Denver is one the hottest housing markets in the nation—and its come-up is happening now in Salt Lake City, realtor.com® reports.
Analysts at realtor.com anticipate home prices will increase 4.5 percent, and sales 4.6 percent, in Salt Lake City—comparable to what happened in the Mile High City in its rise to the top.
“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 Javier Vivas, director of Economic Research for realtor.com. “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.”
Affordability is a contributor, as well as job opportunities. The area’s median price is $273,000, and the economy is expanding 9 percent and employment is growing at 3.6 percent year-over-year, according to realtor.com. There are also more than three million residents.
The area’s economy is flourishing so much, in fact, that it has earned a new title.
“Utah boasts one of the strongest economies in the country—that, coupled with the strong work ethic of those that choose to live in Salt Lake and the surrounding communities, have attracted some of the nation’s and world’s largest technology companies to call Utah home,” says Bill Telford, broker/owner of iPro Realty Network in Salt Lake City/St. George, Utah. “The Salt Lake Valley, Utah County area and the Wasatch Front have become known as ‘Silicone Slopes’ because of growing number of tech companies expanding in the area.”
Additionally, homeowners are reaping the rewards in Salt Lake City when selling. According to ATTOM Data Solutions, annual appreciation in the city was 10.9 percent at the end of 2017—a chance for a lucrative return on investment.
The nonprofit Urban Land Institute (ULI) also gave the city high marks in its “Emerging Trends in Real Estate” for 2018, ranking it a top 10 up-and-comer.
There are amenities beyond its economic value, as well, Telford says.
“Salt Lake is a beautiful city with so much to do and to see, from the amazing Wasatch Mountains, ski resorts, museums, music festivals, indoor and outdoor theaters, mountain concerts, sporting events, employment opportunities and much more,” says Telford, who expects healthy, robust sales this year.
“Along with the prosperity and the rising demand of homebuyers in our community, prices are rising and homes are in short supply,” Telford says. “2018 should be a great year for real estate sales. Utah has one of the lowest unemployment rates in the country, and our growing population will keep the need for homeownership at a high level in 2018.”
For more information, please visit www.realtor.com.