Utah real Estate market is currently in the middle of a bubble.
While prices are up about 30% since the last time we wrote about it, the average price of a home in the state is still down about 25% from the last record high in 2018.
This is a very good time to buy a home.
The average home price in the US has been growing steadily since the year 2000, and in Utah, the median price is now $205,000.
The median home price also jumped by more than 20% over the past year.
This increase has been driven by a few factors, including a massive influx of new listings on the market, the strong US dollar, and a stronger US economy.
With so many new listings, it is easy to miss the big changes happening right in your neighborhood.
Below are some key takeaways from our Utah Real Estate Market Snapshot 2018 report.1.
The US economy continues to improve in many parts of the country.
The number of jobs created in the United States is still lower than at any point in the last decade.
This trend will likely continue as the US economy improves in the next year.
The current unemployment rate of 4.4% is well below its peak in 2007 and is well above the 3.9% rate in the early 1990s.
The national unemployment rate is currently 8.4%.2.
Utah’s median home value is up 30% from 2018.
The state’s median price was $205.4, up about $3,000 from the median value of $216,000 in 2018, according to the Real Estate Board of Utah.3.
The U.S. economy is growing.
Utah has seen the most recent growth in employment growth since 2000, with the state adding 4,200 jobs during that time.
In 2017, the state added nearly 11,000 jobs.4.
Utah is now home to more homes per capita than any other state.
Utah now has more than 1,600 homes per 1,000 people.
The last time the state had more than one million people living in the same area was in 1976, when the state was home to just over 1 million people.5.
The Utah economy has been improving for several years now.
In 2018, the unemployment rate decreased from 5.3% to 4.3%.
The state is also now the 8th-most-populous state in the country, which means it has one of the largest economies in the world.6.
The population is growing, and it is booming.
The share of Utah residents living in poverty is now at historic lows, and Utah’s poverty rate is now down to 3.8%.
Utah is also one of only two states that experienced a 3% decrease in poverty rates between 2018 and 2019.7.
Utah also has the highest rate of home ownership in the U. S. The rate of homeownership in Utah has risen from 17.7% in 2017 to 19.5% in 2018 and 20.1% in 2019.8.
Utah leads the country in the number of millionaires per capita.
The State has one-third of the US population, and over 30% of Utah’s millionaires live in Utah.9.
Utah ranked 10th among the states in median home prices in 2018 according to a study by real estate research firm Zillow.
The most expensive neighborhoods in Utah are the Lakewood and Salt Lake City neighborhoods.10.
The price of real estate is up a lot in Utah since the housing bubble burst.
Median home prices increased by 30% in the past five years.
The cost of a typical home in Utah is up around $220,000, and the median home sold for $265,000 or more in 2018—up from $215,000 just two years ago.
In fact, the cost of housing in Utah climbed by nearly 30% between 2018-19, according for Zillower.11.
Utah will have one of its highest home prices ever in 2020.
The Zillows median home sale price is expected to increase to $275,000 and the average home value will increase by $40,000 over the next 12 months.12.
Utah real-estate market is on the upswing.
In 2019, Utah ranked 11th in the nation in median real-net income, and by 2020, it will have surpassed Hawaii as the number one state for median net income, according data from Zillowitz.13.
Utah ranks second in the states overall percentage of millionaires.
The Census Bureau reports that there are more than 12,000 millionaires in Utah at the moment, and they account for about 18% of the state’s total population.14.
The city of Salt Lake has seen its housing market surge in the wake of the Great Recession.
During the downturn, the city’s median house price was about $240,000—and it rose to about $300,000 by 2020.15.
Utah saw a surge in home ownership during the recession, and