SALT LAKE CITY (ABC4) – Salt Lake City is expected to be the No.1 housing market in 2022, according to realtor.com.
With forecast price growth of 8.5% and sales growth of 15.2%, Salt Lake City leads the projected housing market ahead of Boise, ID, Spokane, WA and Indianapolis, ID. Large companies like Facebook, Adobe and Electronic Arts have played a significant role in attracting people from out of state, earning SLC the nickname “Silicon Slopes.”
Home values ââin Utah increased 28.3% between the second quarter of 2020 and 2021, according to an infographic from the Federal Finance Housing Agency. People who bought a home before values ââsoared have built up equity in their properties much faster than expected.
Supply and demand drive the real estate market, affecting everything from the value of buildings and land to availability for buyers and sellers. These forces are usually closely related to a region’s economy, labor market, population, demographics, location, interest rates, and several other constantly changing factors. As Salt Lake City‘s population grows, real estate in the area will be increasingly sought after.
Dani Griffith, a Salt Lake-based real estate agent, says, âWe have a huge inventory shortage here in Utah. We have a lot of buyers and not enough sellers, so we are feeling the price effects. As for what’s to come, higher prices in Utah may well become the norm, and it could be a sellers market for years to come.