The Salt Lake Market Update October, 2024
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The Salt Lake Market
Real Estate Market Update
- Last Updated September 11, 2024
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Salt Lake County Real Estate Outlook 2024: A Year of Growth and Opportunity
The Salt Lake County real estate market is poised for a promising year ahead. According to the state’s lead economist, we can anticipate a healthy 3% appreciation in home values, with median sale prices expected to rise from $515,000 to $530,000. This growth is supported by Utah’s strong economic performance, including its ranking as the 13th state for high-paying jobs nationwide. In this blog, we’ll explore the key reasons behind the 2024 real estate trends, including relocation, family growth, retirement, and the shift away from renting.
Utah's Economic and Demographic Growth:
Utah’s consistent placement in the top 10 for population growth over the last three years sets a solid foundation for the real estate market. The influx of residents, combined with the state’s robust job market, underscores the appeal of living and buying in Salt Lake County.
Utah's Economic and Demographic Growth:
- Relocation: Professionals attracted by high-paying jobs are moving to Utah, boosting demand for housing.
- Starting Families: The desire for more space and a stable environment makes buying a home a top priority for new parents.
- Retirement/Downsizing: Retirees looking for a comfortable, manageable living space are entering the market.
- Fed Up with Renting: The quest for independence from landlords and the unpredictability of renting is driving more towards homeownership.
- Marriage: Couples are looking to invest in their first home together as a foundational step in their new life.
Affordability Challenges:
Despite the optimism, there’s a challenge with affordability, as the median house payment currently exceeds 35% of the median household income. Historically, markets where housing costs are between 30% and 35% of household income tend to perform best. This disparity underscores the pressing need for more affordable housing solutions in our community.
The Renting vs. Buying Debate:
With renting becoming more affordable compared to owning, the market is seeing a shift in preferences. However, Gen Z’s strong pro-homeownership stance, driven by the desire for long-term investment, retirement planning, generational wealth, and the stability of fixed rates, is noteworthy. The flexibility of refinancing and the appeal of long-term residence are also significant factors.
2020-2022 Buyers: A New Wave in the Market:
With renting becoming more affordable compared to owning, the market is seeing a shift in preferences. However, Gen Z’s strong pro-homeownership stance, driven by the desire for long-term investment, retirement planning, generational wealth, and the stability of fixed rates, is noteworthy. The flexibility of refinancing and the appeal of long-term residence are also significant factors.
Conclusion
With renting becoming more affordable compared to owning, the market is seeing a shift in preferences. However, Gen Z’s strong pro-homeownership stance, driven by the desire for long-term investment, retirement planning, generational wealth, and the stability of fixed rates, is noteworthy. The flexibility of refinancing and the appeal of long-term residence are also significant factors.
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Alex Lehauli
- 801-891-9436
- Alex@AlexLehauliGroup.com
- 5965 S 900 E #400, Salt Lake City, UT 84121
