Utah's capital city, Salt Lake City (SLC), is slated to be one of 2018's top ten most booming real estate markets in United States. As we start 2018, SLC is expected to become the sixth most booming market in the United States. Interestingly, St. George, Utah's not-too-distant neighbor, Las Vegas, is expected to become the number one producing market this upcoming year.
Home prices reported increased by record numbers in SLC during the 2017 calendar year at 5.5 percent. The increases are expected to be at least 2.3 percent less in 2018 though, which means homes will be even more affordable this upcoming year.
As for why there's been such a uptick in popularity in the SLC market, some real estate analysts point to the increase in businesses that have decided to set up shop in the city. They note that the physical geography of the city, particularly the mountains, are also often spoken highly of as well.
For now, average home sales prices in the city are hovering right around $350,000. While the price-per-square-foot hovers at around $125 in the southern portion of the city, sellers have recently started demanding as much as $300 per foot in neighborhoods near downtown. Industry experts note that prices are increasing as much as 8 percent per year.
They also note, as interest rates have begun leveling out, more buyers have saturated the market. With that, inventory changes have been seen. The SLC market has become a bit of a buyer's market as a result.
If you're planning to invest in real estate in Utah while the prices are on the rise, then a St. George, Utah, real estate law attorney can provide guidance as you look to do so.
Source: Fox 13 Salt Lake City, "Salt Lake City is projected to be one of America’s top ten housing markets for 2018," Danica Lawrence, Nov. 29, 2017