Real estate in Salt Lake City and the surrounding metropolitan areas is set for another record setting year. Incredibly low inventory, low unemployment, and high demand due to out of state relocations and a young first time home buyer demographic, have led to a perfect storm for rising prices.
James Wood, Ivory-Boyer senior fellow at the Kem C. Gardner Policy Institute, said the median sales price of a single-family home will rise 5% to register at $400,000 for the first time, while the median price for condominiums/town houses will climb 10% this year and could reach the $300,000 milestone next year.
Some of the most sought after communities like Cottonwood Heights, Millcreek, Sugarhouse, and downtown Salt Lake City may experience even greater growth. Demand for affordability is pushing other surrounding neighborhoods pricing as well, with areas like Rose Park and Glendale seeing explosive growth.
Upcoming developments like Olympia Hills in Salt Lake County’s south west quadrant are sure to bring in new growth, and surrounding areas will experience pricing gains as new homes bolster existing sales.
If you’re on the fence about buying along the Wasatch Front, waiting could end up costing you thousands. City Lights Real Estate is dedicated to providing personal attention to your needs, with services like mortgage advising (yes, getting a mortgage should be a consultation, not merely an application!) and insurance, we can walk you step by step through the entire process from start to finish.
Check the article on Salt Lake City’s Real Estate pricing forecast from local news outlet KSL.
https://www.ksl.com/article/46705928/utah-housing-prices-expected-to-continue-rise-to-record-prices