Salt Lake City Housing Market Conditions
To spur slowed new home sales, builders have been providing incentives, offering rate buydowns and lowering prices. The record high mortgage rates have stalled new home sales in this market. Lower construction starts may be spurred by major employers in the high-tech industry. This industry earns Utah a ranking in the top ten best states for working in the technology industry.
Affordability has been impacted by overevaluation in this current market. Low unemployment and a growing job market bolster potential home buyers. Salt Lake City new housing market is working to reverse their downward course for new homes for sale in Salt Lake throughout 2023.
The new home market is having to compete with existing homes with similar price points. There is an increase in multifamily permits as well.
Things to Do in Salt Lake, UT
The Salt Lake City-Ogden region is a vibrant area nestled in the beautiful mountain region of Utah. Salt Lake City is the state's capital and most populated city. Just north of the city, Ogden is the gateway to popular ski resorts like Nordic Valley, Powder Mountain, and Snowbasin. You'll find many great attractions in Ogden, including George S. Eccles Dinosaur Park, Ogden Union Station Museum, and the city's historic 25th Street, once home to Prohibition-era speakeasies and now a hub for dining and shopping. In Salt Lake City, the Utah State Capitol Building, Temple Square, Red Butte Garden, and Hogle Zoo are all popular attractions. Of course, hiking, skiing, and other winter sports are popular regional activities.
Industries in the Salt Lake Area
Utilities, mining, agriculture, government services, and tourism are the region's top industries. Ogden is two miles from Hill Air Force Base, located in the heart of the state's aerospace and advanced manufacturing industry center, which has helped to support the region's strong economy and the area's robust job market.
Nearby you can also find new home subdivisions in South Jordan, south of Salt Lake City, as well as family-friendly new construction communities in Herriman.
Top Salt Lake School Districts
The Ogden City and Salt Lake City School Districts serve the region’s young people by providing a stellar education. Students are sure to make quick friends in a welcoming learning environment where educators care about student success inside and outside of the classroom. Families will be pleasantly surprised with the quality education provided by both of these districts.
Want to Learn More About Salt Lake City?
Here are resources that can help you find the perfect new home.
Popular Housing Developments in Salt Lake, UT
Market Overview: New Homes in Salt Lake, UT
Here is a quick overview of new housing developments in the Salt Lake area and the new construction market for new build homes in Salt Lake:
| Market Name | Salt Lake |
| State Name | Utah |
| Subdivisions | 173 |
| Homes Under Construction | 153 |
| Quick Move-in Homes | 364 |
| Floor Plans | 1,308 |
| Starting Price | $348,990 |
| Average Price | $575,143 |
| Price Per SqFt | $236 |
| New Home Builders | 58 |
| Leading Builders | - Ivory Homes
- Richmond American Homes
- Woodside Homes
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