Powell possesses endless outdoor adventures. Like West Valley City, West Jordan is considered to be a suburb of the capital city Salt Lake City. Check! 36 days on the market. So Branca said he made the decision to back out of the market, hoping to maybe consider buying again when interest rates and potentially prices come down. If you find it useful, please properly attribute this resource with a link. It completely snowballed out of control., That $4,200 monthly payment would have been for a home on the very upper end of his budget, Branca said, and never one that I was actually considering, but certainly one that I should have been able to consider. Wood, the Ivory-Boyer Senior Fellow at the University of Utahs Kem C. Gardner Policy Institute, detailed his forecast report commissioned by the Salt Lake Board of Realtors, explaining why he still feels optimistic for real estate even if 2023 wont be a year of celebration.. price indicates that the housing market is competitive and bidding wars are becoming more common. Single Family Rentals Facing Challenges in 2023, January 2023 Mortgage Rates: What to Expect, Existing Home Sales Fall in November 2022. Its more likely that as mortgage rates continue to decline, the market will find a solid floor in the summer and prices will resume their upward trend as we move into the fall. The governor said his proposed budget should translate to about 1,100 new low-income units across the state. So unless we have a real serious recession, I think prices have some support given our economy., Wood also said even if home prices dropped 10%, they wouldnt set off a wave of foreclosures, unlike what happened in 2008, which just pulled prices down. Alfred is a content writer with years of experience writing about the US housing market. Given the Utah housing market forecast 2022, here are the top real estate markets any wise investor can add to their real estate portfolio. 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. The average annual profit of property investment was: 10.098% in 2018; . Cache County Housing Market Trends. Search for a realtor or service professional, Already have a FastExpert account? The demand is causing local buyers to cut corners by foregoing home inspections and appraisal contingencies just to beat the competition. 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. Thats the story of 2022. Now, we still have a very strong job market, and we expect the growth rate is going to come down a little bit in 2023 in jobs, but I still think its going to be a strong market, Wood said. So (many have) stopped new construction and consequently weve seen new production just fall off, Wood said. However, during the Great Recession, prices declined for years before accelerating again. 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. Contact Us, Real Estate Blog Historically, even if the nation experiences economic troubles, Wood said Utahs strong employment economy typically makes the state resilient. 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. 2020 further increased that number to almost 73% as median home sales prices reached $380,000. How can I get a free valuation of a home in Utah? The median sale price was up 5.6% in September 2022 Y-O-Y, but the number of homes sold dropped 26.7%. 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. Major Utah cities covered in this report: These Utah real estate reports, data, forecasts, and market trends are provided for informational use. Homes are under construction in South Jordan on Wednesday, Dec. 21, 2022. Well, perhaps I cantAlthough based on facts, I believe I can. Affirming this projection, Wood asserts . Real estate investors number by the thousands in the US. Property prices still remain high. Home prices skyrocket amid early pandemic months due to bidding wars and a shortage of active listings. Therefore, the Utah housing market is to be expected to slow down. If 2022 was a roller coaster year for the housing market, 2023 is expected to bring a painful but necessary real estate hangover. Rising financing costs will hinder housing demand and we may see home sales cooling. REDFIN and all REDFIN variants, TITLE FORWARD, WALK SCORE, and the R logos, are trademarks of Redfin Corporation, registered or pending in the USPTO. Key Market Stats for the Utah Housing Market According to September 2022 data, some of the key market stats for the Utah housing market appear as follows: Median home price: $533,500 - a 5.6% Y.o.Y. It was the year that put homeownership far out of reach. 1 housing market in the nation for 2022. After a peak of the housing market in May 2022, when the Utah median home price reached a record $577,500, Utah house prices have slowly been decreasing, although they remain higher than they were the year prior. While at the beginning of the year, homebuyers could purchase a home at an interest rate of around 3%, currently borrowers are looking at more than 7%. Homes on the market: 11,172. The migration during the Pandemic contributed to the increased demand in the Utah housing market and an increase in housing prices. Do not sell or share my personal information. Roughly two-thirds of the population live in the Wasatch Front in the north-central part of the state, which includes the capital city, Salt Lake City. The impact of the correction on Utahs real estate market should be softened by its robust economy and limited home inventory. There were 73 homes sold in December this . Median home price for Salt Lake residents over the last year was $564,062. Eskic, however, is predicting Utah home prices will drop 9% year over year in 2023. The Utah housing market is amid a major shift. Heres why, 2021: The year of the shocking home price, Utah made a dent on its housing shortage in 2021 but is still 31,000 units short, Buying a house? There was a 98.0% sale-to-list price, down 2.7 points year over year. First-time homebuyers will need to be successful in the 2022 housing market if we are going to see the homeownership rate begin to climb again. Compared to the third quarter of 2022, average home prices fell in every area other than Summit County, where they rose .8%. If you ask Branca, 2022 definitely wasnt the year for buyers either. Predictions include price drops, terrible consolidation, but better buyer balance, 2022 was a roller coaster year for the housing market, growing number of experts and firms are predicting U.S. home prices will fall, nations median home price ballooned by over 41%, The great reset of 2022: The year the Fed had no mercy on the housing market, U.S. navigating pandemic housing bubble, Fed chairman says. The flood of new residents that started in 2020 has not slowed due to low unemployment rates, low taxes, and affordable housing. 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. Therefore, the impact of increasing interest rates has been felt more in the state than in other parts of the country. So its really tough to say, but I think its going to be minimal negative, or negative positive, Yun said. There were only 31.8% of homes that had price drops, up from 10.0% of homes in January last year. Login. Like, they were not outrageous houses or homes that would have been that (price) five or 10 years ago.. In 2021 the average interest rate was 2.96%, the lowest interest rate that FreddieMac measured since 1971. A realty sign at a property in the Salt Lake City on Friday, Jan. 6, 2023. However, because of the stiff competition, Utahns who are looking to buy property should prepare themselves not just financially and physically but also mentally. With the market starting to change, weve seen a decrease of 25.3% in sales in the Utah housing market, and 49% of homes had price drops. 30-year mortgage rate: 5.59000%. Like many other housing markets around the country, the Utah housing market has reached new heights during the pandemic as a result of a perfect storm of low inventory, high demand, and interest rates near historic lows. Mashvisor is a website that offers real estate investors access to several tools and a wide range of updated and accurate data to help make the process of finding a suitable investment property faster and easier. 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. I call it the great debate, Ivory said. Search and compare real estate agents near you. This, combined with higher mortgage rates, likely impacted sales in the fourth quarter. Real Estate Investing for Beginners: Where to Invest in Real Estate, Airbnb Rental Income in 2021: The 100 Best US Cities, Why You Should Be Investing in San Antonio Real Estate, Top 9 Most Profitable Airbnb Locations with Double-Digit Cash on Cash Return, Research Shows the Nashville Housing Market Is Hot for 2019. The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. They can step back and wait for the dust to settle., As a result, Wood predicted price declines that have been tumbling since May will stabilize by the third quarter of 2023, and the annual median sales price for 2023 will likely be within a few percentage points one way or another of 2022., Worst case scenario, Wood added, prices down about 5%; best case scenario, prices equal to 2022.. Statewide, housing . Hes predicting Utah home prices will drop 9% year over year in 2023. must have viewed at least 10 homes in a three month period. He has a natural inclination to the arts and creatives. In January 2023, 17.5% of homes in Utah sold below list price, down 27.8 points year. 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