As the Utah housing market dries up, Realtors speculate that there is only four months of inventory left. In fact, if homeowners stopped listing their houses today, there would be no homes left on the market by the end of April. Of course, that probably won’t happen as buyers and sellers continue to seek services from real estate professionals. However, we recognize that demand continues to outpace supply.
Many factors contribute to the supply and demand issue plaguing the real estate market including the state’s rapidly increasing population growth. The rise in households now exceeds the number of new housing units in Utah for the first time in more than 40 years. This gap results in strong demand and inadequate supply for all segments in the housing market including apartments, existing homes and new construction.
Going forward, the home shortage will result in higher home and rental prices. Last year, the median sales price of a single-family home in Davis County reached an all-time high of $295,000. Experts predict that single-family home prices will increase five to 7 percent in 2017 alone. Multi-family units are expected to increase 6 to 8 percent.
Find out what your home could sell for here