2022 was a year of sustained, yet slowed growth for the Salt Lake housing market. As 2023 unfolds, many are wondering if we’ll see a continued rise in prices, a small dip, or an all-out crash. Here are our best predictions for what this year has in store.
There were many signs of returning stability in the housing market over the past quarter as we saw the effects of the pandemic nearing their end. Demand for homes is gradually coming back in line with supply, and home prices are stabilizing as well.
Salt Lake County’s housing market saw significant growth in the second quarter of 2022 but will it sustain over the year? An onset of new market trends, rising home prices, and mortgage rates have led many people to ask that question. The housing market in Salt Lake County is slowly inching towards stability which was recently shaken by the Covid pandemic. To understand what this means for sellers and buyers, let’s take a deeper dive into Salt Lake County’s housing market.
While this time of the year tends to be somewhat slower when it comes to real estate, Salt Lake County has continued its uptick through the first quarter. Since it’s still a seller’s market, this has continued to have a considerable impact on the number of homes available to potential buyers.
Will the housing market in Salt Lake continue to grow in 2022? If so, how much more growth can be sustained before another housing market bubble bursts? How far will interest rates rise over the year and how will we deal with a historic shortage of housing stock?
The numbers for the housing market in Salt Lake showed growth in the fourth quarter, much as they have throughout the year. Homes are commanding higher sales prices and spending less time on the market—even as the number of sales dipped. Here’s a deeper dive into the numbers and what they mean for both home buyers and sellers in Salt Lake.
The third-quarter housing market numbers are good news for sellers in Salt Lake City. These numbers, along with the low interest on home mortgages and low state taxes in Utah, mean the housing market should remain healthy at least in the short term if not longer. This makes it a good time for current homeowners to upgrade or downsize and for first-time buyers to shop for their dream home in Salt Lake.
If you’re looking to be one of these new homebuyers looking to lock in a mortgage on a home in Salt Lake, you should know which factors are affecting the market right now.
Will the real estate market in Salt Lake go in an upward or downward direction? Are home prices still increasing? How long is it taking to sell homes? We answer all these questions.
One positive thing we can always look back to in 2020 is the real estate market performance. Curious to know how the Salt Lake market did during Q4 2020? Click this post!