Sometimes it seems when you live in a place that’s undergoing huge economic and real estate growth, its easier to focus on the business side of things instead of the community side of things. We get that. It’s especially exciting when all of those changes are happening make a big impact on the business that you’re working in.
We want you to know that we understand that. We understand it because it’s not just our business – it’s our community, too. And because of all the growth in our community, it’s become a highly sought after market.
Our Market, Your Home
We thought it may be useful to take a minute and understand just how our changing market affects your way of living inside our community. For the most part, unless you’re actively (or plan on actively) searching for a home, then your daily way of life may not change much, although the landscape surrounding your home and your community is certainly under a lot of change. Here are some ways that this could change your life.
Data trends show Utah will approach six million residents by 2065. Utah County alone will have 1.6 million people in 50 years, just trailing Salt Lake County that will have 1.7 million. That’s not an insignificant amount of growth by any stretch of the imagination, and of course – that growth will lead to changes in the housing communities. We’ve already seen that.
For quite some time, demand has outweighed supply, and Builders and Realtors® are working hard to meet the needs of their buyers and sellers. And, as any good economist can tell you, when demand outweighs supply, the market shifts in the favor of the seller. House prices have been steadily climbing, which leads us to the next change that the population will see.
Increased Property Values
While it’s easy to focus on the fact that the housing prices are rising, for people who are already in their homes, they’re seeing their home prices rise as well. And those gains just keep coming. In fact, according to Zillow, the median home value in Utah rose by just over 14% between 2018-2019. In contrast, the national medium rose by 7.2% during that same timeframe.
And that’s not all. Analysts predict that rise will continue another 8.5% through 2020.
More Diverse Population
With the booming economy and rapidly expanding tech and startup community here in Utah, we’re seeing a huge population surge. That surge is introducing more racial and ethnic diversity into Utah. Our community is growing, and we couldn’t be more delighted about it.
And of course, last but not least, these changes that are coming, while they may show big changes for the landscape and the neighborhoods in terms of growth, they also show our economy getting stronger. Which, for all of us, is a good thing. In fact, Utah’s economy is one of the fastest growing in the nation. People want to do business here, and we see the labor force expanding right alongside the population. Companies are not only looking to do business with companies from Utah, but we see many companies relocating to Utah as well.
All in all, Utah is a strong market. But that’s not what matters – what matters is that Utah is YOUR home. It’s also our home. And, for all intents and purposes, that home seems to be a pretty great place to be right now.