The real estate market in Utah is booming. Home prices are on the rise, and the market is becoming increasingly competitive. According to the Utah Association of Realtors, the median price of homes sold in the state in April 2020 was $355,000, up 8.2% from April 2019.
The market is being driven by a combination of factors, including low interest rates, an influx of new residents, and strong job growth. Utah’s unemployment rate is the lowest in the nation at 2.7%, and the state’s population has grown by more than 11% since 2010.
The demand for housing is outpacing the supply, which is causing prices to soar. The Utah Association of Realtors reports that the number of homes for sale in April 2020 was down nearly 27% from the same month last year. This has caused bidding wars and multiple offers on many homes, making it difficult for buyers to find a property at a reasonable price.
The booming market has been a boon for sellers, but it has caused some buyers to be priced out of the market. To help address the issue, the Utah legislature recently passed a bill that would provide down payment assistance to first-time home buyers. The program is expected to help more than 4,000 Utahans purchase a home in 2020.
The Utah real estate market is red hot right now. With prices on the rise and a tight inventory of homes, it’s becoming increasingly difficult for buyers to find a home that fits their budget. Fortunately, the state is taking steps to help first-time buyers get into the market.
