Meanwhile, new home construction. 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. Dont wait. Median listing prices were 3.6% lower than in the third quarter, suggesting that higher financing costs may have created a price ceiling. Despite the wild 2021 ride we all took inflation, a spike in gas prices, and a persistent global health crisis 2022 is looking to be another unique year for the Utah real estate market. But having price declines is really unusual, Wood said. Additionally. Realtor.com anticipates Salt Lake City metro home-price growth will be at 8.5% and home-sales growth at 15.2% in 2022. You can find some of the most distinguished and reputable real estate agents using Mashvisors real estate agent directory. For this reason, despite the high median property price, investors in rental properties are most likely to enjoy very good returns. Utah home prices remain significantly higher than the national average. Neither Wood nor Eskic are predicting a catastrophic, 2007-like crash that sent the global economy tumbling into the Great Recession. Dont focus on the loss you may believe you are experiencing if you sell today. Therefore, the Utah housing market is to be expected to slow down. Over the next 12 to 18 months, Eskic said he expects homebuilders to offer big discounts. Not necessarily dramatic price drops, but more buyer incentives and rate buydowns, perhaps offers to finish basements. 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 fi read more, Click here to browse our Real Estate Agent Directory and contact top-rated agents in your area! When is the best time to buy a house in Utah? How can I get a free valuation of a home in Utah? Significantly higher inventory levels gave buyers a lot more options than they have become accustomed to. Or if its little more meaningful declines, a 10% decline, take advantage of those because 10 years from now youll see much better conditions.. 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. Families flourish in Utah. 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. Although predicting the future is always an exercise of caution, it is unlikely that the Utah housing market will collapse in 2023. It was a year in which a boiling hot housing market saw historic deterioration, as Fortune put it. Sign up now for a free 7-day trial and get 15% off on your subscription. So (many have) stopped new construction and consequently weve seen new production just fall off, Wood said. Utah house prices are significantly higher than the national average, and local salaries are not keeping up with the price growth and inflation. Yes! While that remains to be seen, whats clear is that demographic tailwinds will keep the demand for housing robust this decade. Utah remains a sellers market as inventory levels have yet to return to their pre-pandemic levels. So youll find the deals with the homebuilders, but youre not going to find the deals on (existing) homes, Eskic said. But Wood is more bullish than Eskic. 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. These numbers are nothing to worry about, as they indicate a return to a more balanced housing market in Utah. So players should expect to see both challenges and opportunities in 2022. On average, homes in Cache County sell after 57 days on the market compared to 12 days last year. Where do we go from here? Peak-to-trough, with the peak being May 2022 , he expects prices to decline by a percentage somewhere in the. 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. This trend continued through the pandemic resulting in record-high home prices and rental rate growth. He's predicting Utah home prices will drop 9% year over year in 2023. Some, however, say the market needs this correction to reach a more healthy equilibrium between sellers and buyers as well as healthier affordability. How the pandemic housing frenzy which drove housing prices up to unimaginable levels in 2021 and into early 2022, especially in Western states like Idaho and Utah came to a grinding halt mid year, and the market crashed down to reality. 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. In January 2023, home prices in Utah were down 3.0% compared to last year, selling for a median price. This data does not reflect actual moves. Short-term correction followed by continued growth and price increases. 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. The following analysis of select counties of the Utah real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. However, like we saw during the pandemic housing frenzy, that could all vary depending on the region. Sellers are reducing prices as homes stay on the market longer. Its important to keep a tab on the housing market and current trends. Based on Redfin calculations of home data from MLS and/or public records. Our Utah real estate market data is updated quarterly to aid in your real estate forecasts. A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive.. Thank you for registering with FastExpert. I dont think were going to get a recession now, in Utah., Eskic, smiling, said he and Wood should make a bet on stage. Privacy . Copyright 2023 Deseret News Publishing Company. Median sale price: $611,600. 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. The good news for buyers who are prepared to take on high mortgage rates is that they no longer face the fierce competition of early 2022. At the time of the writing, the Utah housing market remains a sellers market as the available inventory is not keeping up with the demand despite an increase in the number of houses for sale and months of housing supply. That said, listing prices were higher in Morgan, Wasatch, and Summit counties compared to the prior quarter. Contact Us, Real Estate Blog All Rights Reserved, The great housing market reset of 2022: The year the Fed had no mercy, U.S. navigating pandemic housing bubble, Fed chairman says. However, it is also the third-most populous city in Utah, with a population of 116,961. Here's your Official 2022 Utah housing Market Forecast in Salt Lake City. 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. The 2022 for-sale home supply is expected to begin recovering from recent declines, but millennial demand will likely keep supply limited through at least 2025. Hes predicting Utahs home prices will only experience minor blips that will stabilize into the green after only a few quarters. 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. Since the pandemic began, housing prices in the Beehive State have skyrocketed to the point that more than 50% of households can no longer afford to buy median-priced properties in the state. West Valley City is assimilated to a suburb of Salt Lake City, but it is also the second most populous city in the state, with 140,230 residents. In addition, inflation and the looming specter of a recession are also taking a toll on Utah residents buying power. Property values will likely decline over the next 6 to 12 months and then flatten in the Utah housing market. 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? In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics. 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. The governor said his proposed budget should translate to about 1,100 new low-income units across the state. Theycan also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. He has a natural inclination to the arts and creatives. Do not sell or share my personal information. Utah Housing Market: House Prices & Trends | Redfin Utah Housing Market Home prices in Utah were down 3.0% year-over-year in January. 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.. The housing market in West Jordan is competitive, with the average listed property receiving five offers and selling within 27 days on the market. The latest migration analysis is based on a sample of about two 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%. whether homes are becoming more or less affordable. 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. We hope that this information may assist you with making better-informed real estate decisions. 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. 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. After seven years of Salt Lake County sales averaging 18,000 homes, the high prices of 2023 will mean sales will not top 13,000, he predicted, and likely range between 11,000 to 12,000. This is the MOST ACCURATE UTAH Housing Market Forecast for 2022. Utah hosted the 2002 Winter games, and Utah is looking to once again host these games once again. But Wood is more bullish than Eskic. Real estate investors number by the thousands in the US. 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. We could see this start to decrease as the inventory of houses is higher than almost any other month in 2022 (9,387 for September) and the number of days homes are sitting on the market grew from 30 in August to 39 in September according to the real estate website, Redfin. Major Utah cities covered in this report: These Utah real estate reports, data, forecasts, and market trends are provided for informational use. 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. However, they expect the market to enter a correction that will persist into 2023 thanks to the Federal Reserves aggressive rate hikes to combat inflation. Should You Invest in the Phoenix Housing Market in 2020? Search and compare real estate agents near you. Eskic said it all comes down to affordability. Housing market predictions for 2023 vary, depending on the regional market and who you talk to, but no one is predicting a stellar year for buyers or sellers and certainly not for homebuilders. Housing prices are deemed overvalued when their local incomes, job market, and economy do not support the sale prices. 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. 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. Blame remote work, not speculative bubble, Fed study says, 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. He graduated from Spanish Fork High School. Utah Home Sales In the final quarter of 2022, 5,145 homes sold in the areas covered by this report. In 2022, Redfin itself went through two rounds of layoffs. This would place . The Utah housing markets that are most overvalued are Ogden, Provo, and Salt Lake City. In addition, Utahs median listing price is 36% more than homes across the United States. Some buy-and-hold while others enter the rental market for passive income. Eskic, however, is predicting Utah home prices will drop 9% year over year in 2023. Buying read more, FastExpert, Inc is a California Licensed Broker. In January 2023, 17.5% of homes in Utah sold below list price, down 27.8 points yearover year. How to Find Multi Family Homes for Sale in 2020. CA License #01950016. 2022's housing market follows Utah's hottest housing year ever . Months supply of inventory: 3 up from 1 in September 2021. Once the Fed slows inflation by continued interest rate hikes, they will have to ease the tightening by making money more affordable and accessible. They also anticipate prices to grow 8.5% and sales to grow 15.2%. Find an experienced, trusted local real estate agent with FastExpert. Branca, 30, knew he wanted to buy somewhere in Salt Lake County so hed have a reasonable commute to work. Should expert forecasts be correct, the median house price will rise over $600,000 in the next 12 months. Windermere Living Therefore, the impact of increasing interest rates has been felt more in the state than in other parts of the country. 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. price indicates that the housing market is competitive and bidding wars are becoming more common. The main concern is there are just not enough listed properties to go around for 500,000. Click here to browse our Real Estate Agent Directory and contact top-rated agents in your area! Utah rallied relatively quickly back to a strong economy compared to the other 49 states. 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. Wood said he was a little bit more optimistic, predicting minor blips that will stabilize into the green after only a few quarters. It took an average of 55 days to sell a home during the fourth quarter. 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. 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. Right now, its close to 5. 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. How far will they fall? I dont think thats happened yet.. Nationwide, an increasing number of firms have downgraded their forecasts and predict U.S. home prices will continue to fall in 2023, Fortune has reported. Listing activity fell 8.3% from the third quarter, but that wasnt surprising given seasonal factors. So, while Utahs real estate market is experiencing home prices falling similar to the Nation over this past month, the trend in Utah for housing prices has been an increase. Price forecasts for this year (are) somewhat uncertain, Lawrence Yun, chief economist for the National Association of Realtors, told the Salt Lake Board of Realtors crowd on Friday. Several people claim that hedge funds, investors, and cash buyers are to blame for this lopsidedness. Utah certainly didnt miss out on the massive property boom that spread through the country over the past year. 2022. Even with todays rising mortgage rates, it will continue to be the time to buy a house in Utah. 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. The states unemployment rate in November was 2.2%. He has taken his life experiences working with people and transitioned into helping families and individuals make the very best decisions when it comes to real estate. The average rate for 2022, based on the forecasts of seven organization . If rates had risen to around 4.5%, the train would still go. Browse through the largest marketplace of Real Estate professionals, We have an in-house team that will guide you through the process. The number of days on the market had also increased sharply at 39 median D.o.M., compared to 15 the previous year, further indicating that the days when properties were being snatched off the market as soon as they were listed are long gone. Looking ahead to 2023 and what it will bring to the housing market, two of Utahs leading housing experts are respectfully disagreeing with each other. Other Regional Data. The migration during the Pandemic contributed to the increased demand in the Utah housing market and an increase in housing prices. A high or growing percentage of homes selling above listprice indicates that the housing market is competitive and bidding wars are becoming more common. FastExpert partner and Utah real estate agent, Preston Hicks, shares his professional perspective on the Utah housing market. Earlier in 2021, Utah was considered as one of the hottest markets in the country, second only to Idaho. Nationwide, 25% of homebuyers searched to move to a different metro area between Nov '22 - Jan '23. While this may be good news for home buyers, rates will still be higher than they have become accustomed to. 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. Here are the latest figures, The Wests housing crunch began over a decade ago. In 2021, buyers were getting raked over the coals, having to give a years supply of pizza with their offer. Thats not hyperbole, he said. By comparison, interest rates 20 years ago averaged between 6%-7%, and 1981 experienced interest rates of 16%. So its really tough to say, but I think its going to be minimal negative, or negative positive, Yun said. Realtor.com recently named the Salt Lake City region as the expected No. 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. of $518,200. How much do homes in Saint George, UT cost? The Utah housing market forecast for 2022 anticipates that more and more people will be on the lookout for property to purchase. 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. Thats when buyers found their affordability ceiling. 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.. 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. Already have a FastExpert account? 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. My current forecast is that mortgage rates will trend lower as we move through the year. Utah Housing Market- Trends and Predictions for 2022, Preston Hicks Real Estate Group - JMG Utah, What does exclusive right to sell mean? Its going to be tough for real estate agents. A dear client asked me the other day Preston, why do you love Utah? It sounds clich, but I initially answered with a questionWhat isnt there to love about Utah?. In January 2023, there were 8,551 homes for sale in Utah, up 81.9% year over year.The number of newly listed homes was 1,954 and up 1.4% year over year. 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. 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. Branca said if someone like him is struggling to buy, he cant imagine what its like for people living on lower incomes. How could I possibly give an objective opinion? Such a decline is extremely unlikely in Utah in 2023 and 2024, Wood wrote. READ REDFIN'S, Do not sell or share my personal information. As a result, average days on market have increased, and sellers are becoming more open to negotiation. Winter sports are a highlight in Utah. Once the market rebounds, buyers can be in an even more powerful position when the market shifts back to a more lopsided sellers market. We go back to the 70s, for example, Eskic said. Then the rates hit and they were left holding the bag, Eskic said. But, we had a recession then, Dejan, we had a recession. Therefore, with the current small but significant price change, a seller will realize enormous overall growth and equity increase. 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. But even though discounts have been swift, Utahs home prices are still slightly up year over year. Will it pop or deflate?, A U.S. housing bubble is brewing. The ones who are truly making money in real estate in Utah are the investors. It is likely that home buyers are waiting for asking prices to fall further and hoping that mortgage rates do the same. The question is, how far will that correction run and what will it mean for home prices in 2023? With nearly 2,000 miles of shoreline, Lake Powell possesses endless outdoor adventures. Along with his love of family, he has a very strong competitive spirit, is passionate about personal development, and truly cares for others. Average home value: $562,693. Utahs housing market has a tight supply, and while we may see prices decrease somewhat, its not likely to experience a significant decline in housing values. 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. Home prices skyrocket amid early pandemic months due to bidding wars and a shortage of active listings. Love hiking, biking, or camping? In January 2023, there were 8,551 homes for sale in Utah, up 81.9% year over year. A realty sign at a property in the Salt Lake City on Friday, Jan. 6, 2023. After prices peaked in May, Salt Lake Countys median single family home price hit $650,000. The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. Each year, the Sal. 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 strong demand and limited supply of home inventory will push against price declines and keep home prices relatively stable over time. To be included in this dataset, a Redfin.com user Median List Price By Bedroom Count Median List Price Compared To Nearby Cities Matthew has over 30 years of professional experience both in the U.S. and U.K. It will test their mettle and resolve as it will be an exercise in decision-making and patience. Homes that sold above list price likely received multiple offers. If you ask Perry, they have a silver lining. At the same time, the number of homes sold fell 34.7% and the number of homes for sale rose 81.9%. 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. But now, those days of wild buyer demand and a frenzy of seller activity is over, and real estate agents outnumber active listings. According to the Utah real estate market predictions from industry experts, there will be an influx of sellers in the state given the present condition of not having enough supply to meet the markets unprecedented growth. While 2021 was the year of the shocking home price, 2022 was the year of the reset, said Steve Perry, president of the Salt Lake Board of Realtors. In 2022, that was Joseph Brancas reality, along with plenty of other Utahns who wanted to join the mad dash to homeownership, but ultimately ended up walking away. 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. There are currently 8,551 residential homes for sale in the United States. Thats a good thing, because they were overpriced anyway, right? Perry said. I am not concerned by this and expect the market to moderate as it comes to terms with higher financing costs. You can try RealAdvisor home value appraiser, to get the value of your home in Utah. S your Official 2022 Utah housing market and an increase in housing are... The 2002 Winter games, and cash buyers are waiting for asking prices decline. Up 81.9 % year over year in 2023 Multi Family homes for sale in?! Always an exercise in decision-making and patience indicate whether homes are lingering on the massive property boom spread. This report being may 2022, Redfin itself went through two rounds of layoffs across... You love Utah? this trend continued through the country, second only Idaho! Some of the most ACCURATE Utah housing market and current trends had risen to around 4.5,... Fortune put it minor blips that will stabilize into the green after only a few quarters after only a quarters! Third quarter, suggesting that higher financing costs country over the next 6 to 12 months and then flatten the! 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