Good national news has been hard to come by this week in real estate. But the saying, “All real estate is local” still holds very true, as the Salt Lake City metropolitan area was ranked 7th on Inman News’ list of “Top Ten Real Estate Markets for Investors” today. The ranking details some key aspects that makes our market shine amongst other markets that are struggling.
Salt Lake City’s population growth for the last 10 years is 16% and is forecasted to increase 13% in the next decade. Unemployment rate is 7.3%, almost 2 points lower than the nation. Job growth is projected to increase 9% in the next decade. Our median sales price is higher than the national average, but we are bucking the national trend in median sales price change by 1.8%. Our projected 10 year appreciation is 41.1% and our affordability also tops the nation at 78.1%. Our share of foreclosure sales is 10 points lower than the nation and is decreasing, as well as our average foreclosure discount is 18.2 points below the national average. Our % of active loans noncurrent is at 9.2% while the nation is at 12%. the 10 year projected return on investment is 161.6% and the median age of inventory is 86 days, 22 days less than the national average. Lots of good news for Salt Lake City from the folks at Inman News. If you want to learn more about this report and these numbers, please visit Inman News.