A Brief Guide to Real Estate in Salt Lake City

Median Sold Price

According to statistics, the median sold price from April to June this year reached $455K, a growth of nearly 10% compared to the first quarter. 

This price increase is not new for Salt Lake city's house market, though. There was a 23% rise from last year's second-quarter prices to the same period this year. Therefore, be aware that the market is certainly on the upswing in this city.

If you're looking to buy something which will be a good investment (real estate likely to appreciate), then buying a house in this area may be right for you.

Salt Lake City is Business Friendly

Salt Lake City is progressing due to its business-friendly approach. Unsurprisingly, multiple California firms moved to this booming city due to the tax incentives, cheaper downtown leases (compared to places like Los Angeles, San Francisco, and Seattle), and even the flexible regulatory market in the area. 

SLC is already ''the place'' for various startups. Undoubtedly, good-paying job opportunities are crucial in attracting new residents, but it also puts extra pressure on the SLC housing market.

It won't be surprising if more and more people decide to invest in real estate in Salt Lake City. Therefore, watch out for this house market trend and find the most suitable time for you to move to this area. 

Growing Rental Market

The SLC real estate market can't keep up with demand, leading to higher interest in the rental market, especially among Millennials and new residents.

Surely, many people prefer owning the place they live in. Still, affordability plays a role in the possibility to do so, especially among a younger demographic (as their annual income tends to be lower than older people). 

Yet, it's understandable why younger people still move to Salt Lake despite not buying a property: it's one of the best U.S. cities for jobs (especially among entry-level jobs and startups). Also, there are prominent universities in the area (e.g., University of Utah, Brigham Young University). 

Low Mortgage Rates

Utah living has an extra advantage. Currently, the average rate on a 20-year fixed mortgage is approximately 2.6%, while a 10-year average is just around 2%. 

It's not surprising that people want to leverage these low rates before they go up. Unfortunately, there's no way to guarantee that they won't increase unexpectedly.

Higher Interest in Suburbs

Salt Lake City is booming in terms of new residents. As a result, the outskirts are beginning to stand out among home buyers or renters a bit more. 

Living in the suburbs gives home buyers both a chance to enjoy the calmness of living in a quiet neighborhood while also remaining close enough to the downtown area, where they usually work. 

If you're interested in staying close to commuter spots (in the North or South of SLC), then consider places such as East Central (for great schools, walkability, and close-by restaurants), Rio Grande (up-and-coming area, perfect for those looking for value when buying a house) and Bonneville Hills (ideal for those that like living close to a shopping mall and outdoor amenities close by).

Real Estate in Salt Lake City

Moving to Utah, specifically SLC, is the ideal opportunity for those who want to invest in a property that is likely to appreciate and for people seeking a place with low crime rates, multiple job opportunities, and relatively low mortgage rates. 

Are you interested in finding the perfect home? Contact us now at The Susie Martindale Group and let us know how we can help!