Land Advisors® Organization is the nation's largest land advisory company. Here is their most recent Market Insights data, providing a comprehensive snapshot of new housing statistics throughout Utah.
Utah's Population Growth Ranking in Census Report
Utah's population isn't just growing by leaps and bounds percentage-wise, but new data from the U.S. Census Bureau shows Utah's counties/metro areas are now starting to have the largest numeric growth in the nation.
Click HERE to read the full report.
“The price momentum will
December Median Housing Prices
The median single-family home price in Salt Lake County climbed to $575,000 in December, a new monthly high and 28% higher than prices a year ago. Multi-family home prices also set a record in December, rising to $405,500, a 22% increase from December 2020. A new report by the Salt Lake Board of Realtors® projects that single-family home prices in 2022 will reach $600,000, a 12% increase over the 2021 median home price.
Wasatch Front Home Prices - 2020 v. 2021
Here Are the Top 10 Towns Where First-Time Buyers Can Finally Snag a Home in 2022
Since the COVID-19 pandemic began, the American dream of homeownership has felt more and more out of reach for many first-time buyers experiencing sticker shock over the high—and still rising—prices.
The Realtor.com® economic research team found the best real estate markets for first-time homebuyers for 2022—places where it’s a bit easier for typically younger, more cash-strapped buyers to become homeowners in areas they would likely want to live in. These towns and small cities tend to be a bit more affordable and offer more homes for sale as well as boast plenty of younger millennial residents, job opportunities, and places to go for dinner or a drink.
These places tend to be suburbs of larger cities, some farther out in more rural areas, where real estate is more affordable.
To compile this list, the team focused on housing affordability (specifically the ratio of list prices to the incomes of 25- to 34-year-olds in the city); availability of homes for sale (measured by the number of active listings per 1,000 households), and forecasted home sales and price growth in 2022 in the metropolitan areas. The latter is a good indicator that homes will appreciate over time.
In addition, these places all have plenty of younger residents (higher percentage of 25- to 34-year-olds compared with the local population); lower unemployment rates in the metro and commute times to work; and plenty of things to do as measured by the number of restaurants and bars per 1,000 households.
The team looked only at towns and cities in the nation’s 100 largest metropolitan areas. (Metros include the main cities and surrounding towns, suburbs, and smaller urban areas.) Only one place per state was included to provide geographic diversity.
So where exactly are odds tilting a bit more in favor of first-time homebuyers?
1. Magna, UT
Metropolitan area: Salt Lake City, UT
It’s no secret why Magna topped our list: It offers homebuyers a great location just 15 miles southwest of popular Salt Lake City—at a surprisingly attractive price. While the median-priced home costs $367,900 in the more rural Magna, which boasts a historic downtown, list prices were a hefty $485,000 in Salt Lake City in November, according to the most recent Realtor.com data.
The town may not be the most popular in the area, but its prices are attracting first-time buyers on a budget who can’t afford Salt Lake City as well as Californians and other out-of-staters looking for deals.
Magna is close to the airport and less than an hour away from some of America’s best skiing. The town is home to the Great Salt Lake State Park, the largest saltwater lake in the Western Hemisphere, and the Empress Theatre, a century-old theater that hosts local productions. It’s also in an up-and-coming jobs center.
“We’re pricing people out of the more desirable locations, and it’s making cities like Magna shine a little more,” says Carson. Especially for “first-time homebuyers, families just starting out, where their price range isn’t allowing them to purchase in other areas.”
Most of the homes in Magna are bungalows built in the 1950s and 1960s with anywhere from 1,800 to 2,200 square feet of living space. They are typically three-bedroom, 1.5-bathroom homes with a garage on about a fifth of an acre. This updated two-bedroom, one-bathroom cottage is on the market for $345,000.
Buyers willing to spend a bit more can score new construction, including this four-bedroom, 2.5-bath home with more than 3,700 square feet of living space for $596,195.
2. Chalco, NE
3. Mauldin, SC
4. Beech Grove, IN
5. Portsmouth, VA
6. Cottage Grove, WI
7. Grimes, IA
8. Kuna, ID
9. Ferndale, MI
10. Maitland, FL
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A change to 2022 home loan limits will go a long way in helping home buyers who are dealing with the price increases of the past year.
The Federal Housing Finance Agency (FHFA) announced that the cap for conventional loans will increase substantially in 2022. This change will help home buyers secure mortgages at the lowest rates.
Have house prices finally peaked?
The Realtor.com® data gurus have crunched the numbers to forecast which housing markets will generate the most heat in 2022. These 10 towns are where we predict prices and the number of home sales will rise the most in the coming year.
New study reveals which Utah cities & counties
The pandemic has supercharged Utah’s housing market, driven by historically-low interest rates and low unemployment rates. Utah's housing market has been ranked as the nation’s #1 housing market for the strongest pace of job growth, along with low unemployment, low mortgage rates, few mortgage delinquencies, and low state & local taxes, according to Bankrate.com. Continued, historically-low mortgage rates, and a solid recovery from the pandemic, predict that the Utah real estate market could set another record in 2021. The same can be said about the Salt Lake County real estate market.
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 are not 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 of inventory, before we ran out. Right now, Utah is down to about four weeks of housing inventory.
In April 2021, the year-over-year growth of the Case-Shiller Index, the premier metric for housing prices, eclipsed 14.5% for the first time in its history.
To determine the real estate markets expected to grow the most in the next year, researchers at Porch analyzed data from Zillow, Redfin, and the U.S. Census Bureau. Its researchers calculated the forecast one-year change in home price, previous one-year change in home price, sale-to-list price ratio, and the home price-to-income ratio. To improve relevance, only metropolitan areas with at least 100,000 residents were included.
|CLICK HERE TO VIEW THE FULL 2021 HOUSING FORECAST