Current Real Estate Market Conditions
March 20, 2017 - 1:27pm
Below is a current overview of the market provided by our company Berkshire HomeServices - Utah Properties and the trends we expect to see in real estate this year. Reach out for more in-depth information on your neighborhood.WE ARE IN THE BEST STATE FOR BUSINESSThe perennial winner of Forbes' annual Best State for Business award, Utah remains competitively positioned to support continued real estate growth. With an abundance of technology, health care, and creative businesses planting roots in Utah, our state unemployment rate is among the lowest in the country at just 4\%. Due to the state's unprecedented economic evolution, real estate sales are likely to remain robust in northern Utah.JOB GROWTH MEANS HOUSING GROWTHUtahs job growth rate is 3 to 4 times higher than the domestic average due to the relocation and expansion of companies who favor a highly-educated work force and economic incentives. In real estate, this continues to produce a steady stream of qualified buyers enticed by Utahs affordable home pricing and unparalleled lifestyle. With favorable business conditions, the trends of relocation and increased housing demand should continue.PRICES AND DEMAND ARE GRADUALLY RISINGSince 2011, we've seen a 48\% increase in median single family home prices. The market has completely recovered from the recession and shows no signs of slowing. While median and average prices continue to climb, courtesy of new development and property renovation, there are still market pockets ideal for entry-level buyers.KEY TAKEAWAYSOverall, the real estate sector looks bullish. Utah's strong economic performance and job growth coupled with moderately rising interest rates have created a climate of urgency. We will continue to track and monitor the market to keep our clients informed. To get a more detailed profile of your local market, contact us.
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