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).
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.
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.
The median sales price of a non-distressed home was $252,263.
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.
Investors in the Salt Lake City real estate market can buy land to develop or invest in housing projects being built in expectation of workers who will soon move to the area.
While many would like to own a home, affordability is an issue for the young would-be home owner; the average Millennial earns $68,000 a year while the median home price is $400,000.
In 2010, downtown Salt Lake City had just 5,200 rental units.
Salt Lake City Downtown Is Booming With Development So what makes Salt Lake City Downtown so appealing to home buyers and investors?