Top 10 Utah Real Estate Markets
According to the 2021 State of the State’s Housing Market published by the University of Utah, the Utah housing market continues to show an imbalance between supply and demand. The available housing stock does not meet demand from buyers, and construction of new houses slowed in 2021 and 2022 due to disruption to the supply chain of construction materials during the COVID pandemic.
So, with too many buyers chasing not enough houses, let’s take a look at Utah real estate and the top 10 markets with the biggest year-on-year price spikes*!
#1 Snyderville UT
As of May 2022, home prices in Snyderville were 124.9% higher compared to the same time last year. The median price of a home in Snyderville is $1.2 million, and homes typically sell within 10 days of being on the market! This real estate market to the east of Salt Lake City, is a significant outlier. Not to say prices aren’t increasing by a lot elsewhere, but not by as much.
#2 Vineyard UT
Next up is Vineyard, where prices have increased 49.5% year-on-year. Houses here are also selling quickly, typically only remaining on the market for 8 days before going under contract. Houses here sell for a median price of $532K.
#3 Cottonwood Heights UT
Home prices in Cottonwood Heights have increased by 40.7% compared to a year earlier in May 2021. Also, houses in Cottonwood Heights are typically selling within 7 days which is even faster than the 10 days it took to get a house sold a year ago.
#4 Washington UT
Down south, near the border with Las Vegas and Arizona, home prices in Washington are up 37.7% year on year, and houses sell for a median price of $657K. Houses are selling on average within 12 days of being put on the market, which is faster than the 31 days it took a year ago.
#5 Pleasant Grove UT
Situated midway between Salt Lake City and Provo, Pleasant Grove is also a hot market in Utah. The year-on-year increase in selling prices of homes from May 2021 to May 2022 was 36,7% and here houses are selling within just 8 days of being placed on the market.
Positions #6 to #10
Salt Lake City, American Fork, Herriman, Bluffdale, and Clearfield make up the bottom five in this Top 10 List. Year-on-year price increases in these markets were between 28.5% and 35.6%, with available housing stock not staying on the market between 7 and 13 days.
What Can We Learn from The Data?
We’ve only looked at the top 10 markets in Utah. Of these, only Washington is not located in the region around Salt Lake City. The real estate market around Salt Lake City is so hot that Realtor.com has put it in the number 1 spot on its list of Top 10 Growing Housing Markets for 2022.
Statistics will continue to change, and if we know anything about real estate markets, today’s statistics do not reliably predict the future. With interest rates starting to rise and inflation gaining traction, we don’t know what the rest of 2022 will hold.
One thing is sure, buyers are hoping, at the very least, that price increases will slow down and that they’ll manage to get their foot in the door on their real estate journey!
* Statistics quoted are from Redfin.com and were current at the time of writing.