Are you ready for some juicy housing market info in Salt Lake County, Utah? With the economy on the rise and population booming, the real estate game has been hotter than ever.
In this blog post, we’re going to dive into the latest trends in the Salt Lake County housing market – from the number of homes sold, to the median sales price, and even the median days on the market. Whether you’re thinking about buying, selling, or just curious about the current state of the market, we’ve got the juicy deets that you won’t want to miss!
Number of Homes Sold
The first quarter of 2023 saw a significant decrease in the number of single-family homes sold in Salt Lake County, Utah. Compared to the Q4 2022 number of 1,781, there was a decrease of 2.5% in Q1 2023 with 1,737 homes sold. This is also a substantial decrease from the same quarter a year ago when 2,200 homes were sold.
The overall trend over the past five years has been decreasing sales numbers for each quarter. The highest number of single-family homes sold was in Q3 2020 with 4,227 homes sold. Since then, there has been a steady decline in home sales each quarter.
Median Sales Price
Comparing Q1 2023 to Q4 2022, there was a decrease of 0.3% in the median sale price of single-family homes. In Q4 2022, the median sale price was $562,500, compared to $561,500 in Q1 2023. There was also a significant decrease from the same quarter a year ago when the median sale price was $602,500, reflecting a decline of 6.8%.
Analyzing the past five years of pricing data, however, we can see an overall upward trend in median sale price every year. This increase began in Q1 2018, and the peak of housing prices over the last five years occurred in Q1 2022 with a median sale price of $602,500.
A variety of factors could be contributing to the current state of the housing market in Salt Lake County. A lack of supply, coupled with high demand and low interest rates, has created an extremely competitive buyer’s market over the last few years. However, this dynamic may be shifting as the recent decrease in median sale price may be signaling a cooling of the market, making it less competitive for buyers.
Median Days on Market
The median days on market for single-family homes sold in Salt Lake County, Utah, significantly increased in Q1 2023 compared to the same period in the previous years. The median days on market for Q1 2023 was 42 days, up from 35 days in Q4 2022. The increase is equivalent to a 20% surge from the previous quarter.
Compared to the same period a year ago, the increase was more significant at 600%, as Q1 2022 had a median of only 6 days on market. Moreover, the increase in median days on market is evident from the last five years, especially from Q1 2022 to Q1 2023.
Several factors might lead to these prolonged transactions. A shortage of homes on the market might have constrained potential buyers from finding available homes. Moreover, given that the sellers’ market trend is shifting, there is an increase in supply, which might outstrip current demand, resulting in more extended time on the market.
Overall, the increasing median days on market in Salt Lake County indicates a shift from a sellers’ market to a buyer’s market, though the demand for single-family homes in the area remains steady. These trends signal a potentially slowing housing market in the area.
Salt Lake County Unemployment Rate
The unemployment rate in Salt Lake County, Utah is quite low, currently standing at 3.0%. This rate is significantly lower than the national average and demonstrates the strength of the local economy. The job market in Salt Lake County has seen steady growth over the past few years, with many businesses providing opportunities for employment.
Overall, Salt Lake County’s low unemployment rate indicates a strong and healthy economy that is well-positioned for continued growth and prosperity. With an influx of potential new residents looking to take advantage of job opportunities and the stable economy, there is an increased demand for housing in Salt Lake County and home prices have been steadily increasing as a result.
Salt Lake County GDP
In 2022, Salt Lake County, Utah had a Gross Domestic Product (GDP) of $90.3 billion according to data released by the Bureau of Economic Analysis (BEA). This represents an increase of 4.9% from 2021 and makes the county the 10th largest contributor to Utah’s economy, representing 13.7% of overall statewide GDP.
Salt Lake County’s GDP growth in 2022 was driven by strength across several industries, including retail trade, health care and social assistance as well as leisure and hospitality. The highest contributors to GDP growth were professional and business services as well as financial activities and educational services – both registering double-digit gains in terms of value added over 2021 levels.
The increased economic activity has been a major boon for Salt Lake County businesses who have seen profits surge throughout 2022 due to increased demand for local goods and services. Additionally, increased job opportunities have resulted in higher wages and more disposable income across the county which has further contributed to economic prosperity.
Overall, Salt Lake County saw impressive growth in its GDP throughout 2022 – indicative of a strong local economy that is continuing to expand with substantial commitments from businesses as well as residents alike.
Salt Lake County Population Growth
Salt Lake County, Utah experienced a population boom in 2022, with an estimated 31,116 new residents added to the county. This marked the largest population spike in 16 years for the state of Utah. According to data released by the Kem C. Gardner Policy Institute, Utah’s population increased by 61,242 residents between July 2021 and July 2022. Salt Lake County accounted for just over 39% of this growth.
The Beehive State ranked ninth in the country in 2022 for numeric growth with 41,687 residents added, and tenth overall with a 1.2% percentage increase. This puts it 10th in the country for percentage growth compared to other states. The majority of this growth was driven by net migration rather than natural increase (births minus deaths).
As of 2023, Salt Lake County has a population of 1,231,912 according to World Population Review estimates. This is an increase from 1,185,238 in 2020 and represents a 2.63% change over three years.
Overall, Salt Lake County has seen impressive population growth due to net migration as well as natural increase over the past few years – making it one of the fastest growing counties in Utah and across the United States.