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. About Us Inventory levels have skyrocketed, with the average number of homes on the market up a remarkable 248% from the same period in 2021. Check! For September of 2022 Utah saw the median sale price remain flat compared to August and is still up almost 6% from 2021. Even with the recent slowdown, a correctly priced home will sell, and it will sell with record equity growth over the last 10-year average. 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. Utah Housing Market Forecast, What To Look For In 2022 The housing market in 2021 made the "American dream" feel more and more out of reach for a lot of people. Realtor.com has predicted that the Salt Lake City region will be the top housing market in the country for the year with an anticipated price and sales growth of 8.5% and 15.2% respectively. The average months of supply is 3 months, up 3 year over year. Even before COVID swept across the world, the Utah housing market was already out of reach for 63% of renter households. Despite the expensive prices, the inventory cannot keep up with the growth pace. The counties covered by this report added more than 35,000 new jobs over the past year, which was also a growth rate of 2.6%. Sellers are reducing prices as homes stay on the market longer. Site Map | FastExpert, inc. 2021. They also anticipate prices to grow 8.5% and sales to grow 15.2%. 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. The top 5 states homebuyers searched to move to were Florida, Texas, Tennessee, Arizona, and South Carolina while California, New York, District Of Columbia, Illinois, and Massachusetts were the top 5 states homebuyers searched to move from. The average rate for 2022, based on the forecasts of seven organization . This dataset excludes all rentals data. Heres why, Why are house prices so high? 27.7% of homes sold above the asking price. Just remember, pricing has never been more critical than right now. On average, homes in Cache County sell after 57 days on the market compared to 12 days last year. Once the market rebounds, buyers can be in an even more powerful position when the market shifts back to a more lopsided sellers market. Heres why, Buying a house? Property prices still remain high. The average time it took to sell a home in the counties covered by this report rose 27 days compared to the same period in 2021. Affirming this projection, Wood asserts . Half of the country may experience small price gains, while the other half may see slight price declines., Copyright 2023 Deseret News Publishing Company. 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. That is, after a summer of twist and turns, when prices peaked, interest rates went sky high, buyers were shocked out of the market, and sellers were saying, Wait, how come were not selling the home in two days? 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. 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. Other Regional Data. Like many other housing markets in the United States, the Utah housing market follows seasonal trends. Wallethub found Utah is the. Theyre both confident Utahs job market is strong enough to avoid sweeping foreclosures and that housing demand will continue due to the states rapid growth and pervasive home shortage. The cops came, quipped Dejan Eskic, senior research fellow at the University of Utahs Kem C. Gardner Policy Institute, one of Utahs leading housing experts. 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. Utahs housing experts continue to shy away from the word crash, since what happened in 2022 is still nothing like what happened after the 2006 housing bubble popped. But Wood is more bullish than Eskic. So unless we have a real serious recession, I think prices have some support given our economy.. There are currently 8,551 residential homes for sale in the United States. Updated January 2023: By searching, you agree to the Terms of Use, andPrivacy Policy. Will it pop or deflate?, A U.S. housing bubble is brewing. Just to give you an idea, Utah Association of Realtors president Dave Robison said that in-migration is hugely impacting Utah real estate. By Eskics calculations, 79% of Utah households couldnt afford the states median priced home as of the third quarter of 2022. Why is it taking two weeks, a month, six weeks?. If inflation continues to fall, as I expect it will, rates will continue to drop. According to data collected in September 2022, the latest available at the time of writing, the median sale price for a house in Utah stood at $533,500, representing a 5.6% increase compared to September 2021. The rising inventory, coupled with listing price growth dropping below 10% for the first time in a year, offers some positives for homebuyers, Realtor.com stated in its report, as they may have more options and more time to make a decision on a home purchase.. 2022's housing market follows Utah's hottest housing year ever . Industry experts and analysts have recently released their different takes on various US housing markets. They also anticipate prices to grow 8.5% and sales to grow 15.2%. While Eskic said he agrees with Wood about Utahs strong job market, but were operating in a different environment because of the rates and prices.. Utah faces a shortage of 31,000 homes. What is the housing market like right now? Along with his love of family, he has a very strong competitive spirit, is passionate about personal development, and truly cares for others. Eskic, however, is predicting Utah home prices will drop 9% year over year in 2023. I like the word contraction better than collapse, said Jim Wood, director of research and science and the Ivory-Boyer senior fellow at the Kem C. Gardner Institute. When is the best time to buy a house in Utah? Love hunting, fishing, or anything outdoors? It was the year that put homeownership far out of reach. We dont have that.. How is the real estate market in Utah? Will it pop or deflate?, disagree over how much home prices will decline, Why two housing experts disagree on how much Utah home prices will drop in 2023, Housing market is correcting but Utahs affordability crisis isnt going away. , The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. The ones who are truly making money in real estate in Utah are the investors. Eskic, however, is predicting Utah home prices will drop 9% year over year in 2023. The rental market is not affordable and is experiencing high rental prices. Dont focus on the loss you may believe you are experiencing if you sell today. The beautiful Rocky Mountains are our backyard, giving us an unlimited opportunity for outdoor experiences of any kind! Winter sports are a highlight in Utah. The number of newly listed homes was 1,954 and up 1.4% year over year. 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%. Even as the cost of borrowing falls, home prices in expensive markets will probably fall a bit more to compensate for rates that will likely hold above 6% until early summer. In the final quarter of 2022, 5,145 homes sold in the areas covered by this report. 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. Some investors flip houses, others wholesale them. Wasatch County makes its way to our Utah housing market forecast for 2022 because it has attracted big-city folks from San Francisco and New York for relocation. Median listing prices were 3.6% lower than in the third quarter, suggesting that higher financing costs may have created a price ceiling. 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. Scotty Fletcher, left, and his partner Joseph Branca hang out in their living room in the apartment they rent in Salt Lake City on Thursday, Dec. 29, 2022. Look at housing prices, they were sticky. The Utah housing market is amid a major shift. Oakland Real Estate Market: To Invest or Not to Invest? How to Find Multi Family Homes for Sale in 2020. over year. Historically, brief and prolonged price declines in Utah went hand in hand with joblessness and recessions, both of which dont seem likely in the next two to three years. How much do homes in Saint George, UT cost? The party was over. Windermere Foundation The ongoing upward movement of median home prices is caused by buyer competition and great urgency to acquire property ahead of rising interest rates. Right now, the continued rise in both mortgage rates and home price have kept many out of the housing market. 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%. The Midwest, he said, will likely see minimal price increases.. 2024 will be better, Jim Wood, one of Utahs leading housing experts, told the crowd gathered at the Grand America Hotel in Salt Lake City for the Salt Lake Board of Realtors 2023 housing forecast Friday. This speedometer reflects the state of the regions real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors. 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. 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. Eskic, however, is predicting Utah home prices will drop 9% year over year in 2023. Homes sold fastest in Salt Lake County and slowest in Summit County. Even as mortgage rates in recent weeks have ticked down slightly, economists are expecting higher rates to continue to dampen sales throughout 2023. The National Association of Realtors, however, is predicting 2023 will be a year the market will regain normalcy, expecting mortgage rates to stabilize, home sales to sag and prices to moderate. The average annual profit of property investment was: 10.098% in 2018; . Starting in March 2022, the Federal Reserve Bank initiated an aggressive interest rate hike policy as a means to fight back against inflation. There were 73 homes sold in December this . Lake Powell can drop your jaw around every bend of the gorgeous reservoir with 200-foot cliffs. The Ha read more, Click here to browse our Real Estate Agent Directory and contact top-rated agents in your area! Considering how crazy the market was in 2020 and 2021, here is the Utah housing market forecast 2022 edition. High-cost areas like San Francisco, he said, will see a 15% price decline. whether homes are becoming more or less affordable. The discussion between Eskic and Wood was moderated by Clark Ivory, CEO of Ivory Homes, which is Utahs largest homebuilder. The lights shut off. However, because of the stiff competition, Utahns who are looking to buy property should prepare themselves not just financially and physically but also mentally. A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive. The cops came and busted everyone.. Buyers finally have market power. 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. 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. 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. With uncertainty in the economy, predictions for Utahs housing market vary greatly. After a big boom over the past two years, there will essentially be no change nationally in home prices in 2023, said the National Association of Realtors chief economist Lawrence Yun. 30-year mortgage rate: 5.59000%. Theres going to be a terrible consolidation, he said, though he added he believes ultimately itll be good for the industry., In 2020 and 2021, when Congress was writing COVID-19 stimulus checks, Kelman said real estate diversified in an interesting way because those stimulus checks allowed people to experiment with real estate.. A realty sign at a property in the Salt Lake City on Friday, Jan. 6, 2023. 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. Overall, Yun has predicted U.S. home sales to fall by 6.8% in 2023 compared to 2022, and he expects home prices to increase only 0.3%, or essentially flatline. Imagine earning over $100,000 a year and being qualified to buy a half-million-dollar home but still not being able to swing it. Utah Housing Market Forecast 2022: The Complete Guide, Step-by-Step tips on using real estate analytics, Top Investment Properties for Sale in Midway, Top Investment Properties for Sale in North Ogden, Top Investment Properties for Sale in Ogden, Top Investment Properties for Sale in Orem, Top Investment Properties for Sale in Payson, Top Investment Properties for Sale in Provo, Top Investment Properties for Sale in Salt Lake City, Top Investment Properties for Sale in Sandy, Top Investment Properties for Sale in Santa Clara, Top Investment Properties for Sale in St. George, Orlando Real Estate: Top 10 Neighborhoods to Invest In, How to Find Investment Property in the Los Angeles Real Estate Market 2018, Tampa: Hot Weather, Hot Real Estate for 2017, Hawaii Real Estate: Most Affordable Places for Traditional and Airbnb Investments 2018. He noted in the early 1980s there were a few (quarterly) periods where prices actually declined before hitting a positive trajectory soon after. The Utah housing market became one of the most competitive in the country, especially in areas like Salt Lake City and St. George. 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. They can also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. 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. 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. 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. These factors positioned Utah in the top spot on the Bankrate Housing Heat Index. Market time rose 22 days from the third quarter of 2022. Scotty Fletcher, left, and his partner Joseph Branca pose for a photo in their apartment they rent in Salt Lake City on Thursday, Dec. 29, 2022. (Now) its resetting, its balancing, its coming down.. Like Salt Lake City, the West Valley City housing market is competitive, with listed properties receiving four offers on average and selling after 41 days on the market. 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. In January 2023, 17.5% of homes in Utah sold below list price, down 27.8 points year. Historically, Utah has weathered downturns and national economic disasters with less adverse effects than the other 49 States in the Union. The jarring pace of Utah's housing market and its impact on Utahns "is why we think these investments are so important," Cox said. Its important to keep a tab on the housing market and current trends. However, the spike in listing prices, mortgage rates, and rents will somehow be offset as income is also expected to rise. Love hiking, biking, or camping? (2023), Cost of Living in Hawaii: What You Need to Know (2023), How to Find the Best Mortgage Rates (2023), Outdoor activity opportunities are unlimited. Price growth rates, especially in 2021, were nothing short of astounding. Over 2022, the Federal Reserve has been battling sky-rocking inflation with their number one weapon, interest rates. Average home value: $562,693. REDFIN and all REDFIN variants, TITLE FORWARD, WALK SCORE, and the R logos, are trademarks of Redfin Corporation, registered or pending in the USPTO. TREC:Info About Brokerage Services,Consumer Protection Notice. Housing prices are deemed overvalued when their local incomes, job market, and economy do not support the sale prices. The latest migration analysis is based on a sample of about two To ensure a good return on investment, we encourage real estate investors to perform their due diligence and seek out the help of local Utah real estate professionals. RELATED: 'It's daunting:' How housing costs are affecting Utah's ski resort staff Listing prices, rents, and mortgage rates are all expected to climb while income rises. 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. On average, the number of homes sold was down 34.7% year over year and there were 1,769 homes sold in January this year, down 2,712 homes sold in January last year. 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. While neither Wood nor Eskic are predicting a catastrophic, 2007-like crash, they do expect 2023 to be a challenging year, especially for homebuilders that leaned hard into speculative building in 2021. The average months of supply is 3 months, up 3 year over year. Yes! The question is, how far will that correction run and what will it mean for home prices in 2023? Wood interjected, saying hes got to defend the Fed. 1 housing market in the nation for 2022. 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. Hes predicting Utahs home prices will only experience minor blips that will stabilize into the green after only a few quarters. Home sales: 3,219 - 26.7% less than a year ago. Salt Lake City Real Estate Market Forecast, Salt Lake (Utah state) home price prediction. If you would like to buy a house in this dynamic state, the best time to house hunt is in the early spring (April) when inventory is at its highest in preparation for the hot summer real estate market, and Utah house prices are at their lowest. Median home price: $533,500 a 5.6% Y.o.Y. Nationwide, 25% of homebuyers searched to move to a different metro area between Nov '22 - Jan '23. Even with todays rising mortgage rates, it will continue to be the time to buy a house in Utah. If you ask Perry, they have a silver lining. What is the housing market like in Cache County today? Here are what other organizations and firms are predicting: Glenn Kelman, CEO of Redfin, predicted on a Jan. 4 episode of Barrons Live that the real estate market, particularly when it comes to real estate agents, will experience a painful constriction in 2023. It took an average of 55 days to sell a home during the fourth quarter. 2020 further increased that number to almost 73% as median home sales prices reached $380,000. This would place . From peak-to-trough, with the peak being May 2022, he expects prices to decline by a percentage somewhere in the mid to low teens, depending on what happens with interest rates over coming months. We went through a real roller coaster ride the past couple of years mainly because of the pandemic. And while the days of sub-3% rates are gone, they are not expected to go exorbitantly high. FastExpert partner and Utah real estate agent, Preston Hicks, shares his professional perspective on the Utah housing market. Next came Sacramento, Las Vegas, Phoenix, and Tampa. 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. I call it the great debate, Ivory said. Our Utah real estate market data is updated quarterly to aid in your real estate forecasts. However, like we saw during the pandemic housing frenzy, that could all vary depending on the region. 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. How far will they fall? So I hope the industry is close to right-sized and things can get better from here, Kelman said. Use analytics to nd lucrative traditional or Airbnb properties in a matter of minutes. Cache County Housing Market Trends. They didnt go down.. Once the Fed slows inflation by continued interest rate hikes, they will have to ease the tightening by making money more affordable and accessible. At the very least, folks can expect some sort of moderation over the next few years but not a decline. 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. It just seems so odd to be in such a comfortable position and not have that as a practical option. Utahs housing experts disagree over how much home prices will decline, though they remain confident that 2023 will not bring a full blown, 2007-like crash, and that Utahs strong job economy will still largely insulate it from any negative impacts of a recession. 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? Forecasted home price change: +8.5%. Homes that sold above list price likely received multiple offers. Here are the latest figures, The Wests housing crunch began over a decade ago. Peak-to-trough, with thepeak 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. Therefore, the Utah housing market is to be expected to slow down. Thats where it gets tough. Eskic said it all comes down to affordability. Even this far into 2022 with the mortgage rate hikes, Utah remains one of the hottest markets. 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. Months supply of inventory: 3 - up from 1 in September 2021. Homes in Big Willow Creek Estates are under construction in Draper on Friday, Nov. 11, 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. 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