Salt Lake City’s Housing Market Ranks Among the Nation’s Strongest
|In just another indicator that Utah’s economy is one of the strongest in the nation, recent housing data has found that the Salt Lake City real estate market ranks as one of the 10 “fastest moving” markets in the U.S.
According to UtahPolicy.com, the greater Salt Lake City housing market ranked 10th among large cities measured by how many homes were still on the market after a two-month period. In April 2015, more than half — 55% — of Salt Lake City homes had been sold in less than two months.
It’s a sign that more people are looking to relocate to Salt Lake City. It’s also good news for home sellers in the area, as they can be confident their homes will be sold soon after they go on the market, giving them a healthy return on their investments.
Another great way for home sellers to make sure they get the best return on their investment? Completing home improvement projects before putting a house on the market. The simple act of getting a new garage door can allow homeowners to recoup an amazing 84% of their investment.
With the average home price in Salt Lake City currently hovering around $299,900, Utah’s capital is also one of the most affordable big cities in the country for buyers. This is especially true when compared with homes in San Francisco, which holds the No. 1 spot as the fastest-moving housing market. The average house in San Francisco sells for a budget-breaking $1,099,000.
If renting an apartment is more your style, Salt Lake City is still a highly-affordable metro area.
According to a May 11 Deseret News article, the Salt Lake Valley is one of the most affordable places to rent in the Western U.S., with average monthly rents hovering around $868. Only Phoenix, at $811, and Las Vegas, at $769, have lower rents — and both these cities are facing major economic challenges, unlike Salt Lake City.
All these factors make Salt Lake City a true rarity in today’s real estate environment — a market that’s as good for buyers as it is for sellers.