Utah Real Estate Market Trends & Analysis

Not unlike the majority of markets across the country, the Utah real estate market has felt the constraints of tight inventory. There simply aren’t enough homes to satiate the demand that has resulted from a vastly improved economy. However, despite the lack of available housing, help is on the horizon. With one of the strongest economies in the country, Utah has been able to address the issue and commit more resources to new buildings.

As soon as 2020, the Utah housing market should start to see new inventory alleviate some of the pressure that has served to drive up prices for nearly seven consecutive years. It is, therefore, safe to assume real estate in Utah will offer more balance, as both buyers and sellers will find more opportunities moving forward.

Utah Real Estate Fees & Regulations

Real Estate

Closing Conducted by: Lenders, Title Companies
Conveyance: Warranty Deed

Foreclosure Procedure

Primary Foreclosure Method: Non-Judicial
Process Period: 4 - 5 months
Notice of Sale: Trustee
Redemption Period: 180 Days

Taxes

Income Tax: 5%
Corporate Tax: 5%
Sales Tax: 5.95%
Estate Tax: No
Inheritance Tax: No
Median Property Tax: 0.60%
Property Taxes by County: http://www.tax-rates.org/utah/property-tax#Counties

Average Transactional Costs

Closing Cost: $2,537.00
Transfer Fee: No Fees
Origination Fee: $1,889.00

Overview

  • Median Home Value: $344,000
  • 1-Year Appreciation Rate: +8.1%
  • Median Home Value (1-Year Forecast): +3.4%
  • Median Rent Price: $1,595
  • Price-To-Rent Ratio: 17.97
  • Average Days On Market: 49
  • Unemployment Rate: 2.8% (latest estimate by the Bureau Of Labor Statistics)
  • Population: 3,161,105 (latest estimate by the U.S. Census Bureau)
  • Median Household Income: $65,325 (latest estimate by the U.S. Census Bureau)
  • Percentage Of Vacant Homes: 9.79%
  • Foreclosure Rate: 1 in every 2,956

Utah Foreclosure Trends & Statistics

Tax Lien Investing

  • Tax Lien or Deed: Tax Deed state
  • Redemption Period: None after sale