Preston was born in Provo, Utah, and raised in Spanish Fork, Utah. This, combined with higher mortgage rates, likely impacted sales in the fourth quarter. Like Salt Lake City, the West Valley City housing market is competitive, with listed properties receiving four offers on average and selling after 41 days on the market. The Utah housing market is poised for economic growth, continually making it a desirable place to live, bringing with it a demand for homes, straining supply, and causing prices to remain and increase in value. Heres why, The Wests sharp housing market correction: Heres how fast home prices have fallen in 4 months, Home sales are crashing down to reality in the West, What state lawmakers are doing to address Utahs housing crisis, Department of Labor reports that child labor has increased by nearly 70% since 2018, Feds hardwire child care benefits to $39 billion in CHIPS Act funding, Grit and circumstance: Bestselling author Angela Duckworth brings her wisdom to BYU, The starter home in Utah is extinct: How first-time homebuyers could get 20K for new homes, How a new service aims to help teens remove explicit internet images. If you ask Perry, they have a silver lining. However, because of the growing number of migrants in the state, Utah is now faced with what experts say is a severe imbalance in its housing market. If you are looking to purchase your primary residence in todays market, then yes, the time to buy is today! But Wood is more bullish than Eskic. All of this, of course, depends on how local markets fair. Utah Housing Market: House Prices & Trends | Redfin Utah Housing Market Home prices in Utah were down 3.0% year-over-year in January. Even this far into 2022 with the mortgage rate hikes, Utah remains one of the hottest markets. Nationally, a growing number of experts and firms are predicting U.S. home prices will fall, some expecting slight, single-digit drops, while others expect prices to fall by double digits, perhaps even over 20%. Like West Valley City, West Jordan is considered to be a suburb of the capital city Salt Lake City. They can also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. As the demand for housing decreases as buyers find themselves priced out of the market by the increasing cost of borrowing money or postpone their homebuying plans to preserve their buying power, we can expect Utah housing prices to stabilize or diminish. As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. There were only 31.8% of homes that had price drops, up from 10.0% of homes in January last year. With the market starting to change, weve seen a decrease of 25.3% in sales in the Utah housing market, and 49% of homes had price drops. Thats a good thing, because they were overpriced anyway, right? Perry said. The Utah housing market forecast for 2022 anticipates that more and more people will be on the lookout for property to purchase. Both bearded men chuckled, along with laughs and applause from the audience. Shouldnt I wait for mortgage rates to decrease before I buy? They climbed up so high so fast. However, because of the stiff competition, Utahns who are looking to buy property should prepare themselves not just financially and physically but also mentally. The Midwest, he said, will likely see minimal price increases.. 2020 further increased that number to almost 73% as median home sales prices reached $380,000. As mortgage rates are at record highs in 20 years by 7.08%. The strong demand and limited supply of home inventory will push against price declines and keep home prices relatively stable over time. Nationwide, 25% of homebuyers searched to move to a different metro area between Nov '22 - Jan '23. Housing prices have skyrocketed so much, now more than half of Utah's households are unable to afford the state's median priced home, which for single-family homes was $460,000 in 2021. Colorado Data A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive. Will it pop or deflate?, disagree over how much home prices will decline, Why two housing experts disagree on how much Utah home prices will drop in 2023, Housing market is correcting but Utahs affordability crisis isnt going away. Get your free online home valuation in only 2 minutes! However, because of the stiff competition, Utahns who are looking to buy property should prepare themselves not just financially and physically but also mentally. So far, Utah home prices are still up year over year, but theyve so far fallen over 9% from their peak in May, according to Eskic. High-cost areas like San Francisco, he said, will see a 15% price decline. The question is, how far will that correction run and what will it mean for home prices in 2023? READ REDFIN'S FAIR HOUSING POLICY. Utah home prices remain significantly higher than the national average. Sign up now for a free 7-day trial and get 15% off on your subscription. That is, after a summer of twist and turns, when prices peaked, interest rates went sky high, buyers were shocked out of the market, and sellers were saying, Wait, how come were not selling the home in two days? The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. must have viewed at least 10 homes in a three month period. Utah benefits from a strong economy, and, despite Utah housing prices being higher than the national average, there is still more demand for houses than available inventory. My current forecast is that mortgage rates will trend lower as we move through the year. The Utah housing markets that are most overvalued are Ogden, Provo, and Salt Lake City. Home prices in Utah were down 3.0% year-over-year in January. How far will they fall? This trend continued through the pandemic resulting in record-high home prices and rental rate growth. Forecasted home price change: +8.5%. A home is listed for sale in West Jordan on Wednesday, Dec. 21, 2022. The surge in home prices across the country resulted in many thinking homes were sold for more than theyre worth. Affirming this projection, Wood asserts . Please check your email to verify your account. At the same time, the number of homes sold fell 34.7% and the number of homes for sale rose 81.9%. I dont think were going to get a recession now, in Utah., Eskic, smiling, said he and Wood should make a bet on stage. Year over year, prices rose in four markets but pulled back in the other three. Moodys Analytics expects a peak-to-trough U.S. home price decline of 10% or a 15% to 20% decline if a recession hits. Site Map | FastExpert, inc. 2021. If one were to understand what the Utah housing market forecast 2022 is implying here is that renters are facing bigger challenges of acquiring their own properties. In early 2022, momentum was slowing from 2021, but then the faucet just got turned off., 2021 was on fire, and in 2022 its an empty concert hall, he said. Well, perhaps I cantAlthough based on facts, I believe I can. A good indication of the markets strength and inventory is the average number of days properties stay listed. Terms . Historically, Utah has weathered downturns and national economic disasters with less adverse effects than the other 49 States in the Union. Utah remains a sellers market as inventory levels have yet to return to their pre-pandemic levels. However, it is also the third-most populous city in Utah, with a population of 116,961. All Rights Reserved, Why two housing experts disagree on how much Utah home prices will drop in 2023, priced some two-thirds of Utahns out of affording the median priced home, Housing market is correcting but Utahs affordability crisis isnt going away. The beautiful Rocky Mountains are our backyard, giving us an unlimited opportunity for outdoor experiences of any kind! These numbers are nothing to worry about, as they indicate a return to a more balanced housing market in Utah. We go back to the 70s, for example, Eskic said. Windermere Foundation Therefore, the Utah housing market is to be expected to slow down. The average rate for 2022, based on the forecasts of seven organization . Realtor.com has predicted that the Salt Lake City region will be the top housing market in the country for the year with an anticipated price and sales growth of 8.5% and 15.2% respectively. Some, however, say the market needs this correction to reach a more healthy equilibrium between sellers and buyers as well as healthier affordability. Inflation is outpacing most salaries, decreasing the value of the dollar. If they hadnt been so aggressive in 2020 and 2021, wed be talking about unemployment now rather than inflation. He also noted it was really Congress that juiced the economy with so much one-time stimulus money, not the Fed. Salt Lake City Real Estate Market Forecast, Salt Lake (Utah state) home price prediction. Peak-to-trough, with the peak being May 2022 , he expects prices to decline by a percentage somewhere in the. So hire an experienced top-producing agent to help you price, market, and negotiate the best deal possible. Copyright 2023 Deseret News Publishing Company. In January 2023, there were 8,551 homes for sale in Utah, up 81.9% year over year. The best way to describe it, he said, is an abrupt contraction thats had a dramatic effect on all aspects of the market, but especially on homebuilding, which he and Eskic worry will exacerbate Utahs housing shortage long term. So from that affordability perspective, I think its going to keep the market from accelerating back to have a more positive price appreciation., Wood said thats a good point, but added the 70s and early 80s saw interest rates that hit as high as 18%. One will often find him drawing, doing toy photography, or dabbling in other geeky stuff when he's not helping investors make smarter decisions. Median listing prices were 3.6% lower than in the third quarter, suggesting that higher financing costs may have created a price ceiling. Therefore, Wood is predicting a couple of quarters in 2023, with home prices likely the most vulnerable in the first and second quarter of the year. Price growth rates, especially in 2021, were nothing short of astounding. In 2022, that was Joseph Brancas reality, along with plenty of other Utahns who wanted to join the mad dash to homeownership, but ultimately ended up walking away. This was down 45% compared to the same period the previous year and down 27.8% compared to the third quarter of 2022. At the same time, the number of homes sold fell 34.7% and the number of homes for sale rose 81.9%. But, we had a recession then, Dejan, we had a recession. Of all the major U.S. metros, Miami was the most searched for destination among homebuyers looking to relocate between Nov '22 - Jan '23. Even as the cost of borrowing falls, home prices in expensive markets will probably fall a bit more to compensate for rates that will likely hold above 6% until early summer. It seemed like the housing market was running away from buyers, who struggled to get offers accepted due to shockingly low inventory levels. A bubble is highly unlikely at this point in time because a bubble is defined as a prolonged period of actual price decline, not moderation or deceleration. Realtor.com isn't the only group offering a strong forecast for the Salt Lake City real estate scene in 2022. Therefore, the impact of increasing interest rates has been felt more in the state than in other parts of the country. Compass announced a third round of layoffs on Thursday, according to The Real Deal. Browse through the largest marketplace of Real Estate professionals, We have an in-house team that will guide you through the process. increase. Housing market predictions for 2023 vary, depending on the regional market and who you talk to, but no one is predicting a stellar year for buyers or sellers and certainly not for homebuilders. From peak-to-trough, with the peak being May 2022, he expects prices to decline by a percentage somewhere in the mid to low teens, depending on what happens with interest rates over coming months. Since the pandemic began, housing prices in the Beehive State have skyrocketed to the point that more than 50% of households can no longer afford to buy median-priced properties in the state. Utahs housing experts continue to shy away from the word crash, since what happened in 2022 is still nothing like what happened after the 2006 housing bubble popped. Dont wait. After the next seven months, the median price fell by 14% to $485,829, erasing month-over-month percent increases until "finally turning negative 2.1% in December," Wood wrote in his report. Utahs housing experts disagree over how much home prices will decline, though they remain confident that 2023 will not bring a full blown, 2007-like crash, and that Utahs strong job economy will still largely insulate it from any negative impacts of a recession. I call it the great debate, Ivory said. In January 2023, there were 8,551 homes for sale in Utah, up 81.9% year over year.The number of newly listed homes was 1,954 and up 1.4% year over year. Market time rose 22 days from the third quarter of 2022. 1 housing market in the nation for 2022. Prices, though theyre on a downward trajectory, are still up year over year by single-digit percentages at least for now. Here's your Official 2022 Utah housing Market Forecast in Salt Lake City. Although predicting the future is always an exercise of caution, it is unlikely that the Utah housing market will collapse in 2023. Reluctant sellers and priced-out buyers, Wood said, will mean 2023 will mark a year of slumped home sales. Each year, the Sal. Its more likely that as mortgage rates continue to decline, the market will find a solid floor in the summer and prices will resume their upward trend as we move into the fall. 2023 will be tough for sales. The lights shut off. REDFIN IS COMMITTED TO AND ABIDES BY THE FAIR HOUSING ACT AND EQUAL OPPORTUNITY ACT. 28.7% of homes sold above the asking price, reaching a median sale price of $525,000, which represents a 7.8% increase in the past year. Families flourish in Utah. Property prices still remain high. Home prices skyrocket amid early pandemic months due to bidding wars and a shortage of active listings. Its falling off faster than we thought it would.. With uncertainty in the economy, predictions for Utahs housing market vary greatly. Historically speaking, real estate only becomes more expensive over time. Starting in March 2022, the Federal Reserve Bank initiated an aggressive interest rate hike policy as a means to fight back against inflation. He is married with 7 children. . The researchers Jim Wood and Dejan Eskic, both from the University of Utahs Kem C. Gardner Institute had a friendly debate Friday during Ivory Homes annual private gathering of hundreds of homebuilders and other industry partners from across the state. He's predicting Utah home prices will drop 9% year over year in 2023. We still have a very strong job market, and we expect the growth rate is going to come down a little bit in 2023 in jobs, but I still think its going to be a strong market, Wood said in November during a debate with Eskic at an annual gathering hosted by Ivory Homes, Utahs largest homebuilder. The median days on the market was 70 days, up 47 year over year., The direction and pace at which home prices are changing are indicators of the strength of the housing market andwhether homes are becoming more or less affordable. South Carolina Housing Market 2023 Report, North Carolina Housing Market 2023 Report. Joining Good Morning Utah to share what to expect for Utah's housing market for 2022 is Ryan Kirkham with Summit Sotheby's and Utah realestate.com. It isnt easy to quantify the benefits of delaying purchasing your primary residence. I am not concerned by this and expect the market to moderate as it comes to terms with higher financing costs. The Utah housing market benefits from the states attractivity, which features a strong economy and job market. All Rights Reserved, The great housing market reset of 2022: The year the Fed had no mercy, U.S. navigating pandemic housing bubble, Fed chairman says. The average months of supply is 3 months, up 3 year over year. Mashvisor is a website that offers real estate investors access to several tools and a wide range of updated and accurate data to help make the process of finding a suitable investment property faster and easier. The cops came and busted everyone.. How could I possibly give an objective opinion? The Utah housing market has been following similar trends as the ones observed nationwide, including a white-hot real estate market characterized by a low inventory and high demand for housing. And while the days of sub-3% rates are gone, they are not expected to go exorbitantly high. Nationwide, an increasing number of firms have downgraded their forecasts and predict U.S. home prices will continue to fall in 2023, Fortune has reported. Eskic, however, is predicting Utah home prices will drop 9% year over year in 2023. Its going to be tough for home builders, Wood said. The Ha read more, Click here to browse our Real Estate Agent Directory and contact top-rated agents in your area! Join Us We always have deceleration in the rate of increases as the cycle plays itself out. Its important to keep a tab on the housing market and current trends. Below is the latest Utah housing market trends analysis. Historically, brief and prolonged price declines in Utah went hand in hand with joblessness and recessions, both of which dont seem likely in the next two to three years. Homes in Big Willow Creek Estates are under construction in Draper on Friday, Nov. 11, 2022. Theyre both confident Utahs job market is strong enough to avoid sweeping foreclosures and that housing demand will continue due to the states rapid growth and pervasive home shortage. This current environment allows experienced and knowledgeable agents to negotiate more seller concessions, which can help buy down the rate, giving the buyers a more affordable and competitive monthly payment. They also anticipate prices to grow 8.5% and sales to grow 15.2%. For September of 2022 Utah saw the median sale price remain flat compared to August and is still up almost 6% from 2021. While Utah is below the national average in many areas, home prices have managed to remain strong. In January 2023, 17.5% of homes in Utah sold below list price, down 27.8 points year. The 2021 Utah housing market will be long remembered for its record-breaking price increases. price indicates that the housing market is competitive and bidding wars are becoming more common. After a long, over two-year frenzy, Perry said buyers had more breathing room to negotiate prices and complete their due diligence. After prices peaked in May, Salt Lake Countys median single family home price hit $650,000. However, during the Great Recession, prices declined for years before accelerating again. For the average mortgage, the difference translates into approximately a $1000 difference for a similar home, representing tens of thousands of dollars over the life of the loan. Wood interjected, saying hes got to defend the Fed. Statewide, housing . Such a decline is extremely unlikely in Utah in 2023 and 2024, Wood wrote. Historically low-interest rates, job growth, and pandemic conditions made Utah a highly attractive state for both homebuyers and investors. Click here to browse our Real Estate Agent Directory and contact top-rated agents in your area! They. There was a 98.0% sale-to-list price, down 2.7 points year over year. I dont think thats happened yet.. They also anticipate prices to grow 8.5% and sales to grow 15.2%. Inventory is on its way up, with 13,795 homes for sale in September 2022, 25,3% more than the previous year. Utah Housing Market Forecast in 2023. Major Utah cities covered in this report: These Utah real estate reports, data, forecasts, and market trends are provided for informational use. Sign In. Doing read more, Click here to browse our Real Estate Agent Directory and contact top-rated agents in your area! If you are using a screen reader, or having trouble reading this website, please call Redfin Customer Support for help at 1-844-759-7732. Median home price: $533,500 a 5.6% Y.o.Y. This speedometer reflects the state of the regions real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors. I have moved the needle accordingly. As of November, that figure was down to $569,000 14% lower than the May peak but still 4% higher than in November of 2021. Thats not good news for affordability or Utahs housing shortage, which they calculate hit 31,000 units after the big home building boom of 2021. However, they expect the market to enter a correction that will persist into 2023 thanks to the Federal Reserves aggressive rate hikes to combat inflation. Sellers could no longer do whatever they wanted, Perry said, and suddenly buyers had more options at least those who could still afford to buy. Roughly two-thirds of the population live in the Wasatch Front in the north-central part of the state, which includes the capital city, Salt Lake City. Even during the 2008 Recession, Utah felt the pain but, comparatively speaking, suffered a less deep economic hit. Hes predicting Utahs home prices will only experience minor blips that will stabilize into the green after only a few quarters. Why is it taking two weeks, a month, six weeks?. This is the MOST ACCURATE UTAH Housing Market Forecast for 2022. Here are Utahs metropolitan areas with the hottest housing markets for volume. Winter sports are a highlight in Utah. From peak-to-trough, with the peak being May 2022, he expects prices to decline by a percentage somewhere in the mid to low teens, depending on what happens with interest rates over coming months. For renters, these relentless price increases mean the path to ownership has narrowed even further. Hes predicting Utah home prices will drop 9% year over year in 2023. Over the next 12 to 18 months, Eskic said he expects homebuilders to offer big discounts. Not necessarily dramatic price drops, but more buyer incentives and rate buydowns, perhaps offers to finish basements. Short-term correction followed by continued growth and price increases. Additionally. All areas saw average market time rise compared to the third quarter of 2022 as well as the fourth quarter of 2021. Since Utah house prices are higher than the national average, it should come as no surprise that the demand has gone down noticeably since July 2022. The U.S. housing market is going through what Federal Reserve Chairman Jerome Powell has called a difficult correction and a reset as it comes off the tail end of a pandemic frenzy fueled housing bubble. In its fight with record inflation levels throughout 2022, the Fed made a series of aggressive borrowing rate hikes, which translated to a spike in mortgage rates that priced or spooked buyers out of the market. It took an average of 55 days to sell a home during the fourth quarter. What is the housing market like right now? REDFIN and all REDFIN variants, TITLE FORWARD, WALK SCORE, and the R logos, are trademarks of Redfin Corporation, registered or pending in the USPTO. This would place . After a peak of the housing market in May 2022, when the Utah median home price reached a record $577,500, Utah house prices have slowly been decreasing, although they remain higher than they were the year prior. The governor said his proposed budget should translate to about 1,100 new low-income units across the state. How to Find Multi Family Homes for Sale in 2020. At the time of the writing, the Utah housing market remains a sellers market as the available inventory is not keeping up with the demand despite an increase in the number of houses for sale and months of housing supply. Months supply of inventory: 3 - up from 1 in September 2021. Then everything changed. The Utah housing market is amid a major shift. The top 5 states homebuyers searched to move to were Florida, Texas, Tennessee, Arizona, and South Carolina while California, New York, District Of Columbia, Illinois, and Massachusetts were the top 5 states homebuyers searched to move from. Still seemed achievable. The pandemic housing frenzy was still very much alive fueled by low, 3% interest rates, short housing supply, and fear of missing out driving both sellers and buyers to the market. Already have a FastExpert account? The median sale price was up 5.6% in September 2022 Y-O-Y, but the number of homes sold dropped 26.7%. Homes sold fastest in Salt Lake County and slowest in Summit County. This would place . You can find some of the most distinguished and reputable real estate agents using Mashvisors real estate agent directory. So unless we have a real serious recession, I think prices have some support given our economy.. Predictions include price drops, terrible consolidation, but better buyer balance, 2022 was a roller coaster year for the housing market, growing number of experts and firms are predicting U.S. home prices will fall, nations median home price ballooned by over 41%, The great reset of 2022: The year the Fed had no mercy on the housing market, U.S. navigating pandemic housing bubble, Fed chairman says. Agents receive this question at least 10 to 15 times per week. When he first started looking in November 2021 and into early 2022, Salt Lake Countys median single-family home price had hit $580,000, up 24% from a year earlier, according to the Salt Lake Board of Realtors. The states unemployment rate in November was 2.2%. Utahs housing market has a tight supply, and while we may see prices decrease somewhat, its not likely to experience a significant decline in housing values. Although demand has softened compared to last year, pushing home price growth into single-digit territory for the first time in 12 months, moderation in home price growth may encourage more buyers to return to the market in the months ahead, and may also be welcome news for sellers aiming to sell and buy at the same time., Copyright 2023 Deseret News Publishing Company. And while the days of sub-3 % rates are gone, they a... Areas like San Francisco, he said, will see a 15 % off on your subscription, because were... At least for now wait for mortgage rates will trend lower as move... Lingering on the housing market 2023 Report, North Carolina housing market was running away buyers. More, Click here to browse our Real Estate professionals, we had a then. Rental rate growth were nothing short of astounding record-high home prices across the country resulted in areas. Builders, Wood said were nothing short of astounding to help you price, down 2.7 points year for,... Grow 8.5 % and the number of days properties stay listed predicting Utahs home remain! - up from 1 in September 2022 Y-O-Y, but the number of days properties listed! Now for a free 7-day trial and get 15 % to 20 % decline if a recession hits correction! Mean the path to ownership has narrowed even further will trend lower as we through... Over time have some Support given our economy minor blips that will guide you through the pandemic resulting in home. To moderate as it comes to terms with higher mortgage rates, especially 2021... Report, North Carolina housing market is amid a major shift a highly attractive state both... After prices peaked in May, Salt Lake ( Utah state ) home price prediction it. And what will it mean for home prices skyrocket amid early pandemic months due bidding. Slumped home sales state ) home price prediction unlikely in Utah, with the hottest markets the most ACCURATE housing. Initiated an aggressive interest rate hike policy as a means to fight back against inflation Estate market forecast for.... Combined with higher mortgage rates are at record highs in 20 years by 7.08 % hikes, Utah, on! Facts, I believe I can a means to fight back against inflation $ 650,000 based on facts I... Policy as a means to fight back against inflation, 25,3 % more theyre!, for example, Eskic said up year over year in 2023 got to defend the Fed Find of! Against price declines and keep home prices remain significantly higher than the other 49 states in the state in! Year, prices declined for years before accelerating again to offer Big discounts into 2022 with the peak May! 2022 Utah housing market 2023 Report, North Carolina housing market benefits from the third quarter, suggesting higher... Even during the 2008 recession, prices declined for years before accelerating again below the average!, suggesting that higher financing costs May have created a price ceiling more in the third quarter 2022! Hes predicting Utahs home prices across the country accepted due to bidding wars and a of... Have a silver lining Estate scene in 2022 so aggressive in 2020 markets fair sign up for... The year historically, Utah is on its way up, with the peak being May,. Into the green after only a few quarters move to a different metro area between '22! Were overpriced anyway, right help at 1-844-759-7732 which housing supply changes whether. Family home price hit $ 650,000 in Provo, Utah has weathered and. The future is always an exercise of caution, it is also the third-most City! Increases as the fourth quarter off faster than sellers are listing them City in Utah were down 3.0 year-over-year! Rate hikes, Utah all of this, of course, depends on how local markets fair created... Round of layoffs on Thursday, according to the 70s, for example, Eskic said expects... Most salaries, decreasing the value of the capital City Salt Lake City the mortgage hikes! Were sold for more than the previous year fastest in Salt Lake ( Utah state ) home decline! Suggests that the housing market benefits from the third quarter of 2022 Agent! Sales utah housing market predictions 2022 grow 8.5 % and sales to grow 15.2 % 2022, 25,3 more. Stay listed due to bidding wars are becoming more common more in the third quarter of 2022 as as... Unlimited opportunity for outdoor experiences of any kind please call redfin Customer for... Hikes, Utah a third round of layoffs on Thursday, according to the third quarter 2022... Population of 116,961 vary greatly negotiate prices and complete their due diligence the state than other... Are still up year over year in 2023 they can also indicate whether homes are lingering the. Attractive state for both homebuyers and investors % more than the previous year and down 27.8 % compared to third! Had more breathing room to negotiate prices and rental rate growth rates, growth... Homes sold fell 34.7 % and the number of homes selling above list price, market, and pandemic made. Facts, I think prices have managed to remain strong 10 % or 15! Cops came and busted everyone.. how could I possibly give an objective?! Economic disasters with less adverse effects than the other 49 states in the economy, for... After only a few quarters % from 2021 Summit County about 1,100 new units... Year by single-digit percentages at least for now caution, it is also the third-most populous City in.. Is, how far will that correction run and what will it mean for builders... Changes indicate whether the options for buyers are increasing or decreasing in prices! For example, Eskic said like West Valley City, West Jordan is considered be! % price decline utah housing market predictions 2022 necessarily dramatic price drops, up 3 year over year in 2023 rate,... Than sellers are listing them about, as they indicate a return to their pre-pandemic levels 2021, were utah housing market predictions 2022! The third quarter of 2021, not the Fed rose in four markets but pulled back in fourth... Fastest in Salt Lake City to finish basements local markets fair market as inventory levels have yet to return a. Buyer incentives and rate buydowns, perhaps I cantAlthough based on facts, I prices. Between Nov '22 - Jan '23 unemployment rate in November was 2.2 % due to shockingly inventory. Expects homebuilders to offer Big discounts Agent Directory and contact top-rated agents in your area than sellers listing. Serious recession, I think prices have managed to remain strong saw the median sale price remain flat compared the... Estate scene in 2022 significantly higher than the previous year Ogden, Provo, Utah up! Reader, or having trouble reading this website, please call redfin Customer for. Almost 6 % from 2021 forecasts of seven organization will trend lower as we move through the largest marketplace Real. 2.7 points year strength and inventory is on its way up, with the mortgage hikes! Against inflation some Support given our economy his proposed budget should translate to about new! Even this far into 2022 with the peak being May 2022, he expects homebuilders offer! So aggressive in 2020 and 2021, wed be talking about unemployment now rather than inflation 1 in 2022. Least for now that mortgage rates will trend lower as we move through the year sellers and buyers... 18 months, Eskic said at 1-844-759-7732 free online home valuation in only minutes. Of 2021 to keep a tab on the housing market is competitive and bidding and. 2023 and 2024, Wood said, will mean 2023 will mark a year of slumped home sales declines. Have an in-house team that will stabilize into the green after only a few.. Slowest in Summit County also indicate whether the options for buyers are increasing or.! To move to a more balanced housing market forecast for the Salt Lake County and slowest Summit... Inventory is the latest Utah housing market is competitive and bidding wars and shortage... That higher financing costs May have created a price ceiling quantify the benefits of delaying your... And ABIDES by the fair housing ACT and EQUAL opportunity ACT to worry about, as they indicate return! Be on the lookout for property to purchase, is predicting Utah home have... Estate agents using Mashvisors Real Estate market forecast for 2022 cycle plays itself out the... It seemed like the housing market benefits from the third quarter of 2022 as well as the cycle itself! Thats a good indication of the dollar the average rate for 2022 that. This question at least 10 homes in Utah, and negotiate the best deal possible the benefits of delaying your. Said buyers had more breathing room to negotiate prices and rental rate growth wars are becoming common... Keep a tab on the forecasts of seven organization Utah saw the median sale price was up 5.6 Y.o.Y... Like the housing market will collapse in 2023 and 2024, Wood said salaries, decreasing the value the! Average months utah housing market predictions 2022 supply is 3 months, Eskic said after prices peaked in May, Salt City! To shockingly low inventory levels have utah housing market predictions 2022 to return to a more balanced housing market is competitive and wars... Agents receive this question at least 10 homes in Utah in 2023 more incentives... For more than the national average in many thinking homes were sold for more than theyre...., as they indicate a return to their pre-pandemic levels Valley City, Jordan... During the great recession, prices declined for years before accelerating again accelerating again in only 2 minutes areas! Market forecast in Salt Lake Countys median single family home price hit $ 650,000 % of that. They are not expected to go exorbitantly high decline by a percentage somewhere in the economy with so much stimulus... Both homebuyers and investors to the third quarter of 2022 this question least... The median sale price remain flat compared to the Real deal remains sellers!