Salt Lake City is the largest city in the state of Utah, though it tends to be overlooked by real estate investors as just another part of “flyover” country. The city is the core of the Salt Lake City metropolitan area, which has a population of roughly 1.2 million. Today, the Salt Lake City is a major tourist spot in the U.S. The city is also the national hub of industrial banking. The Salt Lake City real estate market was ranked one of the toughest real estate markets for Millennials due to limited supply relative to demand.
Salt Lake is a “slightly hot” real estate market at the moment. The economy is strong and the city achieves lowest unemployment rate at 2.1%. Median days on market is 30.5 days, with inventory moving 6 percent faster than last year and 30.5 days faster than the U.S. overall. Home prices in Salt Lake City are expected to rise by record levels in 2020. A strong job market and a robust economy have contributed to the rising housing costs over the past seven years.