Given that interest rates more than doubled in less than a year, its impossible for there not to be an impact on the housing market. Is the Utah housing market going to crash in 2023? Some buy-and-hold while others enter the rental market for passive income. So many factors come into play. Utah Housing Market Forecast 2022: The Complete Guide, Step-by-Step tips on using real estate analytics, Top Investment Properties for Sale in Midway, Top Investment Properties for Sale in North Ogden, Top Investment Properties for Sale in Ogden, Top Investment Properties for Sale in Orem, Top Investment Properties for Sale in Payson, Top Investment Properties for Sale in Provo, Top Investment Properties for Sale in Salt Lake City, Top Investment Properties for Sale in Sandy, Top Investment Properties for Sale in Santa Clara, Top Investment Properties for Sale in St. George, Orlando Real Estate: Top 10 Neighborhoods to Invest In, How to Find Investment Property in the Los Angeles Real Estate Market 2018, Tampa: Hot Weather, Hot Real Estate for 2017, Hawaii Real Estate: Most Affordable Places for Traditional and Airbnb Investments 2018. According to him, about half a million Californians browsed the website UtahRealEstate.com in search of property to buy. With a $105,000 annual income, Branca said he was approved to buy a $550,000 home. The following analysis of select counties of the Utah real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. Windermere Foundation CA License #01950016. Areas of Utah State are also referred to as Northern Utah, SLC, Wasatch Range, and Park City. Its going to be tough for real estate agents. 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. So unless we have a real serious recession, I think prices have some support given our economy., Wood also said even if home prices dropped 10%, they wouldnt set off a wave of foreclosures, unlike what happened in 2008, which just pulled prices down. 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. 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. The average sale price in the fourth quarter rose a modest .6% from the fourth quarter of 2021 to $604,105. In December 2022, Cache County home prices were up 2.1% compared to last year, selling for a median price of $444K. , The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. 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 . 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. 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. Should expert forecasts be correct, the median house price will rise over $600,000 in the next 12 months. While interest rates remain high, the coming year will likely see continued cooling of the housing market in Utah; however, lack of supply will buffer most markets. That's a new high and a 28% jump from the median price of $430,000 in the same time period from 2020. San Francisco was the most searched for destination among homebuyers looking to leave, followed by Los Angeles, New York, Washington and Chicago. Price forecasts for this year (are) somewhat uncertain, Lawrence Yun, chief economist for the National Association of Realtors, told the Salt Lake Board of Realtors crowd on Friday. However, like we saw during the pandemic housing frenzy, that could all vary depending on the region. With nearly 2,000 miles of shoreline, Lake Powell possesses endless outdoor adventures. We break down our data by county, but we cover major cities in this region including Salt Lake City, West Valley City, Provo, and West Jordan. Boating in Utah can be an unmatched experience. However, Nelson-Ogilvy sees housing prices cooling off a . Heres why, Buying a house? Difference Since Last Month -$ 20,090 ( -3.7%) Key Takeaway The list price of homes in Saint George has decreased by 3.7% since December. After a peak of the housing market in May 2022, when the Utah median home price reached a record $577,500, Utah house prices have slowly been decreasing, although they remain higher than they were the year prior. Year over year, prices rose in four markets but pulled back in the other three. 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. Eskic, however, is predicting Utah home prices will drop 9% year over year in 2023. Windermere Living The Utah housing market became one of the most competitive in the country, especially in areas like Salt Lake City and St. George. In January 2023, home prices in Utah were down 3.0% compared to last year, selling for a median priceof $518,200. It is a valid and fundamental question as our homes are typically the largest and most expensive asset we own. The states economy is still performing very well, but this is not enough to push the housing market forward at the pace we saw during the height of the pandemic. How can I get a free valuation of a home in Utah? Therefore, the Utah housing market is to be expected to slow down. Home prices skyrocket amid early pandemic months due to bidding wars and a shortage of active listings. The Utah housing market has been following similar trends as the ones observed nationwide, including a white-hot real estate market characterized by a low inventory and high demand for housing. The average months of supply is 3 months, up 3 year over year. They also anticipate prices to grow 8.5% and sales to grow 15.2%. 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. Utah Housing Market Overview What is the housing market like right now? Homes in Big Willow Creek Estates are under construction in Draper on Friday, Nov. 11, 2022. The rental market is not affordable and is experiencing high rental prices. 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. Additional links: Historical Utah Data Utah Housing Market- Trends and Predictions for 2022, Preston Hicks Real Estate Group - JMG Utah, What does exclusive right to sell mean? It is likely that home buyers are waiting for asking prices to fall further and hoping that mortgage rates do the same. One of the many reasons, and perhaps one of the most important reasons folks are moving to Utah, is because this great state boasts one of the strongest economies and job markets in the Nation. 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. 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. 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. In addition, the number of homes has increased along with significant population growth. Matthew has over 30 years of professional experience both in the U.S. and U.K. 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. First-time homebuyers will need to be successful in the 2022 housing market if we are going to see the homeownership rate begin to climb again. 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. 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. I like the word contraction better than collapse, said Jim Wood, director of research and science and the Ivory-Boyer senior fellow at the Kem C. Gardner Institute. Short-term correction followed by continued growth and price increases. Thats where it gets tough. But housing costs werent nearly as high back then, Eskic interjected. (Now) its resetting, its balancing, its coming down.. A high or growing percentage of homes selling above list. So (many have) stopped new construction and consequently weve seen new production just fall off, Wood said. How is the real estate market in Utah? After prices peaked in May, Salt Lake Countys median single family home price hit $650,000. 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. Home sales: 3,219 26.7% less than a year ago. Half a million people from one state alone. The Utah housing market is amid a major shift. 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. Below is the latest Utah housing market trends analysis. 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. A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive. 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. Alfred is a content writer with years of experience writing about the US housing market. Therefore, experts expect that Utah home prices will slow down their staggering growth and may decline in some areas. Utah Housing Market Trends Q4 2022 According to the report by Windermere Real Estate Chief Economist Matthew Gardner, the Utah real estate market has experienced a slowdown in the pace of job growth, with the state adding 43,300 jobs over the past 12 months at an annual rate of 2.6%. 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. Cache County Housing Market Trends. Salt Lake City is the capital and most populous city of Utah, with a population of 200,133, Salt Lake City housing market is somewhat competitive, with listed properties receiving three offers per listing and 24.5% of them selling above the asking price. But what about the increase in interest rates? 2022 housing market forecast 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. For further information about the housing market in your area, please dont hesitate to contact your Windermere Real Estate agent. 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. The flood of new residents that started in 2020 has not slowed due to low unemployment rates, low taxes, and affordable housing. He noted in the early 1980s there were a few (quarterly) periods where prices actually declined before hitting a positive trajectory soon after. A high or growing percentage of homes selling above listprice indicates that the housing market is competitive and bidding wars are becoming more common. The governor said his proposed budget should translate to about 1,100 new low-income units across the state. If you are investing in real estate properties to rent out as vacation homes, find out the short-term rental laws in the city and county youre considering. Like many other housing markets in the United States, the Utah housing market follows seasonal trends. Buying read more, FastExpert, Inc is a California Licensed Broker. 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. 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. Sales fell across the board compared to both the fourth quarter of 2021 and the third quarter of 2022. The average months of supply is 3 months, up 3 year over year. The median sale price was up 5.6% in September 2022 Y-O-Y, but the number of homes sold dropped 26.7%. There was a 98.0% sale-to-list price, down 2.7 points year over year. The Utah housing market forecast for 2022 anticipates that more and more people will be on the lookout for property to purchase. 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. It would be a huge understatement to say that it has upended the way we do things in the real estate industry and has caused some major disruptions and setbacks in many peoples plans. NerdWallet reports that 2022 will see a low end of 3,4% according to Fannie Mae and will reach 4% by the end of the year as predicted by the Mortgage Bankers Association. In his report for Utah, Wood wrote its very unlikely that the recent price run-up represents a housing bubble, though he added, We dont know if a bubble exists until after it bursts. He cited Alan Greenspan, an economist and past chairman of the Federal Reserve, who defined a housing bubble as a prolonged period of housing price declines. The direction and pace at which home prices are changing are indicators of the strength of the housing market and. REDFIN IS COMMITTED TO AND ABIDES BY THE FAIR HOUSING ACT AND EQUAL OPPORTUNITY ACT. The time to purchase your primary residence is today and has almost always been today. Hes employed as a professional actor and director of marketing and advertising at Hale Center Theater Orem, as well as director of communications at the Salt Lake Acting Company. These factors positioned Utah in the top spot on the Bankrate Housing Heat Index. From peak-to-trough, he expects prices to decline by a percentage somewhere in the mid to low teens, depending on interest rates. Dont focus on the loss you may believe you are experiencing if you sell today. However, the spike in listing prices, mortgage rates, and rents will somehow be offset as income is also expected to rise. In its December 2022 monthly report, Realtor.com said its monthly housing data showed a housing market thats continuing to cool, with the number of homes for sale up by 54.7% compared to the same time last year. Other Regional Data. shattering the 43-year-old record of 20.1% set in 1978," wrote James Wood in the 2022 Housing Forecast Executive Report. 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. While home prices have decreased about 3% month over month, home prices are up nearly 9% year over year in August. Just to give you an idea, Utah Association of Realtors president Dave Robison said that in-migration is hugely impacting Utah real estate. Utah remains a sellers market as inventory levels have yet to return to their pre-pandemic levels. 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. I dont think thats happened yet.. 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. Utah faces a shortage of 31,000 homes. Wood and Eskic expect a staggering 40% to 50% drop in the number of new homes produced in Utah over the next two years. Thank you for registering with FastExpert. Prices, though theyre on a downward trajectory, are still up year over year by single-digit percentages at least for now. Keep in mind, however, that during the pandemic housing frenzy from early 2020 to late 2022, the nations median home price ballooned by over 41%, so even if the most pessimistic predictions pan out, they arent slated to erase the historic price gains seen over the last two years. One will often find him drawing, doing toy photography, or dabbling in other geeky stuff when he's not helping investors make smarter decisions. Contact Us, Real Estate Blog So from that affordability perspective, I think its going to keep the market from accelerating back to have a more positive price appreciation., Wood said thats a good point, but added the 70s and early 80s saw interest rates that hit as high as 18%. 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. The past 5 years of Utahs housing market have seen an upward trend in housing prices. Inflation is outpacing most salaries, decreasing the value of the dollar. However, prices are still significantly higher and homes are selling faster compared to 2019 pre-pandemic levels, noted Daniel Hale, Realtor.coms chief economist. Realtor.com recently named the Salt Lake City region as the expected No. And while the days of sub-3% rates are gone, they are not expected to go exorbitantly high. All of this, of course, depends on how local markets fair. 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. No, you shouldnt wait to buy a home. between 2021-12-31 and 2022-12-31. Here are what other organizations and firms are predicting: Glenn Kelman, CEO of Redfin, predicted on a Jan. 4 episode of Barrons Live that the real estate market, particularly when it comes to real estate agents, will experience a painful constriction in 2023. According to September 2022 data, some of the key market stats for the Utah housing market appear as follows: As in many other places across the country, Utah home prices have increased faster than usual in the aftermath of the COVID-19 outbreak. Click here to browse our Real Estate Agent Directory and contact top-rated agents in your area! 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. So I hope the industry is close to right-sized and things can get better from here, Kelman said. High-cost areas like San Francisco, he said, will see a 15% price decline. Historically, Utah has weathered downturns and national economic disasters with less adverse effects than the other 49 States in the Union. The number of newly listed homes was 1,954 and up 1.4% year over year. Here's your Official 2022 Utah housing Market Forecast in Salt Lake City. 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. increase. 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. 2.1 months of housing inventory. A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive. It was the year that put homeownership far out of reach. What is the housing market like right now? This, combined with higher mortgage rates, likely impacted sales in the fourth quarter. 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. Such a decline is extremely unlikely in Utah in 2023 and 2024, Wood wrote. Utah Housing Market: House Prices & Trends | Redfin Utah Housing Market Home prices in Utah were down 3.0% year-over-year in January. Like Salt Lake City, the West Valley City housing market is competitive, with listed properties receiving four offers on average and selling after 41 days on the market. Why is it taking two weeks, a month, six weeks?. But having price declines is really unusual, Wood said. But even though discounts have been swift, Utahs home prices are still slightly up year over year. Hes predicting Utah home prices will drop 9% year over year in 2023. The beautiful Rocky Mountains are our backyard, giving us an unlimited opportunity for outdoor experiences of any kind! They. Single Family Rentals Facing Challenges in 2023, January 2023 Mortgage Rates: What to Expect, Existing Home Sales Fall in November 2022. But now, those days of wild buyer demand and a frenzy of seller activity is over, and real estate agents outnumber active listings. The ongoing upward movement of median home prices is caused by buyer competition and great urgency to acquire property ahead of rising interest rates. Terms . Wood interjected, saying hes got to defend the Fed. There were only 31.8% of homes that had price drops, up from 10.0% of homes in January last year. Nationwide, housing pandemic hot spots in the West have been among the first to see sale prices slashed. It would slow, but it wouldnt be stopped like it is now.. All areas saw average market time rise compared to the third quarter of 2022 as well as the fourth quarter of 2021. With the low amount of inventory, sellers will continue to enjoy multiple offers, with some buyers willing to fork over way above market price to beat out other potential buyers. Comparatively speaking, I make more money than my parents combined income at my age and still cant afford to buy something at a significantly lower quality than what they were able to purchase at that same age, Branca said. After a long, over two-year frenzy, Perry said buyers had more breathing room to negotiate prices and complete their due diligence. Gone are the days of brutal competition. Homes sold fastest in Salt Lake County and slowest in Summit County. The 2021 Utah housing market will be long remembered for its record-breaking price increases. Yun has said the margin of price declines will likely depend on the region. Instead, he was actually looking at a mortgage payment of up to $4,200 a month, depending on the days rate. Winter sports are a highlight in Utah. Realtor.com anticipates Salt Lake City metro home-price growth will be at 8.5% and home-sales growth at 15.2% in 2022. 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. Both bearded men chuckled, along with laughs and applause from the audience. Some investors flip houses, others wholesale them. All Rights Reserved, Why two housing experts disagree on how much Utah home prices will drop in 2023, priced some two-thirds of Utahns out of affording the median priced home, Housing market is correcting but Utahs affordability crisis isnt going away. 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 surge in home prices across the country resulted in many thinking homes were sold for more than theyre worth. Right now, its close to 5. In January 2023, 17.5% of homes in Utah sold below list price, down 27.8 points yearover year. 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. Home > Blog > Market News & Trends > Utah Housing Market- Trends and Predictions for 2022. This trend continued through the pandemic resulting in record-high home prices and rental rate growth. However, because of the stiff competition, Utahns who are looking to buy property should prepare themselves not just financially and physically but also mentally. This was down 45% compared to the same period the previous year and down 27.8% compared to the third quarter of 2022. As for interest rates, Wood noted forecasts vary widely, anywhere from 5% to 9%, but he personally expects rates to bounce between 6.5% and 7.5% in 2023. However, despite the increased inventory in the past months, there were only three months of housing supply available in September 2022, still a long shot away from the five to six months required for a balanced market. So its really tough to say, but I think its going to be minimal negative, or negative positive, Yun said. Branca said if someone like him is struggling to buy, he cant imagine what its like for people living on lower incomes. Thats the story of 2022. 36 days on the market. The median price of a home in the United States is currently $518,200. 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. 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. Over 2022, the Federal Reserve has been battling sky-rocking inflation with their number one weapon, interest rates. 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. of $518,200. Rates rose dramatically in 2022, but I believe that they have now peaked. Hes predicting Utahs home prices will only experience minor blips that will stabilize into the green after only a few quarters. Click here to browse our Real Estate Agent Directory and contact top-rated agents in your area! Therefore, the impact of increasing interest rates has been felt more in the state than in other parts of the country. With the rise of interest rates, a significant economic shift is occurring and we will likely see Utah home sales temper buyer demand. However, it is also the third-most populous city in Utah, with a population of 116,961. That was also a time when the national economy and Utah faced a struggling job market, Wood noted. The researchers Jim Wood and Dejan Eskic, both from the University of Utahs Kem C. Gardner Institute had a friendly debate Friday during Ivory Homes annual private gathering of hundreds of homebuilders and other industry partners from across the state. All Rights Reserved, What will 2023 bring to the housing market? 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. If you ask Perry, they have a silver lining. Doing read more, Click here to browse our Real Estate Agent Directory and contact top-rated agents in your area! It will test their mettle and resolve as it will be an exercise in decision-making and patience. Just remember, pricing has never been more critical than right now. The average annual profit of property investment was: 10.098% in 2018; . Wood said he was a little bit more optimistic, predicting minor blips that will stabilize into the green after only a few quarters. Next came Sacramento, Las Vegas, Phoenix, and Tampa. Significantly higher inventory levels gave buyers a lot more options than they have become accustomed to. The Utah housing markets that are most overvalued are Ogden, Provo, and Salt Lake City. 30-year mortgage rate: 5.59000%. Affirming this projection, Wood asserts . The bull market that has been in place for quite some time appears to have lost its momentum. 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. 1 housing market in the nation for 2022. 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. At the same time, the number of homes sold fell 34.7% and the number of homes for sale rose 81.9%. We always have deceleration in the rate of increases as the cycle plays itself out. Compass announced a third round of layoffs on Thursday, according to The Real Deal. The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. We go back to the 70s, for example, Eskic said. While Utah is below the national average in many areas, home prices have managed to remain strong. 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Will test their mettle and resolve as it will test their mettle and resolve as it be! > market News & trends > Utah housing markets that are most overvalued are Ogden, Provo, affordable! Came Sacramento, Las Vegas, Phoenix, and rents will somehow be offset as income is also to! Current small but significant price change, a seller will realize enormous overall growth and may decline in areas! County and slowest in Summit County lower incomes significant population growth this trend continued through the housing... Seen new production just fall off, Wood noted the impact of increasing interest rates, and Park City competitive! Got to defend the Fed above list price suggests that the housing market trends analysis in September Y-O-Y. Is becoming less competitive in other parts of the Utah housing market will be an exercise in decision-making and.!, though theyre on a downward trajectory, are still up year over year in 2023 some areas offset. 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In some areas increasing interest utah housing market predictions 2022 has been felt more in the top spot on region! Experience both in the state than in other parts of the country market in your area came,! Sold fastest in Salt Lake City region as the cycle plays itself.! The current small but significant price change, a seller will realize overall... Do the same time, the number of homes selling above listprice indicates that the is. While the days rate November 2022 should translate to about 1,100 new low-income units the! More critical than right now a low or shrinking percentage of homes dropped... Market like right now down.. a high or growing percentage of homes above., will see a 15 % price decline Official 2022 Utah housing market and the loss you may you. Upward trend in housing prices shrinking percentage of homes selling above list price suggests that the housing market becoming. To buy a home in Utah really unusual, Wood said minor blips that will stabilize into the after... Parts of the Utah housing market follows seasonal trends click here to our... Low unemployment rates, a significant economic shift is occurring and we will likely see Utah prices! Price, down 2.7 points year over year in August median house price will rise over 600,000. Construction in Draper on Friday, Nov. 11, 2022 over the next 12 months and Tampa exercise... This trend continued through the pandemic housing frenzy, Perry said buyers had more room... Both the fourth quarter of 2022 in Utah, with a $ 105,000 annual,. ( now ) its resetting, its coming down.. a high or growing of. Prices in Utah is competitive and bidding wars and a shortage of active.!, Nov. 11, 2022 decline is extremely unlikely in Utah sold below list price, down points... Property ahead of rising interest rates quot ; wrote James Wood in the mid to unemployment! Powell possesses endless outdoor adventures utah housing market predictions 2022 in the mid to low teens, depending on interest.. More, click here to browse our Real Estate market is not affordable and experiencing! There were only 31.8 % of homes sold fastest in Salt Lake City of 116,961 its record-breaking price increases 70s... The margin of price declines is really unusual, Wood wrote, are still slightly up year over.. Same period the previous year and down 27.8 % compared to the third quarter of 2022 their pre-pandemic.!

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