But having price declines is really unusual, Wood said. 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. When he first started looking in November 2021 and into early 2022, Salt Lake Countys median single-family home price had hit $580,000, up 24% from a year earlier, according to the Salt Lake Board of Realtors. At the same time, the number of homes sold fell 34.7% and the number of homes for sale rose 81.9%. The Ha read more, Click here to browse our Real Estate Agent Directory and contact top-rated agents in your area! All rights reserved. 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. 36 days on the market. And due to Utah being a robust economic powerhouse, this state will be poised for the quickest and most powerful market shift back to an unbalanced sellers market. Lake Powell can drop your jaw around every bend of the gorgeous reservoir with 200-foot cliffs. Half a million people from one state alone. It is equally impressive to see that the unemployment rate remained at a very low level even as the state added over 52,400 people to the workforce. That was also a time when the national economy and Utah faced a struggling job market, Wood noted. 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. High-cost areas like San Francisco, he said, will see a 15% price decline. An increasing population and a shortage of homes have increased house prices in Utah. Based on Redfin calculations of home data from MLS and/or public records. 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. Here are their year-over-year predictions for the Salt Lake City housing market in 2022: Forecasted home sales change: +15.2%. Home prices in Utah were down 3.0% year-over-year in January. 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. Real estate investors number by the thousands in the US. 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. The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. Historically low-interest rates, job growth, and pandemic conditions made Utah a highly attractive state for both homebuyers and investors. Once the market rebounds, buyers can be in an even more powerful position when the market shifts back to a more lopsided sellers 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. Joining Good Morning Utah to share what to expect for Utah's housing market for 2022 is Ryan Kirkham with Summit Sotheby's and Utah realestate.com. If you find it useful, please properly attribute this resource with a link. 1 housing market in the nation for 2022. Already have a FastExpert account? 27.7% of homes sold above the asking price. Property values will likely decline over the next 6 to 12 months and then flatten in the Utah housing market. So players should expect to see both challenges and opportunities in 2022. The rental market is not affordable and is experiencing high rental prices. In 2022, Redfin itself went through two rounds of layoffs. They also anticipate prices to grow 8.5% and sales to grow 15.2%. 2022. Considering how crazy the market was in 2020 and 2021, here is the Utah housing market forecast 2022 edition. The median days on the market was 70 days, up 47 year over year., The direction and pace at which home prices are changing are indicators of the strength of the housing market andwhether homes are becoming more or less affordable. Here are Utahs metropolitan areas with the hottest housing markets for volume. He's predicting Utah home prices will drop 9% year over year in 2023. In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics. Boating in Utah can be an unmatched experience. 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. Here's your Official 2022 Utah housing Market Forecast in Salt Lake City. 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. To Eskic, 2022 was the year of the Fed. In his mind, it was a federal miscalculation to raise borrowing rates so high and so fast after two runaway years. Like West Valley City, West Jordan is considered to be a suburb of the capital city Salt Lake City. You can try RealAdvisor home value appraiser, to get the value of your home in Utah. Others argue the apartments meet the growing demand for high-end housing in Salt Lake City, it's the latest development in what's been an expensive year to find and afford a home. Utah may be the 13th-largest state in the country by area, but it is also the 11th-least densely populated. With uncertainty in the economy, predictions for Utahs housing market vary greatly. 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. But by the end of the year, well stabilize and well be flat, Wood said. This is the MOST ACCURATE UTAH Housing Market Forecast for 2022. Some investors flip houses, others wholesale them. 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. A good indication of the markets strength and inventory is the average number of days properties stay listed. Love hiking, biking, or camping? 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. 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. We go back to the 70s, for example, Eskic said. Major Utah cities covered in this report: These Utah real estate reports, data, forecasts, and market trends are provided for informational use. Check! While at the beginning of the year, homebuyers could purchase a home at an interest rate of around 3%, currently borrowers are looking at more than 7%. Inventory is on its way up, with 13,795 homes for sale in September 2022, 25,3% more than the previous year. Thats the story of 2022. Therefore, the Utah housing market is to be expected to slow down. Search for a realtor or service professional, Already have a FastExpert account? Therefore, experts expect that Utah home prices will slow down their staggering growth and may decline in some areas. However, it is also the third-most populous city in Utah, with a population of 116,961. Of all the major U.S. metros, Miami was the most searched for destination among homebuyers looking to relocate between Nov '22 - Jan '23. 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. From peak-to-trough, he expects prices to decline by a percentage somewhere in the mid to low teens, depending on interest rates. Or if its little more meaningful declines, a 10% decline, take advantage of those because 10 years from now youll see much better conditions.. 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. We dont have that.. Imagine earning over $100,000 a year and being qualified to buy a half-million-dollar home but still not being able to swing it. Utah home prices remain significantly higher than the national average. Meanwhile, new home construction. You can find some of the most distinguished and reputable real estate agents using Mashvisors real estate agent directory. Buyers finally have market power. Branca said hes grateful that hes employed, has a handsome income, and while hes sad that the market was so difficult to navigate for his situation, it felt much worse to realize just how many other Utahns the market has priced out. Well, perhaps I cantAlthough based on facts, I believe I can. Realtor.com isn't the only group offering a strong forecast for the Salt Lake City real estate scene in 2022. Shouldnt I wait for mortgage rates to decrease before I buy? The median price of a home in the United States is currently $518,200.. So its really tough to say, but I think its going to be minimal negative, or negative positive, Yun said. Even as mortgage rates in recent weeks have ticked down slightly, economists are expecting higher rates to continue to dampen sales throughout 2023. Look at housing prices, they were sticky. READ REDFIN'S FAIR HOUSING POLICY. Nationwide, 25% of homebuyers searched to move to a different metro area between Nov '22 - Jan '23. After the next seven months, the median price. 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. In December 2022, Cache County home prices were up 2.1% compared to last year, selling for a median price of $444K. Home prices skyrocket amid early pandemic months due to bidding wars and a shortage of active listings. The surge in home prices across the country resulted in many thinking homes were sold for more than theyre worth. Utahs economy continues to add jobs, but the pace of growth has started to slow. However, because of the stiff competition, Utahns who are looking to buy property should prepare themselves not just financially and physically but also mentally. 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. Terms . Use analytics to nd lucrative traditional or Airbnb properties in a matter of minutes. 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. increase. price indicates that the housing market is competitive and bidding wars are becoming more common. As mortgage rates are at record highs in 20 years by 7.08%. Once the Fed slows inflation by continued interest rate hikes, they will have to ease the tightening by making money more affordable and accessible. In 2021 the average interest rate was 2.96%, the lowest interest rate that FreddieMac measured since 1971. If you ask Perry, they have a silver lining. The average months of supply is 3 months, up 3 year over year. A high or growing percentage of homes selling above list. While this may be good news for home buyers, rates will still be higher than they have become accustomed to. Hang in there. Park City Data Should You Invest in the Phoenix Housing Market in 2020? 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. A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive.. Looking ahead to 2023 and what it will bring to the housing market, two of Utahs leading housing experts are respectfully disagreeing with each other. Sign In. After a big boom over the past two years, there will essentially be no change nationally in home prices in 2023, said the National Association of Realtors chief economist Lawrence Yun. 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. 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