In a recent article by Realtor.com®, Salt Lake City, Utah topped the list for the projected hottest housing markets in 2022. The report forecasts Salt Lake City seeing a 15.2% increase in home sales and a staggering 8.5% increase in price change.
Median home price for Salt Lake residents over the last year, according to Realtor.com®, is $564,062. Should their forecast be correct, the median house price will rise over $600,000 in the next 12 months. Realtor.com® is projecting a 6.6% increase in national home sales growth with a 2.9% increase in home price growth. When comparing both projections, Salt Lake City almost triples these national numbers.
Realtor.com notes the city’s booming tech industry and the increasing remote work options created by the pandemic as reasons for Salt Lake’s increased popularity. The company also states that many of Salt Lake’s future residents will arrive from California and Colorado, and that they are looking for more affordable homes while retaining their current occupations. Utah’s outdoor activities also have a draw to those looking to move in 2022.
Utah has witnessed major increases in home value and real estate development over the last year due to the factors above. Because of high demand for housing, as well as an expanding economy, those who own homes should be able to look forward to continuing growth in their equity.
Realtor.com® believes that the cities ranked higher on their list will see an increase in the strength of their local economies and tech sector job growth while maintaining affordability. When looking at other cities in the top ten, the mountain West, Midwest, and New England look to be the strongest markets in the coming year. Boise, Idaho and Spokane, Washington follow closely behind Salt Lake City in the forecast.
To read the full article and see where other cities ranked, click here.