While the housing market thrived in the beginning of 2022, there has been a dip as we enter the last half. Most of the real estate market has shifted and home inventory is beginning to grow.
Even so, the Salt Lake City real estate market is still somewhat competitive and experiencing growth. As a real estate professional, it’s essential you know the market trends to understand how the rest of 2022 could go.
2022 Salt Lake City housing price trends
Salt Lake City has experienced a housing market surge over the last two years. While the market has slowed in growth, Redfin still reports a 7% increase in sales YoY in September 2022. Additionally, 61% of Salt Lake City residents looking for new homes opted to stay in the metropolitan area.
Although homes sell for an average of $550,000, they’re on the market for an average of 33 days. And as of September 2022, the number of homes sold has decreased by 44% when compared to September 2021.
As 2022 comes to an end, you may see the real estate market in Salt Lake City shift to a buyer’s market if there continues to be a large home inventory with slow movement.
SLC real estate demand forecast 2022
Like other major cities, Salt Lake City is expected to maintain (or increase) the median price for single-family homes. Currently, the average home in SLC costs between $550,000 and $600,000.
In comparison, homes in Park City sell for an average of 1.9 million and has increased by 40% since last year.
Is it a good idea to invest in SLC real estate in 2022?
Although Salt Lake City’s real estate market is competitive and prices are up with fewer and fewer affordable homes available, investors are still looking for good real estate deals. That’s because real estate values are likely to remain stable or elevated in Salt Lake County for years to come.
The local economy is excellent, and that provides added stability for the real estate market. The city boasts plenty of jobs and a more reduced cost of living that one may expect to find in other major Western cities like San Diego or San Francisco. The cost of living prevents many house hunters from moving despite the job growth they, too, may experience. Salt Lake County boasts many real estate investment opportunities due to the pace of job growth and inventory levels.
Should I sell my Salt Lake County property in 2022?
If you’re planning to sell your Salt Lake City property in 2022, you’re entering the marketplace at an excellent time for sellers. If you plan to shop for affordable housing next year, you can probably look forward to bidding wars and elevated prices because of the competitive nature of the marketplace. Therefore, begin your search early and work with an experienced real estate agent who can help you navigate this hot property market.
Make your Salt Lake City listing shine with Virtuance
While the real estate market in Salt Lake City is thriving, it’s important to ensure your listing stands out. With professional real estate photography from Virtuance, you’ll receive stunning real estate pictures from a local Salt Lake City real estate photographer, a single listing website, and access to our Marketing Suite, all of which will make your listing shine.
