With an anticipated price growth of 8.5% and sales growth of 15.2%, Salt Lake City leads the projected housing market ahead of Boise, ID, Spokane, WA, and Indianapolis, ID. Major companies like Facebook, Adobe, and Electronic Arts have played a big role in drawing in people from out of state, earning SLC the nickname, “Silicon Slopes.”
Home values in Utah increased by 28.3% between the second quarter of 2020 and 2021, according to an infographic from the Federal Finance Housing Agency. Folks who purchased a home before values skyrocketed have accrued equity in their properties much faster than anticipated.
Supply and demand drive the real estate market, affecting everything from building and lot values to availability for buyers and sellers. These forces are usually closely aligned with an area’s economy, job market, population, demographics, location, interest rates, and several other constantly evolving factors. As Salt Lake City’s population grows, real estate in the area will be increasingly desirable.
Dani Griffith, a Salt Lake-based realtor, says, “We’ve got a huge inventory shortage here in Utah. We’ve got a whole lot of buyers and not enough sellers, so we are feeling the effects of pricing.” As far as what’s coming down the line, higher prices in Utah might just become the norm, and it may be a seller’s market for years to come.