The real estate market is always changing, and if you’re planning on buying or selling a home in 2022, it’s important to know what to expect. Salt Lake City is one of the fastest-growing cities in the United States, with new homes being built. In this blog post, we’ll look at some of the most important Salt Lake City, Utah housing trends in 2022. Whether you’re looking to buy or sell, these SLC housing trends will help you make informed decisions about your next move!
11 Salt Lake City, Utah Housing Trends for 2022
1. Increase in Home Prices
The average home price in Salt Lake City is expected to increase by about 23.7% in 2022 between sales and price increases.
According to a recent report by Realtor.com, the average home price in Salt Lake City is expected to increase by about 8.5% in 2022. Sales are also expected to rise 15.2%. This is good news for current homeowners and those looking to sell a home soon. The rise in home prices is due to several factors, including a solid economy, population growth, and a limited supply of houses on the market.
2. Increase in Homes Built
There is expected to be an increase in the number of houses built in Salt Lake City. One of the reasons prices are rising is because there is an increasing demand for housing in Salt Lake City. This is due to the city’s population growth, which is projected to continue for the foreseeable future. To meet this demand, builders are constructing more homes each year. The number of building permits issued in Salt Lake City has been rising since 2016, and this trend is expected to continue into 2022. This means more homes will be on the market next year, giving buyers more options to choose from in the future.
3. Increase in The Average Price Per Square Foot
According to the latest report from the National Association of Realtors, the average price per square foot for homes in the United States is expected to rise by 3.2% in 2022. This increase is largely due to the continuing shortage of homes for sale, which has driven up prices in many markets across the country. However, some experts believe that the price increases will begin to slow down in the coming year. We’re already seeing the market slow with a hike in interest rates.
In Salt Lake City, the average price per square foot is projected to increase by 4.5 percent in 2022, compared to 6.3 percent in 2021. While this is still a significant increase, it represents a slowing of the market’s previous growth rate. As such, buyers looking to purchase a home in Salt Lake City may want to consider doing so sooner rather than later. This trend is one of the SLC housing trends that buyers should consider.
4. Inventory is expected to remain tight for now.
One of the biggest challenges for buyers in the housing market is finding a home that meets their needs and budget. This has been especially true in recent years, as the number of homes for sale has failed to keep up with population growth. As a result, inventory levels have remained tight in many markets across the country, driving up prices and making it difficult for buyers to find a suitable home.
In Salt Lake City, inventory levels are expected to remain tight in 2022 as builders struggle to keep up with population growth. This means that buyers will likely face competition when trying to purchase a home, and they may need to be prepared to pay more than they would have in previous years.
5. The rental market is expected to tighten.
As the number of people moving to Salt Lake City increases, the demand for rentals will also go up. The vacancy rate for apartments has been declining since 2016, and it’s expected to fall even lower in 2022. This means that rents will likely increase as landlords have their pick of tenants. Those looking for a place to rent should start their search early and be prepared to pay slightly higher prices.
6. The majority of new construction will be apartments and condos.
According to the Salt Lake City planning commission, most new homes that will be built in the city in 2022 will be apartments and condos. This is a significant shift from previous years when single-family homes made up the lion’s share of new construction. The increase in multi-family housing is partly due to changing demographics: more people are moving to Salt Lake City, and many of them are young adults who prefer to live in central, urban locations.
The rise in condo and apartment construction is also attributable to the city’s thriving economy, which has attracted numerous new businesses and workers to the area. With Salt Lake City’s population and the economy growing rapidly, the SLC housing trends toward multi-family housing will likely continue in the years to come.
7. The population is expected to grow by near percent.
According to the Utah Population Estimates Committee, the population of Salt Lake City is expected to grow by nearly 4% between 2020 and 2022. This population growth is likely to increase the demand for housing. While the city has been working to increase its housing supply, the rate of population growth is likely to outpace the rate of new construction. As a result, there could be a shortage of housing units available for sale or rent. Competition among buyers is expected to be high in Salt Lake City in 2022
8. If you’re thinking of buying a home in Salt Lake City, UT you may want to start saving now.
Competition among buyers is expected to be high in the coming years. This is partly due to the city’s strong job market and burgeoning population. According to Forbes magazine, Salt Lake City was recently named one of the top 10 cities for job growth. The city’s robust economy is attracting new residents from all over the country, and as more people move to Salt Lake City, demand for housing will continue to increase.
If you’re considering purchasing a home soon, it’s important to start preparing now so you can compete against other buyers when the time comes. This trend is among the SLC housing trends that most families should consider.
9. The number of homes for sale is expected to decrease as there are more buyers than sellers in the market.
According to the latest real estate market forecast, the number of homes for sale in Salt Lake City is expected to decrease in 2022. This SLC housing trend is due to the fact that there are more buyers than sellers in the market. The decrease in the number of homes for sale is expected to lead to an increase in prices. However, the rise in prices is not expected to be as dramatic as in 2020. The average price in Salt Lake City is expected to be $500,000 in 2022. This is an increase of 5% from the average price in 2020. Despite the predicted increase in prices, the real estate market in Salt Lake City is still expected to be very competitive.
10. The average days on the market (the number of days a home is listed before it sells) have decreased and are now down to about 30 days.
In the past year, the average days on the market (the number of days a home is listed before it sells) have decreased significantly and are now down to about 30 days in Salt Lake City. This is good news for sellers, indicating that homes are selling more quickly. However, it also means that buyers need to be prepared to move quickly when they find a property they’re interested in.
Because of the market’s competitive nature, it’s important to have a pre-approval letter from a lender in hand so that you can make an offer as soon as you find a suitable property. If you’re thinking of buying a home in Salt Lake City, it’s important to be aware of the current SLC housing trends and market conditions in 2022 and be prepared to act quickly.
11. Many buyers are looking for turn-key homes that don’t need any work or updating.
In the past, many buyers were willing to sacrifice a desirable location or extra square footage to find a move-in-ready home. However, there has been a shift in SLC housing trends in recent years in favor of turn-key properties. This is especially true in markets where housing inventory is low, and competition is high. Many buyers are willing to pay a premium for a property that doesn’t need any work or updating in Salt Lake City. As a result, sellers who can offer a truly move-in-ready home are likely to find themselves with multiple offers and a higher sales price.
For buyers, it’s important to remember that a turn-key home doesn’t have to be perfect. Even small cosmetic updates can go a long way in making a property more appealing to buyers. If you’re thinking of selling your home in Salt Lake City, it’s important to be aware of the current SLC housing trends and what buyers are looking for.
Learn More About SLC, UT Housing Trends in 2022
As you can see, several factors will impact the real estate market in Salt Lake City in 2022. If you’re thinking of buying or selling a home soon, it’s important to be aware of the housing trends in Salt Lake City, UT in 2022 to make the best decision for your situation. With a little preparation and knowledge, you’ll be sure to find success in the Salt Lake City housing market.
Call ExcelAppraise at 1-801-882-2292 or request a free quote today to learn more!