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It’s no secret that Utah has become one of the country’s leading hotbeds for high-tech startups. Along with new jobs, the Silicon Slopes have brought an unprecedented demand for housing along the Wasatch Front. Whether it’s apartments, existing pre-owned homes or new construction, the state just doesn’t seem to have enough housing available to meet the demand.
Jim Wood, an economist and senior fellow at the University of Utah, told KSL that this type of population growth hasn’t been seen in the Beehive State in at least four decades. Today, the number of new households in the state is steadily outpacing the number of new housing units. That means that there is far more demand than supply available, spurring developers and builders to keep those bulldozers moving and hammers swinging.
For the past two years, real estate prices and sales in Utah have been on an upswingproducing the best numbers the state has seen in a decadeand 2017 shows no signs of slowing momentum. Here’s a breakdown of the trend and what effect to expect from Utah’s Silicon Slopes impact on the Wasatch Front housing market.
Utah Can’t Stop Growing
The tech boom is only one contributing factor to Utah’s growth spurt. Low taxes, affordable cost of living, and the state’s spectacular setting in the Rocky Mountains all add to the state’s appeal.
Housing Market Scrambles to Keep Up with Demand
Utah’s strong economy and continued job growthespecially in the tech sectorhas driven up home prices (the median price for a single-family home in Salt Lake County was $274,000 in January), increased demand for new vacancies, and shrunk the average number of days it takes to sell a home along the Wasatch Front. Additional housing stats reveal how quickly Utah’s market is changing.
What This Means to You
Whether you’re thinking of selling or buying, all this momentum in the housing market is good news. It may feel daunting knowing you’ve got heavy competition for your dream home, but the upside is that your investment is only going to increase in value. For those ready to put their home on the market, you couldn’t ask for more hospitable market conditions. Plus, thanks to Utah’s real estate startup Homie, you can now easily buy and sell without paying costly commissions. If you’re ready to jump into Utah’s hot housing market, contact Homie today and find out how you can get started.