Salt Lake City is the largest city in Utah, though it tends to be overlooked by real estate investors as just another part of “flyover” country. The Salt Lake City real estate market was ranked one of the toughest real estate markets for Millennials due to limited supply relative to demand. Realtor.com doesn’t see things stopping anytime soon, naming Salt Lake one of 2018’s hottest markets and predicting a 4.5 percent increase in home sales in Salt Lake City. Let’s take a look at Salt Lake City and its downtown area before sharing the top 10 reasons to invest in the Salt Lake City real estate market in 2018 and for years to come.
Salt Lake City Real Estate – Market Trend And Forecast 2018
The state of Utah’s population grew 9 percent over the last five years, much of it concentrated in Salt Lake City, where the median sales price for a home at the end of 2017 was $273,000 (still significantly lower than the average in Austin and Denver). Realtor.com named Salt Lake one of 2018’s hottest markets and predicting a 4.5 percent increase in home sales. As per Zillow’s statistics, the median home value in Salt Lake City is $370,000. Salt Lake City home values have gone up 15.1% over the past year and Zillow predicts they will rise 4.4% within the next year. The median list price per square foot in Salt Lake City is $318, which is higher than the Salt Lake City Metro average of $203. The median price of homes currently listed in Salt Lake City is $415,000. The median rent price in Salt Lake City is $1,600, which is higher than the Salt Lake City Metro median of $1,595.
The percent of delinquent mortgages in Salt Lake City is 0.6%, which is lower than the national value of 1.6%.
Salt Lake City Real Estate And Foreclosure Trends 2018
As per Trulia.com, real estate market trends in Salt Lake City show a 0% week-over-week rise in average listing price and a 3% rise in median rent per month. Trulia has 808 resale and new homes in Salt Lake City lined up for you, including open houses, and homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
According to RealtyTrac.com’s statistics, there are currently 519 properties in Salt Lake City, UT that are in some stage of foreclosure (default, auction or bank owned) while the number of homes listed for sale on RealtyTrac is 802. In July, the number of properties that received a foreclosure filing in Salt Lake City, UT was 5% lower than the previous month and 40% lower than the same time last year.
Home sales for June 2018 were down 34% compared with the previous month, and up 240% compared with a year ago. The median sales price of a non-distressed home was $252,263. The median sales price of a foreclosure home was $0, or 0% higher than non-distressed home sales.
Sales Prices – Salt Lake City, UT
According to Movoto.com, the median list price in Salt Lake City is $465,000. The median list price in Salt Lake City was less than 1% change from August to September. Salt Lake City’s home resale inventories is 611, which increased 0 percent since August 2018. The median list price per square foot in Salt Lake City is $225. August 2018 was $224.
Distressed properties such as foreclosures and short sales in Salt Lake City remained the same as a percentage of the total market in September.
Downtown is the oldest district in Salt Lake City, Utah. The grid from which the entire city is laid out originates at Temple Square, the location of the Salt Lake Temple. Downtown Salt Lake City encompasses the areas of Temple Square, The Gateway, Main Street, the central business district, South Temple, and others. On Redin.com, there are currently 68 homes for sale in Downtown Salt Lake City at a median listing price of $393K. Some of these homes are “Hot Homes,” meaning they’re likely to sell quickly. Most homes for sale in Downtown Salt Lake City stay on the market for 48 days and receive 1 offers. In the past month, 18 homes have been sold in Downtown Salt Lake City. In addition to houses in Downtown Salt Lake City, there were also 89 condos, 12 townhouses, and 1 multi-family unit for sale in Downtown Salt Lake City last month.
As per Redfin.com’s statistics, the asking price of homes for sale in Downtown Salt Lake City has increased 13.9% since August last year, while the number of homes for sale has decreased 1.7%. The average price of a 2 bedroom house in Downtown Salt Lake City is around $375,000.
Popular neighborhoods include Yalecrest, Liberty Park, Federal Heights, Toronto, Highland Park, South Carolina, Ensign Place, Central City, Fairpark, Capitol Hill, Marmalade Hills, East Central, Liberty Wells, Central City-Liberty ells, and Gateway Townhouses. This map is refreshed with the newest listings in Downtown Salt Lake City every 15 minutes.
10 Reasons To Invest In The Salt Lake City Real Estate Market
Salt Lake City is home to around 200,000 people. However, the Salt Lake City real estate market is much larger than that, since Salt Lake City is the center of an expanding metropolitan area. The SLC metro area is home to well over a million people. If you look at Salt Lake City as the hub of the SLC-Ogden-Provo metro area, there are about two and a half million people in the greater Salt Lake City housing market. This area is called the Wasatch Front because it is along the foot of the Wasatch Range.
Positive Demographic Trends
The total fertility rate for the United States hovers between 1.8 and 2.1 depending on the source you want to believe. Mormons, the majority of the population in Salt Lake City and Utah as a…