The rate of price appreciation continues to surprise us all. Last month there was a 4.5% increase in median sold price in Salt Lake County from November to December. And now, we’ve seen another 2.7% increase from December to January.
Salt Lake County - January 2022, Single Family Homes, Year/Year
- $587,500 median sold price, which is a 31% increase from January 2021
- $238 median price per square foot, which is up 27% from last year
- 609 homes sold, which is a 14% decrease from January 2021 when we had 710 sales
- 12 median days on market, up from 9 in January 2021
Last month, the Salt Lake Board of Realtors published the 2022 Housing Forecast Executive Report by James Woods of the Kem C. Gardner Policy Institute. Highlights include the following: "Right now, housing prices in the Salt Lake Metropolitan Area are higher than 87% of all major metropolitan areas in the country." "There is no sign of a slowdown, yet. For the past nine months, prices have consistently increased more than 20%, when compared to the same month the year before." "By far, the most likely outcome for housing prices in Utah over the next two to three years is a period of price moderation, similar to what occurred in the late 1970s and mid-1990s. An extended period of price declines created by a bursting bubble is very unlikely." "Heading into 2022, the price momentum will trend lower, but another year of double-digit increases is likely, so count on a 10% to 12% increase in prices overall."
So what does this mean for you?If you’re hoping to sell your home this year but wondering when you should do it, our advice would be to start planning now. And in order to do that, you’ll need to know what your home will sell for. Knowing this number will help you determine your options, help you decide where you can go, what type of home you can buy next, and ultimately to get yourself into the home you really want. Give us a call-- consultations are always complimentary! 801.209.1390