The latest data shows that the Ogden housing market is showing promise with its competitive nature and steady growth in home prices. It remains an affordable option compared to the national average, attracting both local and out-of-state homebuyers. With favorable migration trends and good transportation options, Ogden's real estate market seems poised for a bright future.
Ogden Housing Market Trends
The Ogden housing market is somewhat competitive, with homes receiving an average of 2 offers and selling in around 30 days. Some homes even get multiple offers, showcasing the demand in the area. The average homes sell for about 1% below the list price and go pending in approximately 30 days. Hot homes can even sell for about 1% above the list price and go pending in around 8 days.
Ogden's Median Sale Price
Data by Redfin shows that the median sale price of a home in Ogden was $373K last month, marking a significant increase of 6.9% since the previous year. This statistic highlights the growth and stability of the housing market in Ogden. Additionally, the median sale price per square foot in Ogden is $204, though it has seen a slight decrease of 6.4% since the previous year.
Ogden vs. National Averages
Comparing Ogden to national averages, Ogden's median sale price is 11% lower than the national average. The overall cost of living in Ogden is 1% lower than the national average, making it an attractive place to live for those looking for affordability.
Ogden Migration & Relocation Trends
Across the nation, 0.59% of homebuyers are searching to move into Ogden from outside metros. Washington homebuyers seem particularly interested in Ogden, followed by Los Angeles and San Francisco. Furthermore, 71% of Ogden homebuyers are searching to stay within the Ogden metropolitan area, with St. George being the most popular destination among them.
On the flip side, some people are leaving Ogden for other destinations, with St. George, Houston, and Logan being among the top choices for outbound migration.
Ogden Housing Market Forecast 2023-2024
Current Ogden Home Value
The average home value in Ogden is currently at $362,160 (Zillow data), which reflects a decrease of 4.9% over the past year. Homes in Ogden also tend to go pending in a remarkably short period, around 13 days, indicating a high demand in the area. This data is accurate up to September 30, 2023, showing the most recent trends in the market.
Market Metrics
- Median Sale to List Ratio (August 31, 2023): 1.000
- Percent of Sales Over List Price (August 31, 2023): 38.2%
- Percent of Sales Under List Price (August 31, 2023): 36.2%
- Median Days to Pending (September 30, 2023): 13
Neighborhoods in Ogden
Here are some key neighborhoods in Ogden and their corresponding Median Zillow Home Value Index (ZHVI):
- West Ogden: $297,184
- North End: $369,038
- Downtown: $295,317
- East Central: $328,596
- East Bench: $412,323
- Shadow Valley: $630,666
- Westpointe: $459,718
- Rose Park: $421,374
- Capitol Hill: $548,682
Ogden MSA Housing Market Forecast
Let's take a closer look at the Ogden Metropolitan Statistical Area (MSA) housing market forecast. The data provided reflects the growth in the region from September 30, 2023, to various dates in the future:
- 31-10-2023: 0.1% growth
- 31-12-2023: 0.1% growth
- 30-09-2024: 3.2% growth
Are Home Prices Dropping in Utah?
While the Ogden housing market has seen a decrease in home values over the past year, it's important to note that the future forecasts for the Ogden MSA indicate growth. This suggests that the market may be stabilizing, and the downward trend may not continue in the long term. As for Utah as a whole, it's essential to consult broader data and forecasts to determine whether home prices are dropping across the entire state.
Should You Invest in the Ogden Real Estate Market?
Population Growth and Trends
- Ogden has experienced steady population growth in recent years. This trend indicates an increasing demand for housing, which is a positive sign for real estate investors.
- The city's strategic location in the Ogden-Clearfield Metropolitan Statistical Area (MSA) makes it an attractive destination for both newcomers and businesses looking to tap into the growing workforce.
Economy and Jobs
- Ogden's economy is diverse, with employment opportunities in various sectors, including manufacturing, healthcare, and aerospace. The presence of Hill Air Force Base also contributes significantly to the local job market.
- With a stable job market and a lower cost of living compared to many other metropolitan areas, Ogden attracts professionals and families, which, in turn, drives the demand for rental properties.
Livability and Other Factors
- Ogden offers a high quality of life, with access to outdoor recreational activities, a vibrant arts scene, and a strong sense of community. These factors can attract tenants, making it a desirable place for real estate investments.
- The city's commitment to infrastructure development and revitalization projects further enhances its livability and attractiveness to both residents and potential renters.
Rental Property Market Size and Growth
- The rental property market in Ogden is substantial and continues to grow. This is partially due to the city's attractiveness to students attending nearby universities and individuals relocating for job opportunities.
- Investors can find a range of rental properties, from single-family homes to apartments, catering to various tenant preferences.
Other Factors Related to Real Estate Investing
- Ogden's relatively affordable real estate market compared to larger metropolitan areas provides investors with the potential for reasonable acquisition costs and strong rental income.
- With a stable and growing economy, the likelihood of long-term rental income and property appreciation is higher, making Ogden a potentially lucrative investment option.
- The city's commitment to maintaining and enhancing its neighborhoods through urban development projects can contribute to the appreciation of property values over time.
This, investing in the Ogden real estate market is a promising opportunity for those looking to capitalize on a growing and vibrant city. With population growth, a diverse economy, high livability, and a thriving rental market, the city offers a favorable environment for real estate investments.
Moreover, its affordability compared to other major cities makes Ogden an attractive choice for investors seeking long-term returns and potential property appreciation.
However, as with any investment, it's essential to conduct thorough research, consider local market conditions, and seek professional advice to make well-informed investment decisions in Ogden's real estate market
References:
- https://www.zillow.com/ogden-ut/home-values
- https://www.redfin.com/city/14490/UT/Ogden/housing-market
- https://www.realtor.com/realestateandhomes-search/Ogden_UT/overview
