Housing market shows condos outselling single-family homes
SALT LAKE CITY — The housing market shows for the first time, condos and townhouses are outselling single-family homes, according to the Salt Lake Board of Realtors.
With the median price of $550,000 for a traditional house in Salt Lake County, it’s no surprise a smaller property is all some buyers can afford.
“Condos and townhomes are now what first-time homebuyers can afford if they can afford it at all,” said Salt Lake Board of Realtors President-elect Steve Perry.
Perry says the housing market problem isn’t necessarily a lack of supply. He says there are just as many homes on the market now as last year. Instead, he says the problem is overwhelming demand.
“We have people coming in from outside of Utah moving in. We have millennials moving out of their parent’s homes. They’re all wanting properties now,” Perry said.
Will the housing market cool off anytime soon?
Simply put, no. Perry does not anticipate the cost of housing in Utah to level off in the near future.
“There’s no bubble. Nothing’s going to crash or anything like that. It’s just a matter of how are we going to be able to make up the demand,” says Perry.
Despite a wave of new construction across Utah, Perry says it can’t keep up with that sky-high demand. That is also driving up the price of new construction.
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