The Utah housing market appears to be experiencing a significant downturn in both sales volume and median home prices. The market is currently in a state of decline, with fewer homes being sold and lower prices being paid for those that are sold. This may be due to a number of factors, such as a decrease in demand for homes due to rising mortgage rates, an increase in the supply of homes, or economic factors that are impacting buyers' ability to purchase homes.
The rapid appreciation witnessed over the past two years may have begun to decelerate as a result of rising financing costs and deteriorating affordability. This is nothing to worry about; rather, it indicates that the market is beginning to return to normalcy. The same can be said about the Salt Lake County real estate market. The market is still highly competitive. Even while inventory is rising considerably compared to the previous two years, this does not solve a problem that has existed in Utah for years. There are still insufficient homes.
A report on the forecasts for Utah's housing market in 2023 was given by Jim Wood, a housing economist at the University of Utah's Kem C. Gardner Policy Institute, and Lawrence Yun, chief economist and senior vice president for research at the National Association of Realtors projects that 2023 will be a challenging year for the housing market, with interest rate hikes, falling home sales, and dropping home prices.
However, a housing bubble is considered “extremely unlikely.” Future mortgage rates are projected to vary anywhere from 5% to 9% by the end of 2023, with the prevailing sentiment landing in the 6.5% to 7.5% range. Home sales in the five-county area centered on Salt Lake City will be sharply down for 2023 and for the country as a whole. Although Utah will not see a recession, job gains are expected to slow down. Employment in the state remains strong, with a jobless rate of 2.2%, the lowest in the nation.
Utah is facing a dire shortage of affordable homes for sale and for rent, which is likely to be among the dominant issues of the 2023 Utah Legislature. The report also shows that home builders in Utah have pulled back significantly on their hectic pace of housing starts and new development. Meanwhile, renters may see some relief in 2023 as a wave of newly constructed apartments comes online.
Utah Housing Market Report & Trends
The Utah housing market has witnessed notable changes in various counties, reflecting shifts in supply, demand, and median sales prices. In this report, we will examine the real estate landscape in select counties, focusing on Salt Lake County (SLC) as well. Additionally, statewide data will provide an overview of the current housing market in Utah, according to the data provided by the Utah Association of REALTORS®
Considering the entire state of Utah, the housing market has experienced the following trends for June 2023. Here is the data to keep you informed about home prices, sales, and more.
Are Home Prices Dropping in Utah?
Let's dive right into the numbers to see how the Utah housing market has been performing over the past year.
Market Data Snapshot
Here's a snapshot of key indicators for June 2023 compared to the same period last year:
- Closed Sales: 3,620 (-21.3% YoY)
- Median Sales Price: $495,000 (-5.9% YoY)
- YTD Closed Sales: 19,346 (-22.0% YoY)
- YTD Median Sales Price: $480,000 (-7.9% YoY)
As you can see, the entire state of Utah has experienced a decline in both home sales and median sales prices over the past year. This is an important trend to keep in mind for anyone involved in the Utah real estate market.
Now, let's take a closer look at specific county-level data:
Salt Lake County
- Closed Sales: 1,073 (-26.1% YoY)
- Median Sales Price: $518,000 (-4.3% YoY)
- Year-to-Date (YTD) Closed Sales: 5,637 (-24.8% YoY)
- YTD Median Sales Price: $510,000 (-5.6% YoY)
Davis County
- Closed Sales: 367 (-14.5% YoY)
- Median Sales Price: $521,000 (-3.5% YoY)
- YTD Closed Sales: 1,849 (-15.3% YoY)
- YTD Median Sales Price: $500,000 (-5.7% YoY)
Utah County
- Closed Sales: 733 (-26.1% YoY)
- Median Sales Price: $497,000 (-7.9% YoY)
- YTD Closed Sales: 4,286 (-18.9% YoY)
- YTD Median Sales Price: $480,000 (-9.9% YoY)
Washington County
- Closed Sales: 375 (-5.8% YoY)
- Median Sales Price: $490,000 (-14.8% YoY)
- YTD Closed Sales: 2,086 (-14.8% YoY)
- YTD Median Sales Price: $501,324 (-11.3% YoY)
Summit County
- Closed Sales: 99 (-21.4% YoY)
- Median Sales Price: $1,612,500 (+19.4% YoY)
- YTD Closed Sales: 527 (-42.0% YoY)
- YTD Median Sales Price: $1,374,000 (+1.8% YoY)
As you can see, the Utah housing market is experiencing changes in both home sales and prices across different counties. The June 2023 Utah Housing Market Report indicates a mixed picture across various counties, with some experiencing declines in sales and prices while others see growth. If you're considering entering the Utah real estate market, be sure to consult with a local realtor who can provide you with the most up-to-date information and guidance.
Why is Utah's Housing Market So Hot?
Rapid population growth and job growth are the two most important drivers of housing demand in Utah right now. According to local real estate agents, there aren’t enough single-family homes to meet the rising housing demand. A balanced market has roughly a six-month supply of houses, which means that if we stopped listing new properties, we'd still have about six months before we ran out. And right now, Utah is down to about four weeks of supply of homes.
As a result, finding a dream house in this market is challenging for buyers, making it extremely competitive. Utah's employment landscape is also one of the most impressive in the country. It has had the most rapidly growing job market in the country for the past decade. Utah's population grew by 18.4% over the past decade, making it the fastest-growing state. It's now the 30th most populated state, with nearly 3.28 million people, according to U.S. Census Bureau data.
A large number of Californians are relocating to Utah, putting extra pressure on the supply side. In-migration to the Salt Lake metropolitan area is still at an all-time high. The issue is that demand is so strong that inventory can't reach a level that indicates a sufficient supply. People are also coming from New York, Boston, Vermont, Austin, Texas, and other cities, according to local real estate agents. They also think that people who are first-time homebuyers in Utah will be priced out of the market by people moving in from other states.
Utah Real Estate Market Report For July 2023
Here's how the housing market performed, according to UtahRealEstate.com. Utah’s median home price remains well over the half-a-million-dollar mark. Compare that to January 2019, when it was just below $300,000.
- In July 2023, around 3038 homes were sold on MLS, down 7.1% from last year.
- No. of single-family homes sold was 2246.
- No. of multi-family homes sold was 792.
- The median days on market were 24, up from 21 days last month.
- The median selling price was $552,000 for single-family homes, down 2.1% year-over-year.
- The median selling price was $390,000 for multi-family homes, down 6.0% year-over-year.
- The data is provided by UtahRealEstate.com, the leading provider of real estate technology in Utah and one of the largest Multiple Listing Services in the United States.
Utah Housing Market Trends Q2 2023
According to the report by Windermere Real Estate Chief Economist Matthew Gardner, although it slowed in the first quarter of 2023, employment growth has stabilized in Utah. The state added 52,400 jobs over the past 12 months, which represents an annual growth rate of 3.1%. The counties covered by this report added almost 33,000 new jobs over the past year, representing a growth rate of 2.4%.
As we saw in the first quarter of the year, the fastest growing county was Summit, which had a 5.8% annual growth rate. The slowest was again Morgan County, where the job level rose 1.6%. Utah’s unemployment rate in May was 2.5%, up .03% from the level in the second quarter of 2022. At the county level, the lowest jobless rate was in Morgan County (1.8%) and the highest was in Weber County, where 2.5% of the workforce was without a job. In aggregate, the unemployment rate within the counties contained in this report was only 2.3%.
Utah Home Sales
In the second quarter, 6,939 homes were sold in the areas covered by this report. This was down 21% compared to the second quarter of 2022 but was 28.3% higher than in the first quarter of this year.
Year over year, sales fell across the board. However, sales increased by double digits in every county covered by this report compared to the first quarter.
It is quite likely that the higher number of homes sold compared to the previous quarter was a result of the impressive increase in the number of homes for sale. Inventory rose 12.6% over the first quarter.
Pending sales rose 14.6% from the first quarter, suggesting that closings in the upcoming quarter will likely rise.
Utah Home Prices
The average sale price in the quarter fell 5.4% from the second quarter of 2022 to $629,289. However, sale prices were 4.1% higher than in the first quarter of 2023.
Median list prices in the second quarter were 8.5% higher than in the first quarter of the year. It’s interesting to see sellers’ continued confidence given the significant increase in mortgage rates the market has experienced.
Year over year, prices rose in Summit County but dropped in the other markets. Compared to the first quarter, prices rose in every county other than Wasatch, where they fell 12.7%.
It was notable that the markets that saw list prices rising were in the more affordable areas. Expensive counties, such as Morgan, Summit, and Wasatch, all had lower median list prices than in the first quarter of this year.
Utah Days on Market
The average time it took to sell a home in the counties covered by this report rose 36 days compared to the same period a year ago.
Homes sold fastest in Salt Lake County and slowest in Summit County. All areas saw average market time rise compared to the second quarter of 2022, but market time fell in all areas compared to the first quarter of this year.
During the second quarter, it took an average of 54 days to sell a home. Market time fell 13 days compared to the first quarter of 2023.
It was impressive to see the length of time it took to sell a home in the region fall significantly despite more inventory and higher financing costs.
Why Are Home Prices So High in Utah?
Utah boasts the nation’s strongest pace of job growth, along with rock-bottom unemployment, ultra-low mortgage rates, few mortgage delinquencies, and low state and local taxes. All those factors pushed Utah into first place in Bankrate’s Housing Heat Index for the fourth quarter of 2020. Utah's home values increased by 15.39% in the 12-month period that ended Dec. 31, third-best among U.S. states, according to the Federal Housing Finance Agency.
Since 1991 Q1, HPI for Utah has increased by 414.95%. Idaho ranked #1 in FHFA State House Price Indexes. The HPI is a broad measure of the movement of single-family house prices. It is measured by reviewing mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac. According to a Bankrate analysis of Labor Department data, Utah also posted the second-strongest job growth in the nation from December 2019 to December 2020.
Even if inventory is significantly higher than it has been in the previous two years, it still does not address what has been a problem in Utah for years. There are still not enough houses. Even though homebuilding soared in Utah in 2021, putting the state on the national map for its housing boom. It made a decent dent in Utah’s housing shortage, but not enough to erase it.
Utah Housing Market Forecast 2023-2024
Utah's housing market has boomed during the pandemic, and Utah has emerged as a particularly desirable market. Utah home prices are soaring as Californians migrate into the state leading to an imbalance between supply and demand. Utah's economy is currently in excellent shape. Utah's job market is robust enough to avoid widespread foreclosures, and housing demand is expected to remain high in 2023 due to the state's rapid expansion and widespread home shortage.
Some experts expect prices to decline in 2023, depending on what happens with interest rates in 2023. So far, Utah home prices are still up year over year. Higher mortgages have already impacted buyer demand. Sales have been declining by massive double-digits. The price growth is trending lower, and 2023 can't be a year of double-digit increase.
Let's take a closer look at the current housing market in Utah and the forecasts for various regions in the state.
Statewide Housing Data
According to Zillow data, the average home value in Utah currently stands at $509,383, reflecting a 5.1% decrease over the past year. Homes in Utah tend to go pending in approximately 15 days (Data through July 31, 2023).
Here are some additional key statistics for the Utah housing market:
- Median Sale to List Ratio (June 30, 2023): 1.000
- Percent of Sales Over List Price (June 30, 2023): 32.3%
- Percent of Sales Under List Price (June 30, 2023): 47.1%
- Median Days to Pending (July 31, 2023): 15
Utah Metropolitan Statistical Area (MSA) Housing Market Forecasts
Now, let's explore the housing market forecasts for various metropolitan areas within Utah. The following data represents the projected changes in home prices for specific regions in Utah as of August 31, 2023, October 31, 2023, and July 31, 2024:
- Salt Lake City, UT MSA: Expected to see a 0.6% increase by August 31, 2023, 1.3% by October 31, 2023, and 6.4% by July 31, 2024.
- Ogden, UT MSA: Anticipating a 0.7% rise by August 31, 2023, 1.6% by October 31, 2023, and 7.4% by July 31, 2024.
- Provo, UT MSA: Predicted to experience a 0.4% growth by August 31, 2023, 1% by October 31, 2023, and 5.8% by July 31, 2024.
- St. George, UT MSA: Foreseeing a 0.4% increase by August 31, 2023, 0.9% by October 31, 2023, and 5.4% by July 31, 2024.
- Logan, UT MSA: Expected to see a 0.6% rise by August 31, 2023, 1.5% by October 31, 2023, and 7.7% by July 31, 2024.
- Heber, UT MSA: Anticipating a 1.1% growth by August 31, 2023, 2.4% by October 31, 2023, and 9.8% by July 31, 2024.
- Cedar City, UT MSA: Predicted to experience a 0.6% increase by August 31, 2023, 1.2% by October 31, 2023, and 7.1% by July 31, 2024.
- Vernal, UT MSA: Foreseeing a 0.8% rise by August 31, 2023, 2% by October 31, 2023, and 9% by July 31, 2024.
- Price, UT MSA: Expected to see a 0.4% growth by August 31, 2023, 1.3% by October 31, 2023, and 8.8% by July 31, 2024.
These forecasts provide valuable insights into the expected trends in different regions of Utah's housing market. Keep in mind that these predictions are subject to change as market conditions evolve.
Salt Lake City Housing Market Forecast 2023-2024
The Salt Lake City real estate market has been one of Millennials' toughest real estate markets due to limited supply relative to demand. It has become one of the top markets to watch in 2023. Salt Lake City is a moderately walkable city with a population of approximately 186,419 people. While the city limits encompass 110 square miles, downtown runs nearly two miles from east to west and nearly two miles north to south. Salt Lake City's population is also very young. The largest percentage of the city's population falls in the 25 to 39-year-old age group.
Couple that with a high school graduation rate, and a large number of college graduates and you have an attractive workforce for many large companies. The Salt Lake City area's economy is doing well, and it has one of the lowest unemployment rates in the U.S. Utah’s employment outlook during the pandemic continued to outperform the rest of the country.
The strength of the overall economy significantly impacts the real estate market as buyers' ability to support housing prices largely depends on key economic factors. The state’s economy has proved to be “one of the nation’s best in reemploying workers” as officials continued to actively encourage those drawing unemployment benefits to seek work in sectors less damaged by the pandemic.
Long-term demographic and economic growth has generated rapid increases in housing prices in Salt Lake County. Salt Lake City has a track record of being one of the best long-term real estate investments in the U.S. According to NeighborhoodScout’s data, Salt Lake City real estate appreciated 161.55% over the last ten years, which is an average annual home appreciation rate of 10.09%, putting Salt Lake City in the top 10% nationally for real estate appreciation.
Current Market Snapshot
According to Zillow data, the average home value in the Salt Lake City metro area currently stands at $531,143. This figure represents a 3.6% decrease over the past year. Homes in this region tend to go pending remarkably quickly, with an average of just 10 days on the market (Data through July 31, 2023).
Here are some additional key statistics for the Salt Lake City metro housing market:
- 1-year Market Forecast (July 31, 2023): 6.4%
- Median Sale to List Ratio (June 30, 2023): 1.000
- Percent of Sales Over List Price (June 30, 2023): 39.6%
- Percent of Sales Under List Price (June 30, 2023): 40.0%
- Median Days to Pending (July 31, 2023): 10
Market Forecast
Looking ahead, the Salt Lake City housing market is projected to show positive signs of growth. The 1-year Market Forecast as of July 31, 2023, suggests an expected increase of 6.4% in home values. This forecast indicates optimism in the market's performance over the coming year.
Additionally, the median sale-to-list ratio of 1.000 as of June 30, 2023, reflects a balanced market where homes are generally selling at or near their listing prices. Moreover, the percentages of sales both over and under the list price show a dynamic market with 39.6% of sales going over the list price and 40.0% going under the list price.
The exceptionally short median days to pending of just 10 days as of July 31, 2023, indicates a high demand for homes in the Salt Lake City metro area, leading to swift sales.
The Salt Lake City housing market continues to be a dynamic and competitive environment. While the average home value has experienced a slight decrease over the past year, the market forecast points toward positive growth in the near future. With homes often selling at or near their listing prices and a substantial number of sales above asking price, it's evident that demand remains strong in this region.
Salt Lake City Real Estate Investment Overview
Now that you know where Salt Lake City is, you probably want to know why we’re recommending it to real estate investors. Is Salt Lake City a Good Place For Real Estate Investment? You need to drill deeper into local trends if you want to know what the market holds for real estate investors and buyers in 2023.
If you are looking to make a profit, you don’t want to buy the most expensive property in the Salt Lake City real estate market and expect to make a good profit on rents. Perhaps you are looking for a slightly different hold-over, an investment property in Salt Lake City that you might move into or sell at retirement in the future. Either way, knowing your profit potential and purpose is the first thing to consider.
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 a “flyover” country. Nearly half of all jobs in the state and 40% of the state’s population are located in Salt Lake County. The city is the core of the Salt Lake City metropolitan area, which has a population of roughly 1.2 million. Today, Salt Lake City is a major tourist spot in the U.S. The city is also the national hub of industrial banking.
People are moving there due to the lower cost of housing, good quality of life, and outdoor recreation. The economy is strong and the city has one of the lowest unemployment rates in the nation. A strong job market and a robust economy have been contributing to the rising housing costs over the past several years. Utah is the only state since 1900 where the homeownership rate has never fallen below 60%
So what makes Salt Lake City Downtown so appealing to home buyers and investors? Downtown is the oldest district in Salt Lake City, Utah. The grid from which the entire city is laid out originates at Temple Square, the location of the Salt Lake Temple. Downtown Salt Lake City encompasses the areas of Temple Square, The Gateway, Main Street, the central business district, South Temple, and others.
Throughout the last decade, Salt Lake City has seen a significant increase in development, from City Creek Center to 111 Main, these and other developments have played a crucial role in improving the vibrancy of downtown. Like the rest of the state, Salt Lake City Downtown is benefiting from the region’s healthy economy.
More people live and work in the downtown area than ever before. But according to local real estate experts and representatives from the Downtown Alliance, despite the boom, the supply in downtown Salt Lake City isn’t catching up to the demand, and more development is needed in the city’s central business district to accommodate the growing demand for housing and office space.
The Urban Land Institute ranked it the nation’s third-best market for commercial development in its 2018 Emerging Trends report, fueled in part by the big names relocating here like Goldman Sachs, which now has the fourth-largest office in the world in Salt Lake City. Salt Lake City's housing market is booming because of an ideal combination of business growth triggering in-migration and strong native population growth.
And with a variety of affordable homes in high-quality neighborhoods, it is a market that is not yet closed to first-time home buyers. Is Salt Lake City going to be a sizzling real estate market for investors in 2021? Looking at the positive forecast, the annual appreciation rate is predicted to be between 10% to 12%.
You can either choose to invest in your future or market your home to potential buyers. If you are looking for an affordable real estate market with a high potential for return on investment, you should consider Salt Lake City in 2021. Let’s take a look at the number of positive things going on in the Salt Lake City real estate market which can help investors who are keen to buy an investment property in this city.
Positive Demographic Trends
The total fertility rate for the United States hovers between 1.8 and 2.1 depending on the source you want to believe. Mormons, the majority of the population in Salt Lake City and Utah as a whole, have an average of 3.4 children. This puts constant pressure on the Salt Lake City real estate market. It also makes the Salt Lake City housing market unusual in the demand for homes with multiple bedrooms suitable for large families. There is a niche in the Salt Lake City real estate market for large luxury homes, but it is notable for the sheer demand for 4 or more bedrooms in affordable neighborhoods.
Near Certain Real Estate Appreciation
Salt Lake City sits at the intersection of I-80 and I-15. The industry tends to spread out along the highways, and housing follows. Investors in the Salt Lake City real estate market can buy land to develop or invest in housing projects being built in expectation of workers who will soon move to the area. Demand is one factor in the equation that determines the price of housing. The other is supply.
Salt Lake City has seen an increase in housing construction since the economy rebounded. However, geography limits how and where homes can be built. This is causing home prices to appreciate significantly, and there is no evidence Salt Lake City could over-build the way Phoenix did before the Great Recession. A subtle issue hitting Utah is the relative shortage of skilled building trade talent despite the influx of people coming to work in business and tech.
Salt Lake City Market Is Everything Which California Isn’t
California is experiencing an incredible divergence from its ideals. While there is still a red-hot housing market in Silicon Valley, the state also has the highest poverty levels in the nation. They’re chasing businesses out of the state through oppressive regulation and high taxes. In contrast, Salt Lake City is booming because it is business-friendly.
So many California tech firms have relocated to Salt Lake City that the area is now nicknamed “Silicon Slopes”. Forbes listed Salt Lake City first on its list of “next tech meccas”. The city is already home to many new startups. Where there are currently good-paying jobs, new residents are sure to move in. And that only puts more pressure on the Salt Lake City housing market. The very low crime rate in Utah compared to surrounding states is merely a bonus.
The Low Cost of Living in Salt Lake City
Housing aside, another reason why people relocate from the West Coast to Utah is the low cost of living. In fact, the $400,000 house in Utah with four bedrooms and a yard looks cheap when you sold a two-bedroom condo for 50% more than that in California. The overall cost of living in Utah is cheaper than the nation overall, and it is far cheaper than California, so many choose to relocate here from the high-cost states on the coast.
The Growing Salt Lake City Rental Market
The Salt Lake City housing market can’t keep up with demand, and this is pushing many Millennials and new residents into the rental market. While many would like to own a home, affordability is an issue for the young would-be homeowner; the average Millennial earns $68,000 a year while the median home price is $400,000. This explains why Salt Lake City has some of the fastest-growing rents in the country.
As of September 2023, the average rent for a 1-bedroom apartment in Salt Lake City is currently $1,250. This is a 2% decrease compared to the previous year. Over the past month, the average rent for a studio apartment in Salt Lake City decreased by -8% to $1,099. The average rent for a 1-bedroom apartment remained flat, and the average rent for a 2-bedroom apartment remained flat.
- Two-bedroom apartment rents average $1,595 (a 2% decrease from last year).
- Three-bedroom apartment rents average $2,230 (a 1% decrease from last year).
- Four-bedroom apartment rents average $2,998 (a 20% decrease from last year).
The Zumper Salt Lake City Metro Area Report analyzed active listings last month across the metro cities to show the most and least expensive cities and cities with the fastest growing rents. The Utah one bedroom median rent was $1,259 last month. West Jordan was the most expensive city with one-bedrooms priced at $1,470 whereas Cedar City ranked as the most affordable city with one-bedrooms priced at $580.
The Fastest Growing Cities For Rents in the Salt Lake City Metro Area (Y/Y%)
- Washington had the fastest growing rent, up 26.5% since this time last year.
- Elko rent jumped 9%, making it second.
- West Valley City was third with rent climbing 8.5%.
The Fastest Growing Cities For Rents in the Salt Lake City Metro Area (M/M%)
- Sandy had the largest monthly growth rate, up 6.1%.
- West Jordan was second with rent climbing 5.8%.
- Cottonwood Heights saw rent increase 4%, making it third.
Landlord Friendliness
Salt Lake City requires landlords to get a business license, even if they own one rental home. The fees that you are required to pay as part of the rental program depend on how well-maintained the units are. However, Salt Lake City in general is very landlord-friendly. Eviction for nonpayment of rent can get someone out in two to four weeks. Courts regularly side with landlords and award triple fees for damages by a tenant. If someone violates the terms of the lease, they have three days to correct the situation. You can end a month-to-month tenancy with 15 days of notice.
Multiple Luxury Markets
Downtown Salt Lake City properties near the Mormon Temple command a premium, but that isn’t the only upscale market in the area. Park City and the northern side of Oakley have properties that cost on average well over a million dollars. As you move up Highway 80 toward Hoytsville and Wanship, properties routinely cost more than a million dollars despite the hour commute to Salt Lake City.
Looking For Salt Lake City Investment Properties?
Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.
NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Salt Lake City.
Consult with one of the investment counselors who can help build you a custom portfolio of Salt Lake City turnkey properties. These are “Cash-Flow Rental Properties” located in some of the best neighborhoods of Salt Lake City.
Not just limited to Salt Lake City or Utah but you can also invest in some of the best real estate markets in the United States. All you have to do is fill up this form and schedule a consultation at your convenience. We’re standing by to help you take the guesswork out of real estate investing. By researching and structuring complete Salt Lake City turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability.
Like the Salt Lake City real estate market, the other housing market to go for to diversify your investments is the Baltimore real estate market. The Baltimore real estate market has been in decline for years, but several spots offer significant returns. And there are signs that the city is starting to turn around.
The Baltimore real estate market around the new industrial parks built to cater to Amazon will boom because we can expect as many jobs from Amazon’s suppliers in those areas as Amazon itself – and those workers will want to live close to work. The Baltimore real estate market is promising and shows a new increase in opportunities for both buyers and sellers.
Similarly, Cincinnati, OH is another great market to get started in real estate investing. Cincinnati's real estate market is on the upswing and looking strong for the foreseeable future. It provides many opportunities to investors, regardless of the market you want to invest in.
Let us know which real estate markets in the United States you consider best for real estate investing!
Remember, caveat emptor still applies when buying a property anywhere. Some of the information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.
References
- https://slrealtors.com/
- https://utahrealtors.com/
- https://www.zillow.com/salt-lake-city-ut/home-values/
- https://www.zillow.com/salt-lake-city-metro-ut_r395053/home-values/
- https://www.bankrate.com/mortgages/housing-heat-index/
- https://www.fhfa.gov/DataTools/Tools/Pages/House-Price-Index-(HPI).aspx
- https://www.fhfa.gov/DataTools/Tools/Pages/FHFA-HPI-Top-100-Metro-Area-Rankings.aspx
- https://slrealtors.com/wp-content/uploads/2021/01/2021-Housing-Forecast-Report.pdf
- https://www.realtor.com/realestateandhomes-search/Utah/overview
- https://www.sltrib.com/news/2021/06/24/hyper-hyper-competitive/
- https://www.zumper.com/rent-research/salt-lake-city-ut
- https://www.realtytrac.com/statsandtrends/foreclosuretrends/ut/salt-lake-county/salt-lake-city/
- https://www.ksl.com/?sid=46284050&nid=1426https://www.buildium.com/laws/utah-evictions-process/
- https://en.wikipedia.org/wiki/Salt_Lake_City
- https://www.deseret.com/utah/2021/9/16/22677951/utah-homes-sales-are-slowing-but-the-market-is-still-red-hot-salt-lake-county-city-housing-prices
- http://www.cbre.us/people-and-offices/corporate-offices/salt-lake-city/salt-lake-city-media-center/cbre-releases-2018-salt-lake-city-real-estate-market-outlook
