Here’s what to expect in the Salt Lake real estate market in 2022.
Today we’re excited to share our year-end market update for Salt Lake real estate. We have a ton of helpful information to share, so let’s begin.
Let’s start with the average median price of a home in Salt Lake County. About two years ago, it was $350,000. The average sale price today is $564,000. That’s an incredible jump of over $200,000 in just a two-year period. This could be extremely scary or extremely exciting, depending on who you are.
Another important stat that just came out is the list of the fastest-growing metro areas in 2022. Salt Lake City stands alone at the top of the list, with a 15.2% increase in sales and an 8.5% increase in prices expected in 2022. Homes are appreciating faster here than anywhere else.
Additionally, our unemployment rate is the second-lowest in the country at just under 3%. All of these factors are combining together and turning our market into a volcano. Industrial space is needed in our country, and Utah is projected to benefit the most from this. There are 20 million square feet of industrial space that will be built in our area over the next few years.
What does all of this mean? There’s a lot to be excited about as a homeowner in Utah. If you thought you missed the boat as a buyer, you haven’t. You can still sell your home, get a great price on a new one, and lock in a low interest rate as we watch Salt Lake rise even further in the next few years.
Before we do, we have a question for you: What are your real estate plans for 2022? What would you do to help yourself when it comes to real estate? Let us know if you have any questions, and we’d love to let you know how we can help. We look forward to hearing from you soon.