Connect with an Agent The average months of supply is 3 months, up 3 year over year. The flood of new residents that started in 2020 has not slowed due to low unemployment rates, low taxes, and affordable housing. Thats not good news for affordability or Utahs housing shortage, which they calculate hit 31,000 units after the big home building boom of 2021. 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. Sales fell across the board compared to both the fourth quarter of 2021 and the third quarter of 2022. of $518,200. What is the housing market like in Cache County today? So (many have) stopped new construction and consequently weve seen new production just fall off, Wood said. Home prices skyrocket amid early pandemic months due to bidding wars and a shortage of active listings. Below is the latest Utah housing market trends analysis. Heres what volatile mortgage rates are doing to your purchasing power, Stuck between rent hikes and high home prices, this family is scraping by to afford a home, still cant afford to buy something at a significantly lower quality, How the housing market is making boomers richer and millennials poorer, how many other Utahns the market has priced out, 79% of Utah households couldnt afford the states median priced home, Why two housing experts disagree on how much Utah home prices will drop in 2023, National Association of Realtors chief economist Lawrence Yun, 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. 27.7% of homes sold above the asking price. This would place . If you ask Branca, 2022 definitely wasnt the year for buyers either. However, prices are still significantly higher and homes are selling faster compared to 2019 pre-pandemic levels, noted Daniel Hale, Realtor.coms chief economist. There were 73 homes sold in December this . 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. Mashvisors Utah housing market forecast 2022 and pretty much all other real estate forecasts for the year have identified Salt Lake City metro area as the countrys hottest housing market-beating other burgeoning areas like Boise ID and Spokane WA. Right now, its close to 5. 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. Home > Blog > Market News & Trends > Utah Housing Market- Trends and Predictions for 2022. If the agent you hired through FastExpert does not perform up to your expectations, we will help resolve the problem. This was down 45% compared to the same period the previous year and down 27.8% compared to the third quarter of 2022. Utah hosted the 2002 Winter games, and Utah is looking to once again host these games once again. (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. Please check your email to verify your account. Yeah, thats a valid point, Wood replied, drawing laughs from the crowd. Of all the major U.S. metros, Miami was the most searched for destination among homebuyers looking to relocate between Nov '22 - Jan '23. , Homes that sold above list price likely received multiple offers. REDFIN IS COMMITTED TO AND ABIDES BY THE FAIR HOUSING ACT AND EQUAL OPPORTUNITY ACT. Utah may be the 13th-largest state in the country by area, but it is also the 11th-least densely populated. This current environment allows experienced and knowledgeable agents to negotiate more seller concessions, which can help buy down the rate, giving the buyers a more affordable and competitive monthly payment. By comparison, interest rates 20 years ago averaged between 6%-7%, and 1981 experienced interest rates of 16%. Browse through the largest marketplace of Real Estate professionals, We have an in-house team that will guide you through the process. The median home price has increased from $345,000 in September 2019 to $553,500 in September 2022, with a peak of $577,500 in May 2022, representing a staggering 60.43% increase in 36 months, well above the national average. 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. REDFIN and all REDFIN variants, TITLE FORWARD, WALK SCORE, and the R logos, are trademarks of Redfin Corporation, registered or pending in the USPTO. Realtor.com anticipates Salt Lake City metro home-price growth will be at 8.5% and home-sales growth at 15.2% in 2022. Inventory levels have skyrocketed, with the average number of homes on the market up a remarkable 248% from the same period in 2021. By Sarah Burns of The Salt Lake Local Real Estate Group, October 21, 2021 Utah State #2 in Housing Price Increases Utah's equity gains sat at 28.3% between 2020 and 2021, making Utah #2 in housing . All areas saw average market time rise compared to the third quarter of 2022 as well as the fourth quarter of 2021. While home prices have decreased about 3% month over month, home prices are up nearly 9% year over year in August. With a $105,000 annual income, Branca said he was approved to buy a $550,000 home. The median sale price for a house in West Valley City was $436,500 in September 2022, representing a 2.9% increase in year-over-year comparisons. Weve been spoiled with historically low mortgage rates over the past decade. Yun has said the margin of price declines will likely depend on the region. Matthew has over 30 years of professional experience both in the U.S. and U.K. Windermere Search AppSite Map, 2023 Windermere Real Estate Services Company / All rights reserved / Terms/Privacy / Feedback / Site Map. The time to purchase your primary residence is today and has almost always been today. 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%. 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. When he thinks about what his parents life was like in the same window of time in their lives, he said it blows his mind. Branca, 30, knew he wanted to buy somewhere in Salt Lake County so hed have a reasonable commute to work. While that remains to be seen, whats clear is that demographic tailwinds will keep the demand for housing robust this decade. However, there is no denying that the rapid increase in interest rates, with more likely in the work before inflation reaches a targeted rate of 2%, has significantly affected it. Therefore, Wood is predicting a couple of quarters in 2023, with home prices likely the most vulnerable in the first and second quarter of the year. Starting in March 2022, the Federal Reserve Bank initiated an aggressive interest rate hike policy as a means to fight back against inflation. Right now, the continued rise in both mortgage rates and home price have kept many out of the housing market. 28.7% of homes sold above the asking price, reaching a median sale price of $525,000, which represents a 7.8% increase in the past year. 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. Nationally, a growing number of experts and firms are predicting U.S. home prices will fall, some expecting slight, single-digit drops, while others expect prices to fall by double digits, perhaps even over 20%. 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. Economists, consulting firms and other experts all have varying forecasts when it comes to the degree to which home prices will constrict. He graduated from Spanish Fork High School. Should expert forecasts be correct, the median house price will rise over $600,000 in the next 12 months. Like many other housing markets around the country, the Utah housing market has reached new heights during the pandemic as a result of a perfect storm of low inventory, high demand, and interest rates near historic lows. Even with todays rising mortgage rates, it will continue to be the time to buy a house in Utah. Wood interjected, saying hes got to defend the Fed. If you dont see our email and have already checked your spam or junk folder, please give us a call at 1 (800) 319-0511. Thats when buyers found their affordability ceiling. Wood, who has studied Utah's housing market for decades, forecasts that real estate sales will remain steady in 2022 while home prices will rise 10%-12%. 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. South Carolina Housing Market 2023 Report, North Carolina Housing Market 2023 Report. Will it pop or deflate?, A U.S. housing bubble is brewing. Home sales: 3,219 - 26.7% less than a year ago. 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. There was a 98.0% sale-to-list price, down 2.7 points year over year. Our Utah real estate market data is updated quarterly to aid in your real estate forecasts. From peak-to-trough, he expects prices to decline by a percentage somewhere in the mid to low teens, depending on interest rates. Why is it taking two weeks, a month, six weeks?. Is the Utah housing market going to crash in 2023? Already have a FastExpert account? . 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. Utah remains a sellers market as inventory levels have yet to return to their pre-pandemic levels. He noted in the early 1980s there were a few (quarterly) periods where prices actually declined before hitting a positive trajectory soon after. 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. However, Nelson-Ogilvy sees housing prices cooling off a . For further information about the housing market in your area, please dont hesitate to contact your Windermere Real Estate agent. However, as the Federal Reserve Bank started using its economic power to fight back against inflation, which has reached a forty-year high, by increasing interest rates, the Utah housing market is beginning to show signs of a significant slowing down. 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. Check! 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. It was a year in which a boiling hot housing market saw historic deterioration, as Fortune put it. So its really tough to say, but I think its going to be minimal negative, or negative positive, Yun said. Utah Housing Market: House Prices & Trends | Redfin Utah Housing Market Home prices in Utah were down 3.0% year-over-year in January. Hes predicting Utah home prices will drop 9% year over year in 2023. This dataset excludes all rentals data. Once the market rebounds, buyers can be in an even more powerful position when the market shifts back to a more lopsided sellers market. Historically speaking, real estate only becomes more expensive over time. Both bearded men chuckled, along with laughs and applause from the audience. Based on Redfin calculations of home data from MLS and/or public records. The U.S. housing market is going through what Federal Reserve Chairman Jerome Powell has called a difficult correction and a reset as it comes off the tail end of a pandemic frenzy fueled housing bubble. In its fight with record inflation levels throughout 2022, the Fed made a series of aggressive borrowing rate hikes, which translated to a spike in mortgage rates that priced or spooked buyers out of the market. 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. Like many other housing markets in the United States, the Utah housing market follows seasonal trends. But housing costs werent nearly as high back then, Eskic interjected. 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. But its not the bubble we know, The Wests sharp housing market correction: Heres how fast home prices have fallen in 4 months, Housing market is correcting but Utahs affordability crisis isnt going away. The flood of new residents that started in 2020 has not slowed due to low unemployment rates, low taxes, and affordable housing. In early 2022, momentum was slowing from 2021, but then the faucet just got turned off., 2021 was on fire, and in 2022 its an empty concert hall, he said. 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. This trend continued through the pandemic resulting in record-high home prices and rental rate growth. But what about the increase in interest rates? Average home value: $562,693. What is the housing market like right now? While Utah is below the national average in many areas, home prices have managed to remain strong. Love hunting, fishing, or anything outdoors? Property prices still remain high. In January 2023, there were 8,551 homes for sale in Utah, up 81.9% year over year. But, we had a recession then, Dejan, we had a recession. Some investors flip houses, others wholesale them. As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Buying read more, FastExpert, Inc is a California Licensed Broker. Sign up now for a free 7-day trial and get 15% off on your subscription. The surge in home prices across the country resulted in many thinking homes were sold for more than theyre worth. 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. 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. can also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. By April, mortgage rates had begun shooting up. Price growth rates, especially in 2021, were nothing short of astounding. A realty sign at a property in the Salt Lake City on Friday, Jan. 6, 2023. 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. Reluctant sellers and priced-out buyers, Wood said, will mean 2023 will mark a year of slumped home sales. It was the year that put homeownership far out of reach. Boating in Utah can be an unmatched experience. 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. If they hadnt been so aggressive in 2020 and 2021, wed be talking about unemployment now rather than inflation. He also noted it was really Congress that juiced the economy with so much one-time stimulus money, not the Fed. Windermere Foundation Average income: 74197. In addition, while year-on-year figures still show growth, monthly data is beginning to tell a different story of dropping prices, a trend that is expected to continue through the rest of 2022 and into 2023. 2020 further increased that number to almost 73% as median home sales prices reached $380,000. 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. The number of newly listed homes was 1,954 and up 1.4% year over year. 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. It seemed like the housing market was running away from buyers, who struggled to get offers accepted due to shockingly low inventory levels. In addition, inflation and the looming specter of a recession are also taking a toll on Utah residents buying power. The demand is causing local buyers to cut corners by foregoing home inspections and appraisal contingencies just to beat the competition. Median home price: $533,500 a 5.6% Y.o.Y. The bull market that has been in place for quite some time appears to have lost its momentum. Additionally. If inflation continues to fall, as I expect it will, rates will continue to drop. Lake Powell can drop your jaw around every bend of the gorgeous reservoir with 200-foot cliffs. But even though discounts have been swift, Utahs home prices are still slightly up year over year. He has a natural inclination to the arts and creatives. Copyright: 2023 Redfin. 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. Utah has had quite a long history of rapid acceleration where house prices are concerned. Use analytics to nd lucrative traditional or Airbnb properties in a matter of minutes. Heres why, Why are house prices so high? READ REDFIN'S FAIR HOUSING POLICY. The Utah housing market benefits from the states attractivity, which features a strong economy and job market. Several people claim that hedge funds, investors, and cash buyers are to blame for this lopsidedness. San Francisco was the most searched for destination among homebuyers looking to leave, followed by Los Angeles, New York, Washington and Chicago. So youll find the deals with the homebuilders, but youre not going to find the deals on (existing) homes, Eskic said. 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.. Nationwide, housing pandemic hot spots in the West have been among the first to see sale prices slashed. Where do we go from here? Homes sold fastest in Salt Lake County and slowest in Summit County. Peak-to-trough, with the peak 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. Over 2022, the Federal Reserve has been battling sky-rocking inflation with their number one weapon, interest rates. But now, those days of wild buyer demand and a frenzy of seller activity is over, and real estate agents outnumber active listings. They didnt go down.. The average months of supply is 3 months, up 3 year over year. Median listing prices were 3.6% lower than in the third quarter, suggesting that higher financing costs may have created a price ceiling. When they were 30 in 1994, they purchased their second home for around $120,000 on a combined income of around $85,000, Branca said. I call it the great debate, Ivory said. over year. There were only 31.8% of homes that had price drops, up from 10.0% of homes in January last year. 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. If 2022 was a roller coaster year for the housing market, 2023 is expected to bring a painful but necessary real estate hangover. Market time rose 22 days from the third quarter of 2022. It isnt easy to quantify the benefits of delaying purchasing your primary residence. 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. In January 2023, 17.5% of homes in Utah sold below list price, down 27.8 points yearover year. The Midwest, he said, will likely see minimal price increases.. 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. 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. Salt Lake City Real Estate Market Forecast, Salt Lake (Utah state) home price prediction. Some buy-and-hold while others enter the rental market for passive income. Historically, Utah has weathered downturns and national economic disasters with less adverse effects than the other 49 States in the Union. So I hope the industry is close to right-sized and things can get better from here, Kelman said. 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. must have viewed at least 10 homes in a three month period. 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. However, because of the stiff competition, Utahns who are looking to buy property should prepare themselves not just financially and physically but also mentally. Additional links: Historical Utah Data 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. Although mortgage rates are expected to rise, the increase will be modest. Families flourish in Utah. Once the Fed slows inflation by continued interest rate hikes, they will have to ease the tightening by making money more affordable and accessible. Should You Invest in the Phoenix Housing Market in 2020? Then everything changed. In the final quarter of 2022, 5,145 homes sold in the areas covered by this report. 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. 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