It appears Utah’s housing market may be slowing ever so slightly, according to the latest Salt Lake County home sale figures. But that doesn’t mean the market’s not still red-hot — only that 2020, the year the pandemic threw the national housing market into upheaval and spurred record-breaking home sales, especially in the West, is outpacing a still simmering 2021.
The average rental price in five major Utah counties has shot up a stunning 45% in just over a year and a half. That’s according to a new report released Monday by the Utah-based property management software company Entrata. The report comes as the Beehive State, which has been the fastest-growing state in the country over the past 10 years, continues to grapple with a housing shortage that’s fueling an affordable housing crisis and “insane” housing prices thanks in part to the COVID-19 pandemic, which threw the national housing market into upheaval.
Salt Lake Tribune
If you’re searching for an affordable apartment in Salt Lake City right now, you may want to sit down before reading further. Dizzying new numbers show the market for available rentals in Utah’s capital is tighter than ever. Vacancies in and around the state’s main population center haven’t been this low in 20 years and are far enough below 2% that economists are now having difficulty measuring the rate at all.
Utah’s home real estate market flourished this past year due to record-low interest rates, government stimulus packages, and an influx of big-city escapees moving to Utah to take advantage of a work-from-anywhere lifestyle mixed with outdoor recreation and, for them, affordable housing. “We have just witnessed one of the biggest...
Salt Lake Tribune
Editor’s note • This story is available to Salt Lake Tribune subscribers only. Thank you for supporting local journalism. An 8,107-acre tract of state-owned land in northern Utah is about to go on the auction block, marking the largest land sale in the history of the Utah School and Institutional Trust Lands Administration, or SITLA.
Millcreek is one of those places where you don't run into a lot of new construction, but when it's available, buyers pounce. As an area that has received a lot of interest especially from younger generations in recent years (Millennials, Gen Y, Gen Z), home prices have risen quite a bit. I have clients right now that are looking in these areas, with the intent to remodel, which is a very popular trend. But back to this new development. As mentioned in the video, this builder has been adding more homes - mostly in the Salt Lake valley - but will be adding a development up in Summit county, perfect for buyers looking up to Park City. This particular floor plan - The Bristol - was everything you could expect from a new production build with a modern contemporary design. Located in the heart of Millcreek, it is available at just under 900K...yes, that is pretty high for this home, and with practically no impressive lot size...then again, you're buying location in this instance.
Oh, the good ol' days of summer. Back in August of 2016, the median sales price of a home in Utah was $252,000. The humble abode was a median size of 2,192 square feet and sold for $113 per square foot, with four bedrooms and three baths and was only on the market 15 days.
Fewer available listings and higher home prices slowed home sales for the second consecutive month in July in Salt Lake County. In July, there were 1,602 overall homes sold — including single-family, condominiums, townhouses, mobile and recreational — down 25 percent from 2,131 sales in July 2020, according to UtahRealEstate.com. July 2020 set a record for the most homes sold in a single month. In June, overall home sales fell 8 percent compared to June 2020.
Salt Lake Tribune
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Murray High students built this 4,900-square-foot house near Wheeler Farm over a three-year period, which sold this spring. (Quin Drury/Murray High School) Sold signs are posted on homes before families have a chance to contemplate offers. Some buyers make bids, sight unseen. According to Salt Lake Board of Realtors’ website,...