This year turned out to be another strong year for the local real estate market, especially for home sellers. The market experienced good appreciation in home sale prices in many areas, although some home values did come back to earth a bit as the year wore on. Through the first nine months of the year, Utah’s median sale price statewide was $227,500, up 6.6 percent from the same period last year, according to the Utah Association of REALTORS® (UAR®).
Salt Lake County’s median sale price year-to-date through September was $248,000, up 7.1 percent. Utah County’s median price stood at $234,900, up 6.8 percent from a year ago. Tooele County’s median price rose 10.6 percent to $188,000. And Weber County’s median price through the first nine months of this year was $169,965, up 9.5 percent from last year. Strong buyer demand, a healthy state economy, and a relatively low inventory of homes on the market combined to help make 2015 a strong year for Utah’s real estate market. Another factor that helped bolster the housing market was a continuation of attractive mortgage interest rates, which remained near historic lows this year and continued to help make homes more affordable.
According to Freddie Mac, the average 30-year fixed rate mortgage in the U.S. as of mid-November stood at 3.98 percent. Although the Federal Reserve is considering a rate hike this month, UAR® believes that any boost in rates will be relatively small and will increase very gradually in the coming year.
So if you’ve been thinking about selling your home, now may be a good time to take advantage of the current seller’s market. There just are not enough good homes on the market right now. I know you may have questions about making a move, what your home might be worth, and what’s involved in putting a home up for sale. I’m happy to walk you through the process and answer any questions you may have. Please give me a call or e-mail me today and we’ll get started. Source: RosaPace@Realtor.com
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