The Salt Lake City market will lead the nation in listing price appreciation and home sales growth in 2022, according to a forecast from Realtor.com. The website’s “Top Housing Markets of 2022” report based its prediction on the market’s strong economy, tech sector job growth and relative affordability. The report included the nation’s 100 largest metro areas.
According to Realtor.com, Salt Lake City’s median home price in 2021 was $564,062. The study forecasts a 15.2 percent rise in the number of home sales and an 8.5 percent hike in home prices.
Concentrated in the Mountain West, Midwest and New England, Realtor.com’s top 10 in rank order are Salt Lake City; Boise, Idaho; Spokane, Washington; Indianapolis, Indiana; Columbus, Ohio; Providence, Rhode Island; Seattle; Greenville, South Carolina; Worcester, Massachusetts; and Tampa, Florida. Home sales across the top 10 markets are forecast to grow by 11.6 percent year-over-year in 2022, which is nearly twice the national home sales growth projection (6.6 percent). Average home prices in the top 10 are expected to increase 7.4 percent, more than double the national pace (2.9 percent).
“This year’s list spans a variety of geographic hotspots, reflecting how pandemic trends like the rise in remote work are enabling many homebuyers to explore new areas where their budgets stretch further. The top 10 markets share a number of commonalities that are driving demand from millennial remote workers to retirees alike, including those from major coastal metros,” said Danielle Hale, chief economist at Realtor.com. “With thriving local economies, low unemployment rates, convenient access to the outdoors and relatively affordable housing, many of the top markets offer the best of both small-town quality of life and bigcity job security. Home shoppers in these areas may still be able to find good value even as listing prices are expected to climb in 2022 but getting a leg up on the competition will be key. For buyers with more flexible timelines — such as those making a move from a big city — offering a couple extra months on the closing date could sweeten the deal for sellers who also need to buy their next home.”
About Salt Lake City, Realtor.com said, “Salt Lake is an outdoor enthusiast’s dream with its close proximity to some of the best skiing, hiking, fishing and mountain biking in the country. Since the beginning of the pandemic, remote work has prompted an influx of transplants from California and Colorado looking for affordable homes, low cost of living and good schools. Lehi, Utah, also known as Silicon Slopes for its booming tech industry, is just 25 miles away from Salt Lake and home to SanDisk, Adobe and eBay facilities.”