One of the hottest real estate markets in the nation is Denver, which has dominated real estate statistics for several years. It will soon have competition, however, as Salt Lake City is prime to join Denver in the ranks of hottest real estate markets in the Mountain West and nation.
Salt Lake City will see home prices rise 4.5 percent and sales rise 4.6 percent according to analysts as realtor.com. Home prices are rising, with homeowners seeing an annual appreciation of 10.9 percent at the end of 2017, and inventory remains in short supply. Those numbers are comparable to what happened in Denver. “In just a handful of years, an influx of jobs and millennials drove Denver’s housing market from strong and stable to rising like the Rockies,” says realtor.com director of Economic Research, Javier Vivas. “If Salt Lake City is able to continue generating jobs and attracting well-educated young people, the market has the potential to continue to climb to ‘Mile High City’-type heights.”
Why are people flocking to Salt Lake City? A strong economy and affordability are two major factors in Salt Lake City’s draw, especially for young people. The median home price is $273,000, with employment growing a 3.6 percent a year and the economy expanding at 9 percent. To add to the allure, several of the nation’s top technology companies have recently made Utah home, leading to the Salt Lake Valley and the Wasatch Front being nicknamed the “Silicone Slopes”. Finally, buyers just can’t resist the amenities: the Wasatch Mountains, world class ski resorts, live music, state of the art theater, museums, art galleries, professional sport events, and much more.
With a flourishing economy, affordable home prices, one of the nation’s lowest unemployment rates, and a variety of amenities nearby, Salt Lake City is all set to see an incredibly active market in 2018.