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The Salt Lake Market June, 2024

The Salt Lake Market

Real Estate Market Update

- Last Updated March 19, 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:

  1. Relocation: Professionals attracted by high-paying jobs are moving to Utah, boosting demand for housing.
  2. Starting Families: The desire for more space and a stable environment makes buying a home a top priority for new parents.
  3. Retirement/Downsizing: Retirees looking for a comfortable, manageable living space are entering the market.
  4. Fed Up with Renting: The quest for independence from landlords and the unpredictability of renting is driving more towards homeownership.
  5. 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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Testimonials

Salt Lake Realtor Alex Lehauli
5.0
Based on 11 reviews
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Logan PadillaLogan Padilla
21:36 31 Mar 23
Alex was a total professional during the entire transaction. He communicated every step of the way, went to bat, and negotiated a great deal. If you're looking for not only good, but great representation, Alex is your guy.
Kylei LehauliKylei Lehauli
20:26 26 Oct 22
Alex is the best realtor in slc. He has helped me buy and sell multiple properties and had created a lifetime customer. The only realtor I trust.
Cameron ChristensenCameron Christensen
15:32 13 Oct 22
I've known Alex and worked with him in many different pursuits... One thing is certain: His care for clients and ability to serve clients is on a whole new level. I highly recommend Alex for any home buyer/seller as I myself will use Alex for any future home sale or purchase.
Jason HallJason Hall
15:07 21 Jun 22
Alex is an attentive & dedicated real estate agent who looks out for his clients’ best interests. He’s knowledgeable & hard working & I don’t hesitate to recommend him for my home buyers. Don’t think twice about calling him to help with your real estate needs.
January OlsonJanuary Olson
19:32 17 Jul 21
He is a reliable realtor ! He dedicated his time finding the home I wanted . I fully recommend him !
Maurice TalleyMaurice Talley
20:34 02 Dec 20
Alex did an awesome job helping me and my wife purchase our first home. He helped us navigate the home buying process with ease, and got us a great deal. Would definitely recommend!
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