Updated: May 23
Like it or not, the housing market in the Salt Lake market is still hovering somewhere around “screaming hot.” Over the last year and a half, homes have been snapped up as quickly as they hit the market, and prices have continued to soar.
In fact, pricing is up 16% year-over-year, and—while the number of homes under contract is actually slightly lower than in 2020—year two of the pandemic’s impact on real estate shows under-contract homes up by a whopping 35% from the same time in 2019.
It’s been a frustrating fever pitch for buyers, sellers, and agents alike…and it looks like we may be in for more of the same in many regards.
If economists are to be believed, the national housing marketing will continue to be strong into 2022. Housing price increases are expected to taper off toward the end of next year, ultimately settling in on a more normal trend line of 3-5%. It’s a cooling of price increases that will be influenced by the Federal Reserve’s predictions about interest rates, which are expected to creep higher over the same period. But what about Salt Lake City?
realtor.com is forecasting that Salt Lake City will be the #1 housing marketing in the nation for 2022. Number one. With an expected 15% sales growth and 8.5% price growth over 2022, we may be staring once again down the double barrel of buyers that outpace inventory and a lack of affordability. It seems that rising prices won’t necessarily mirror the intensity of 2020 and 2021, but we’ll see them nevertheless.
Good News: We Can Help.
The team at Homeworks Property Lab is experienced. We’re fastidious and fierce experts at navigating this chaotic market on behalf of our clients. If you’re in need of some guidance or just looking for a friendly face in these shark infested waters, give us a call. We can help.