The Utah real estate market is booming as home prices reach new heights. The state has seen an influx of new residents, and demand for housing has skyrocketed. According to the Salt Lake Board of Realtors, the median home price in the state has increased by 8.4% over the past year, to $413,000.
The strong job market and population growth are driving the demand for housing in Utah. The state has seen a 9.7% increase in its population over the past five years, and the number of people employed in the state has increased by 4.3%. Additionally, the state’s economy is thriving, with a GDP growth rate of 3.1%.
In addition to the strong job market, Utah’s housing market is also benefiting from low mortgage rates. The average 30-year fixed mortgage rate in the state is currently at 3.44%, which is lower than the national average. This has enabled more people to purchase homes, as they are able to secure more affordable mortgages.
The influx of new residents and low mortgage rates have led to a surge in home prices. The median home price in the state has increased by 8.4%, to $413,000. This is higher than the national median home price of $350,000. Additionally, the median rent in the state has increased by 4.5%, to $1,539.
The strong job market and population growth have also led to an increase in new construction. The number of new housing units in the state has increased by 8.2% over the past year, and there are currently more than 30,000 new housing units under construction.
The Utah real estate market is booming, as home prices reach new heights. The strong job market and population growth are driving the demand for housing, and the influx of new residents and low mortgage rates have enabled more people to purchase homes. With more than 30,000 new housing units under construction, the state is well-positioned to meet the increasing demand for housing.
