The price momentum will be reduced in 2022, but another year of double-digit growth is anticipated. The hot housing market in Salt Lake City is expected to continue in 2022. According to Florida Atlantic University and Florida International University, Utah and Idaho cities have risen to the top of the list of cities in other states such as Texas, Michigan, Washington, Arizona, Nevada, and California with the “most overpriced” housing markets in the country. According to a study, three Utah towns - Ogden, Provo, and Salt Lake City - are close behind Boise, Idaho, among the nation’s top ten cities with “overvalued” home prices. The same can be said about the Salt Lake County real estate market. The current housing supply can’t satisfy demand, which will drive prices to increase further even in the face of rising mortgage rates. To suggest that it is a seller’s market in Utah would be an understatement. However, prices are expected to climb in double-digits in all the counties while some may potentially surge by close to 20 percent. In 2022, we can see a minor decrease in the speed of price growth compared to 2021. As the year ended, 17,899 homes were sold in Salt Lake County.2021’s median price of $442,200 was 24.6% higher than the previous year.For the year 2021, 55,588 homes were sold in the state of Utah.Twenty-four of Utah’s 29 counties had increases in the double digits last year. Utah’s housing prices continue to climb at a really rapid pace, but we will have to wait and see if this is sustainable considering that mortgage rates are likely to continue rising in the coming months. Utah’s rock-solid economy has provided a big help to the housing market. Continued historically low mortgage rates and a solid recovery from the pandemic predict that the Utah real estate market could set another record in 2022. Utah’s housing market has been ranked as the nation’s #1 housing market for the strongest pace of job growth, along with low unemployment, low mortgage rates, few mortgage delinquencies, and low state & local taxes, according to. The pandemic has supercharged Utah’s housing market driven by historically low-interest rates and low unemployment rates. Denver Housing Market 2022: Prices, Trends & Forecast.San Diego Housing Market Forecast 2022: Will Prices Drop?.
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