Moving to a new state is your chance at a new slate and a fresh start, and Utah is an excellent place to consider. Home to several national parks and stunning nature, more than 41,000 new residents moved to the Beehive State in 2022. It’s an excellent area to raise a family while enjoying a work-life balance built around hiking and off-roading during summers and skiing during winters.
The Utah home prices are the most challenging part of moving to this stunning state. Knowing what impacts the Utah housing market predictions is essential to find the perfect time to move.
Fortunately, you’ve found the perfect guide to the Utah housing market to know what to expect when you start house shopping in Utah. Keep reading to learn about the average home price in Utah today!
What Are the Average Utah Home Prices?
Utah has had an impressive streak of rising home values, with the streak lasting 129 consecutive months with positive growth. The peak for home prices in Utah was $502,000 in May of 2022, but that average home now costs around $464,000. It’s a more expensive state to move to, but it offers terrific amenities and job opportunities.
Factors Impacting the Utah Housing Market
The state’s tech boom is one of the most significant factors impacting the Utah housing market in 2023. Utah wasn’t known as an innovation state, but it’s home to several fantastic tech start-ups. The lower costs and slower living appealed to many who left Palo Alto and Silicon Valley for greener pastures.
Salt Lake City and Provo are the two most notable hubs for this tech growth, and their growth is impacting the average home price in Utah. Oracle, Cisco, and Northrup Grumman are all significant players in the Utah tech economy.
Another factor to consider when looking at Utah home prices is the cost of living. Some of Utah’s most impressive neighbors are Nevada and Colorado, and the cost of living is much lower in Utah compared to those states. It’s an excellent place to call home if you want incredible natural landscapes at a lower cost with fieldstone homes.
It’s a more affordable place to live than California or Colorado but with several of the same perks. Provo is a beautiful city to consider if you’re considering a move to Utah, as it has lower housing prices than towns like Alpine and Salt Lake City. It’s an area experiencing a tourism boom thanks to significant freeways and incredible parks.
Find the Best Utah Home Prices Today
Moving with your family to Utah is an excellent idea if you want an affordable area with plenty of fun outdoor activities to pursue. The average Utah home prices are in the mid-$460,000 range, though the booming tech industry in Provo and Salt Lake City could push the Utah housing market higher. It offers many similar benefits to Colorado and California, with a lower cost of living.
Are you ready to make the move to your new home? Check out more of our blog content for eye-opening real estate and home insights!