According to the April Housing Report published by the Utah Association of Realtors, Utah continues to set new records for home sales and escalating property values. The report details some striking figures; closed home sales are up 24%, and 4,845 homes were sold over the same period. Along with a major shortage of inventory, sellers have also benefitted from increased sales prices; up 26.8% since this time in 2020. Finally, sellers on average are realizing sales of 103% of asking price, making Utah a great place to invest in property.
Looking to relocate to Salt Lake City?
As a result of the COVID-19 pandemic and remote work possibilities, individuals and families have an unprecedented opportunity to work remotely from any place of their choosing. Because of this, record numbers of individuals are fleeing crowded and expensive places like California, New York, Chicago, and Florida, in favor of a lower cost of living – places like Salt Lake City, Utah. This combination of events has left housing in short supply in these newly desired areas. With the lower cost of living in mind, many individuals are snapping up real estate within days of sales listings, often in all cash offers, making it difficult for traditional buyers to get in the door. So what can you do? One benefit to the Salt Lake City area is its close proximity to a dozen suburbs and surrounding cities within 30 miles of the city center. Up and coming areas like Herriman and Saratoga Springs have plenty of new construction, including a handful of 55+ communities in Utah like Starhaven Villas that are perfect for retirees looking to build their dream homes.
Aside from the investment possibilities, Utah is a fantastic place to live. Within the Salt Lake valley are several areas of interest including world class ski resorts, endless recreation trails for hiking and biking, lakes and reservoirs for fishing and boating, and even a theme park. Into sports? Make sure you check out a Utah Jazz game or Real Salt Lake match. If food and drinks are important, Utah boasts plenty of famous eateries, and a handful of the best breweries around. Finally, Utah has no shortage of great K-12 schools and colleges to ensure your family can receive a great (and affordable) education.