In the state of Utah, Salt Lake City was given the distinction of being a top market to watch for in 2018.
Late last year, Salt Lake metro was put as number 6 in a national home forecast for 2018.
In spite of inventory constraints that led to a sharp increase in housing costs, which made it difficult for potential home buyers to get into the Salt Lake residential realty market, it was reported that the market should begin to improve in 2018.
A lower inventory shortage is predicted to cause a lower increase in housing prices as well as an increase in housing sales.
For several years, Salt Lake City has had economic growth that is robust. Because of this, housing sales and costs in 2018 are expected to grow.
Regarding Salt Lake City Commercial real estate, there is very good news. Late last year, Salt Lake became one of the top cities in the United States for owning commercial realty.
It was given the distinction of being rated number 3, with Seattle number one, and Austin number 2. This was the first time in history that Salt Lake was in the top 10 for commercial real estate. Salt Lake also has the distinction of being the city with the lowest population to ever get in the top 10 commercial real estate market.
Real estate investors are more and more wanting to get into smaller markets. Why?
1. Because smaller city properties are more affordable
2. Because smaller cities have more young skilled workers
3. Because of smaller cities’ robust economies
4. The expense of running a business is 12% less than the average nationally.
These cities are cultivating a population of younger people who are locating jobs. Employers are dependent on having employees. The employers need space for the employees to work. They’re leasing space and the rents go up. This is an ideal scene for what cities want – to grow and expand their economy.